that money launderers are unlikely to use... [and] would bring within the scope of the BSA's anti-money laundering requirements as to tax the resources of the federal regulators charged with oversight of financial institutions and, thus, diminish the effectiveness of that oversight. Therefore FinCEN proposed to apply the same definition to all investment companies except commodity pools and those funds that only primarily invest in real estate. Due to the broad scope of such a definition it was further narrowed to those investment companies that permit an investor to redeem part of their investment with two years after the investment was made; exclude investment companies with less than US$1,000,000 in assets by the end of the calendar quarter; and to funds that were organized in the U.S., that are organized or sponsored in by a U.S. person, or that sells ownership interest to U.S. people. Unregistered companies exclude family companies, employee securities companies and some types of employee benefit plans. The report was also meant to look into anti-money regulations for personal holdings accounts, but no recommendations were given as this was an issue the U.S. Treasury decided they needed to continue to study. Sec. 357. Report on administration of bank secrecy provisions A report was required to be submitted to Congress on the role of the Internal Revenue Service (IRS) in the administration of the BSA. The report was to recommend whether it was "advisable to shift the processing of information reporting to the Department of the Treasury under the BSA provisions to facilities other than those managed by the IRS". The report also needed to recommend whether, "in light of the objective of both anti-money-laundering programs and Federal tax administration, the Internal Revenue Service to retain authority and responsibility for audit and examination of the compliance of money services businesses and gaming institutions with those Bank Secrecy Act provisions". The report was submitted on April 26, 2002 and concluded that, ...in light of the expertise, resources and focus of the IRS, the IRS should continue to perform the information processing and examination functions. The IRS has cultivated substantial anti-money laundering expertise over the years and contributed significantly to the administration of the BSA since its enactment in 1970. In recent years, the partnership forged by the IRS and FinCEN has been aimed at improving the administration of the BSA and prioritizing the challenges both agencies recognize need to