(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