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 meet specified Commodity Exchange Act capital and financial reporting requirements through compliance with comparable requirements under French law. The measure applies to firms regulated under the European Union’s Investment Firms Regulation and Investment Firms Directive and is subject to specified conditions. To use the order, an eligible swap dealer must notify the CFTC that it intends to satisfy the relevant capital and financial reporting requirements by substituted compliance, and it must obtain confirmation from CFTC staff before doing so. The notice must include the representations set out in the order’s conditions. The order takes effect upon publication in the Federal Register. For conditions that impose new obligations on eligible nonbank swap dealers, the CFTC is providing an additional 180 calendar days for compliance.
Commodity Futures Trading Commission 2026-05-12
Commodity Futures Trading Commission grants conditional substituted compliance for French nonbank swap dealers under capital and financial reporting requirements
The Commodity Futures Trading Commission has issued a comparability determination and order permitting certain CFTC-registered nonbank swap dealers in France, regulated under the EU’s Investment Firms Regulation and Directive, to satisfy specified Commodity Exchange Act capital and financial reporting requirements via substituted compliance with French law, subject to conditions. Eligible firms must notify the CFTC and obtain staff confirmation before relying on the order, which takes effect upon publication in the Federal Register with an additional 180 days for compliance.