Federal Register #2026-09693

CFTC Order on Substituted Compliance for EU-Regulated Nonbank Swap Dealers

This opportunity concerns a regulatory order issued by the Commodity Futures Trading Commission (CFTC) regarding substituted compliance for EU-regulated nonbank swap dealers: - Government Buyer: - Commodity Futures Trading Commission (CFTC) - OEMs and Vendors Mentioned: - European Union (EU) (as the regulatory body) - CFTC (as the U.S. regulatory body) - Products/Services Requested: - No products or services are being procured - No part numbers or quantities are listed - Unique or Notable Requirements: - The order grants conditional substituted compliance for nonbank swap dealers organized and domiciled in the French Republic - EU capital and financial reporting laws (Investment Firms Regulation (EU) 2019/2033 and Investment Firms Directive (EU) 2019/2034) are deemed comparable to CFTC requirements - Nonbank swap dealers may satisfy CFTC capital and reporting rules by complying with specified EU laws, subject to certain conditions - The order is based on an application from Goldman Sachs Paris Inc. et Cie - Focus is on regulatory comparability, not procurement of goods or services

Description

The Commodity Futures Trading Commission (CFTC) issued an order regarding an application by Goldman Sachs Paris Inc. et Cie. The order determines that the capital and financial reporting laws and regulations of the European Union applicable to a CFTC-registered swap dealer organized and domiciled in the French Republic provide sufficient bases for comparability with the CFTC's swap dealer capital and financial reporting requirements. The order allows such a nonbank swap dealer to satisfy the CFTC's capital and financial reporting rules by complying with specified EU laws and regulations under certain conditions.

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