The Commodity Futures Trading Commission has approved a comparability determination and related order allowing certain CFTC-registered nonbank swap dealers organized and domiciled in France to satisfy parts of the agency’s capital and financial reporting requirements through substituted compliance. The relief applies where firms are subject to and comply with comparable requirements under French law implementing the European Union’s Investment Firms Regulation and Investment Firms Directive, subject to specified conditions. The order will take effect upon publication in the Federal Register. For conditions that impose new obligations on eligible swap dealers, the CFTC is providing an additional 180 calendar days to comply. Firms seeking to rely on the order must notify the CFTC of their intent to use substituted compliance, include the representations required by the order’s conditions, and obtain confirmation from CFTC staff before doing so.
Commodity Futures Trading Commission 2026-05-12
Commodity Futures Trading Commission grants conditional substituted compliance on capital and reporting rules for certain nonbank swap dealers in France
The Commodity Futures Trading Commission has approved a comparability determination and order permitting certain CFTC-registered nonbank swap dealers in France to meet specified capital and financial reporting requirements via substituted compliance with French law implementing the EU’s Investment Firms Regulation and Investment Firms Directive, subject to conditions. The order takes effect upon publication in the Federal Register, and firms must notify the CFTC and obtain staff confirmation before relying on the substituted compliance relief.