PUBLIC LAW 106-554—APPENDIX E 114 STAT. 2763A-411 (II) by striking "section 5a(8) and section 5a(9) of this Act" and inserting "sections 5 through 5c"; (III) by striking "contract market, clearing organization of a contract market, or licensed board of trade" and inserting "registered entity"; and (IV) by striking "contract market or licensed board of trade" and inserting "registered entity"; (ii) in paragraph (3)— (I) by striking "a contract market, clearing organization, licensed board of trade," and inserting "registered entity"; and (II) by striking "contract market, licensed board of trade" and inserting "registered entity"; (iii) in paragraph (4), by striking "contract market, licensed board of trade, clearing organization," and inserting "registered entity"; and (iv) in paragraph (5), by striking "contract market, licensed board of trade, clearing organization," and inserting "registered entity", (b) FEDERAL DEPOSIT INSURANCE CORPORATION IMPROVEMENT ACT OF 1991.—Section 402(2) of the Federal Deposit Insurance Corporation Improvement Act of 1991 (12 U.S.C. 4402(2)) is amended by striking subparagraph (B) and inserting the following: "(B) that is registered as a derivatives clearing organization under section 5b of the Commodity Exchange Act.". SEC. 124. PRIVACY. The Commodity Exchange Act (7 U.S.C. 1 et seq.) is amended by inserting after section 5f (as added by section 252) the following: "SEC. 5g. PRIVACY. " (a) TREATMENT AS FINANCIAL INSTITUTIONS.— Notwithstanding section 509(3)(B) of the Gramm-Leach-Bliley Act, any futures commission merchant, commodity trading advisor, commodity pool operator, or introducing broker that is subject to the jurisdiction of the Commission under this Act with respect to any financial activity shall be treated as a financial institution for purposes of title V of such Act with respect to such financial activity. "(b) TREATMENT OF CFTC AS FEDERAL FUNCTIONAL REGU- LATOR.— For purposes of title V of such Act, the Commission shall be treated as a Federal functional regulator within the meaning of section 509(2) of such Act and shall prescribe regulations under such title within 6 months after the date of the enactment of this section.". SEC. 125. REPORT TO CONGRESS. (a) The Commodity Futures Trading Commission (in this section referred to as the "Commission") shall undertake and complete a study of the Commodity Exchange Act (in this section referred to as "the Act") and the Commission's rules, regulations and orders governing the conduct of persons required to be registered under the Act, not later than 1 year after the date of the enactment of this Act. The study shall identify— (1) the core principles and interpretations of acceptable business practices that the Commission has adopted or intends
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