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CFTC Approves Capital Comparability for EU Nonbank Swap Dealers
The CFTC has approved a comparability determination allowing certain nonbank swap dealers in France to meet US capital and financial reporting requirements through compliance with French law. This facilitates cross-border regulatory alignment and may impact derivatives trading and compliance strategies.
The Commodity Futures Trading Commission (CFTC) announced it has approved a comparability determination and a related order that grants conditional substituted compliance for specific nonbank swap dealers registered with the CFTC and based in France. These dealers are regulated under the European Union’s Investment Firms Regulation and Investment Firms Directive. Under this order, eligible French nonbank swap dealers can fulfill certain US capital and financial reporting requirements by adhering to comparable French legal standards, provided they meet specific conditions.
The order will become effective once published in the Federal Register. To utilize this substituted compliance, the dealer must notify the CFTC of its intent and obtain confirmation from CFTC staff before applying the compliance. The process includes submitting a notice of intent with specific representations as outlined in the order’s conditions.
Additionally, the CFTC has granted an extra 180 days for compliance with some new obligations imposed on these dealers. This move aims to streamline cross-border regulatory efforts and reduce compliance burdens for European firms operating in US derivatives markets.
This development is significant for non-US firms involved in derivatives trading, as it clarifies how they can meet US regulatory standards by aligning with EU regulations, potentially easing their operational compliance and fostering international cooperation in derivatives oversight.
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