7 U.S.C. § 7b–2 — Privacy
submitted 104 years ago by Pub. L. 106-554 to r/title-7-AGRICULTURE · 136 words · no verdicts yet
Futures commission merchants and similar businesses count as 'financial institutions' under the Gramm-Leach-Bliley privacy law. The CFTC is treated as their federal privacy regulator for that purpose. The Commission had six months to write the required privacy rules.
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.
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.
Source credit: (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.)
- 1922Enacted · Pub. L. 106-554 · 114 Stat. 2763, 2763
A history note hasn’t been published yet. The record shows enactment by Pub. L. 106-554 on 1922-09-21.
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