(a) The Secretary, in his sole
discretion, may by written order or authorization make exceptions
to or grant exemptions from the requirements of this chapter. Such
exceptions or exemptions may be conditional or unconditional, may
apply to particular persons or to classes of persons, and may apply
to particular transactions or classes of transactions. They shall,
however, be applicable only as expressly Stated in the order of authorization,
and they shall be revocable in the sole discretion of the Secretary.
(b) The Secretary shall have authority to further
define all terms used herein.
3-1709.61
(c) (1) The Secretary may, as an alternative
to the reporting and recordkeeping requirements for casinos in sections
1010.306(a), 1021.311, and 1021.410, grant exemptions to the casinos
in any State whose regulatory system substantially meets the reporting
and recordkeeping requirements of this chapter.
(2) In order for a State regulatory system
to qualify for an exemption on behalf of its casinos, the State must
provide:
(i) That the Treasury Department be
allowed to evaluate the effectiveness of the State’s regulatory system
by periodic oversight review of that system;
(ii) That the reports required under
the State’s regulatory system be submitted to the Treasury Department
within 15 days of receipt by the State;
(iii) That any records required to be
maintained by the casinos relevant to any matter under this chapter
and to which the State has access or maintains under its regulatory
system be made available to the Treasury Department within 30 days
of request;
(iv)
That the Treasury Department be provided with periodic status reports
on the State’s compliance efforts and findings;
(v) That all but minor violations of
the State requirements be reported to Treasury within 15 days of discovery;
and
(vi) That the
State will initiate compliance examinations of specific institutions
at the request of Treasury within a reasonable time, not to exceed
90 days where appropriate, and will provide reports of these examinations
to Treasury within 15 days of completion or periodically during the
course of the examination upon the request of the Secretary. If for
any reason the State were not able to conduct an investigation within
a reasonable time, the State will permit Treasury to conduct the investigation.
(3) Revocation of any exemption under this
subsection shall be in the sole discretion of the Secretary.
