Release Number 8852-24

CFTC Seeks Public Comment on Proposed Capital Comparability Determination for Swap Dealers Subject to Supervision by the UK Prudential Regulation Authority

January 24, 2024

— The Commodity Futures Trading Commission is soliciting public comment on a substituted compliance application requesting that the Commission determine that certain CFTC-registered nonbank swap dealers located in the United Kingdom may satisfy certain Commodity Exchange Act capital and financial reporting requirements by being subject to, and complying with, comparable capital and financial reporting requirements under UK laws and regulations. The Institute of International Bankers, the International Swaps and Derivatives Association, and the Securities Industry and Financial Markets Association submitted the application.

In connection with the application, the Commission also is soliciting public comment on a proposed comparability determination and related order providing for the conditional availability of substituted compliance to CFTC-registered nonbank swap dealers under the UK Prudential Regulation Authority’s prudential supervision.

The comment period will be open for 60 days after publication on, with a closing date of March 24, 2024.

Comments must be in writing and may be submitted electronically through the CFTC Comments online process. All comments received will be posted on