CFTC Substituted Compliance for Nonbank Swap Dealers (Cross-Border)
Current understanding
The CFTC permits non-U.S. nonbank swap dealers to satisfy certain CFTC requirements—principally capital and financial reporting—by complying with comparable home-country rules under ‘substituted compliance’ orders. In November 2025, the CFTC granted a first-of-kind conditional substituted compliance order for a nonbank swap dealer domiciled in France (Goldman Sachs Paris) subject to the EU Investment Firms Regulation (IFR) and Investment Firms Directive (IFD), extending the equivalence framework to the post-Brexit EU prudential regime for investment firms. Status: final order (conditional, entity-specific), building on prior substituted compliance determinations for other jurisdictions.
Evidence log
Open questions
Related
Contributing findings
Order Granting Conditional Substituted Compliance in Connection With Certain Capital and Financial Reporting Requirements Applicable to a Nonbank Swap Dealer Domiciled in the French Republic and Subject to the European Union's Investment Firms Regulation and Investment Firms Directive
14-may-2026
novelty 3
per-area 3
introduces