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7 U.S.C. § 7b–2Privacy

submitted 104 years ago by Pub. L. 106-554 to r/title-7-AGRICULTURE · 136 words · no verdicts yet

in plain englishAI-generated · not legal advice

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.

(a) Treatment as financial institutions. Even though section 509(3)(B) of the Gramm-Leach-Bliley Act might otherwise exclude them, any futures commission merchant, commodity trading advisor, commodity pool operator, or introducing broker under the Commission's jurisdiction must be treated as a "financial institution" under Title V of that Act — the privacy title — for any financial activity that puts them under the Commission's jurisdiction. (b) Treatment of CFTC as Federal functional regulator. For purposes of that same Title V, the Commission counts as a "Federal functional regulator," as defined in section 509(2) of the Act. The Commission had to write the regulations required under that title within 6 months after December 21, 2000.
the actual law source: uscode.house.gov ↗public domain
(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.

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.)

history & why it existsrecord from the source credit
  • 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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