Page:United States Statutes at Large Volume 124.djvu/2103

 124 STAT. 2077 PUBLIC LAW 111–203—JULY 21, 2010 SEC. 1079. REVIEW, REPORT, AND PROGRAM WITH RESPECT TO EXCHANGE FACILITATORS. (a) REVIEW.—The Director shall review all Federal laws and regulations relating to the protection of consumers who use exchange facilitators for transactions primarily for personal, family, or household purposes. (b) REPORT.—Not later than 1 year after the designated transfer date, the Director shall submit to Congress a report describing— (1) recommendations for legislation to ensure the appro- priate protection of consumers who use exchange facilitators for transactions primarily for personal, family, or household purposes; (2) recommendations for updating the regulations of Fed- eral departments and agencies to ensure the appropriate protec- tion of such consumers; and (3) recommendations for regulations to ensure the appro- priate protection of such consumers. (c) PROGRAM.—Not later than 2 years after the date of the submission of the report under subsection (b), the Bureau shall, consistent with subtitle B, propose regulations or otherwise estab- lish a program to protect consumers who use exchange facilitators. (d) EXCHANGE FACILITATOR DEFINED.—In this section, the term ‘‘exchange facilitator’’ means a person that— (1) facilitates, for a fee, an exchange of like kind property by entering into an agreement with a taxpayer by which the exchange facilitator acquires from the taxpayer the contractual rights to sell the taxpayer’s relinquished property and transfers a replacement property to the taxpayer as a qualified inter- mediary (within the meaning of Treasury Regulations section 1.1031(k)–1(g)(4)) or enters into an agreement with the tax- payer to take title to a property as an exchange accommodation titleholder (within the meaning of Revenue Procedure 2000– 37) or enters into an agreement with a taxpayer to act as a qualified trustee or qualified escrow holder (within the meaning of Treasury Regulations section 1.1031(k)–1(g)(3)); (2) maintains an office for the purpose of soliciting business to perform the services described in paragraph (1); or (3) advertises any of the services described in paragraph (1) or solicits clients in printed publications, direct mail, tele- vision or radio advertisements, telephone calls, facsimile trans- missions, or other electronic communications directed to the general public for purposes of providing any such services. SEC. 1079A. FINANCIAL FRAUD PROVISIONS. (a) SENTENCING GUIDELINES.— (1) SECURITIES FRAUD.— (A) DIRECTIVE.—Pursuant to its authority under sec- tion 994 of title 28, United States Code, and in accordance with this paragraph, the United States Sentencing Commission shall review and, if appropriate, amend the Federal Sentencing Guidelines and policy statements applicable to persons convicted of offenses relating to secu- rities fraud or any other similar provision of law, in order to reflect the intent of Congress that penalties for the offenses under the guidelines and policy statements appro- priately account for the potential and actual harm to the public and the financial markets from the offenses. 28 USC 994 note. Review. 12 USC 5603.