The Commodity Futures Trading Commission has approved a series of broad comparability determinations that would permit substituted compliance with non-U.S. regulatory regimes as compared to certain swaps provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Commission’s regulations.
View Cross-Border Application of Swaps Provisions
As jurisdictions outside the U.S. continue to strengthen their regulatory regimes, the Commission may determine that additional foreign regulatory requirements are comparable to and as comprehensive as certain requirements under the Commodity Exchange Act and the Commission’s regulations.
Additional Information
Japan: Substituted Compliance Application for Japanese Swap Dealers from CEA Sections 4s(e)–(f) and Rules 23.101 and 23.105(d)–(e); cover letter; submitted 09/30/2021
Mexico: Substituted Compliance Application for Mexico Swap Dealers from CEA Sections 4s(e)–(f) and Rules 23.101 and 23.105(d)–(e); submitted 09/28/2021
European Union (EU): Substituted Compliance Application for EU Swap Dealers from CEA Sections 4s(e)–(f) and Rules 23.101 and 23.105(d)–(e); submitted 09/24/2021
- Business Conduct Rules for Swap Dealers and Major Swap Participants Summary of Entity-Level Comparability Determinations (CFTC Press Release 6802-13)
United Kingdom (UK): Substituted Compliance Application for UK Swap Dealers from CEA Sections 4s(e)–(f) and Rules 23.101 and 23.105(d)–(e), (p)(2); submitted 05/04/2021
| Publication Date | Comparability Determination |
| 07/18/2024 | 89 FR 58572 // PDF Version 17 CFR Chapter I Order Granting Conditional Substituted Compliance in Connection With Certain Capital and Financial Reporting Requirements Applicable to Nonbank Swap Dealers Domiciled in the French Republic and Federal Republic of Germany and Subject to Regulation in the European Union Effective Date: July 18, 2024 (subject to limited exceptions) |
| 07/18/2024 | 89 FR 58535 // PDF Version 17 CFR Chapter I Order Granting Conditional Substituted Compliance in Connection With Certain Capital and Financial Reporting Requirements Applicable to Nonbank Swap Dealers Subject to Regulation by the United Kingdom Prudential Regulation Authority Effective Date: July 18, 2024 (subject to limited exceptions) |
| 07/18/2024 | 89 FR 58505 // PDF Version 17 CFR Chapter I Order Granting Conditional Substituted Compliance in Connection With Certain Capital and Financial Reporting Requirements Applicable to Nonbank Swap Dealer Subject to Regulation by the Mexican Comision Nacional Bancaria y de Valores and Banco de Mexico Effective Date: July 18, 2024 (subject to limited exceptions) |
| 07/18/2024 | 89 FR 58470 // PDF Version 17 CFR Chapter I Order Granting Conditional Substituted Compliance in Connection With Certain Capital and Financial Reporting Requirements Applicable to Nonbank Swap Dealers Subject to Regulation by the Financial Services Agency of Japan Effective Date: July 18, 2024 (subject to limited exceptions) |
| 04/03/2019 | 84 FR 12908 // PDF Version 17 CFR Chapter I Comparability Determination for Australia: Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants |
| 04/01/2019 | 84 FR 12074 // PDF Version 17 CFR Chapter I Amendment to Comparability Determination for Japan: Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants Effective Date: Monday, April 1, 2019 |
| 10/18/2017 | 82 FR 48394 // PDF Version 17 CFR Chapter I Comparability Determination for the European Union: Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants Effective Date: Friday, October 13, 2017 |
| 09/15/2016 | 81 FR 63376 // PDF Version 17 CFR Chapter I Comparability Determination for Japan: Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants Effective Date: Thursday, September 15, 2016 |
| 12/27/2013 | 78 FR 78864 // PDF Version Australia: Certain Entity-Level Requirements Effective Date: Friday, December 27, 2013 |
| 12/27/2013 | 78 FR 78852 // PDF Version Hong Kong: Certain Entity-Level Requirements Effective Date: Fr iday, December 27, 2013 |
| 12/27/2013 | 78 FR 78910 // PDF Version Japan: Certain Entity-Level Requirements Effective Date: Friday, December 27, 2013 |
| 12/27/2013 | 78 FR 78890 // PDF Version Japan: Certain Transaction-Level Requirements Effective Date: Friday, December 27, 2013 |
| 12/27/2013 | 78 FR 78899 // PDF Version Switzerland: Certain Entity-Level Requirements Effective Date: Friday, December 27, 2013 |
| 12/27/2013 | 78 FR 78839 // PDF Version Canada: Certain Entity-Level Requirements Effective Date: Friday, December 27, 2013 |
| 12/27/2013 | 78 FR 78923 // PDF Version European Union: Certain Entity-Level Requirements Effective Date: Friday, December 27, 2013 |
| 12/27/2013 | 78 FR 78878 // PDF Version European Union: Certain Transaction-Level Requirements Effective Date: Friday, December 27, 2013 |