7 U.S.C. § 7b-2

Current through P.L. 118-47 (published on www.congress.gov on 03/23/2024)

Section 7b-2 - Privacy

(a) Treatment as financial institutions

Notwithstanding section 509(3)(B) of the Gramm-Leach-Bliley Act [ 15 U.S.C. 6809(3)(B) ], any futures commission merchant, commodity trading advisor, commodity pool operator, or introducing broker that is subject to the jurisdiction of the Commission under this chapter with respect to any financial activity shall be treated as a financial institution for purposes of title V of such Act [ 15 U.S.C. 6801 et seq.] with respect to such financial activity.

(b) Treatment of CFTC as Federal functional regulator

For purposes of title V of such Act [ 15 U.S.C. 6801 et seq.], the Commission shall be treated as a Federal functional regulator within the meaning of section 509(2) of such Act [ 15 U.S.C. 6809(2) ] and shall prescribe regulations under such title within 6 months after December 21, 2000.

7 U.S.C. § 7b-2

Sept. 21, 1922, ch. 369, §5g, as added Pub. L. 106-554, §1(a)(5) [title I, §124], Dec. 21, 2000, 114 Stat. 2763, 2763A-411.

EDITORIAL NOTES

REFERENCES IN TEXTThe Gramm-Leach-Bliley Act, referred to in text, is Pub. L. 106-102, 113 Stat. 1338. Title V of the Act is classified principally to chapter 94 (§6801 et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see Short Title of 1999 Amendment note set out under section 1811 of Title 12, Banks and Banking, and Tables.

Commission

The term "Commission" means the Commodity Futures Trading Commission established under section 2(a)(2) of this title.

financial institution

The term "financial institution" means-(A) a corporation operating under the fifth undesignated paragraph of section 25 of the Federal Reserve Act ( 12 U.S.C. 603 ), commonly known as "an agreement corporation";(B) a corporation organized under section 25A of the Federal Reserve Act ( 12 U.S.C. 611 et seq.), commonly known as an "Edge Act corporation";(C) an institution that is regulated by the Farm Credit Administration;(D) a Federal credit union or State credit union (as defined in section 1752 of title 12);(E) a depository institution (as defined in section 1813 of title 12);(F) a foreign bank or a branch or agency of a foreign bank (each as defined in section 3101 of title 12);(G) any financial holding company (as defined in section 1841 of title 12);(H) a trust company; or(I) a similarly regulated subsidiary or affiliate of an entity described in any of subparagraphs (A) through (H).