Public Statements & Remarks

Statement of Commissioner Caroline D. Pham on EU Substituted Compliance Order for Swap Dealer Capital and Financial Reporting

June 25, 2024

I am pleased to support the order granting conditional substituted compliance in connection with certain capital and financial reporting requirements applicable to nonbank swap dealers domiciled in the French Republic and Federal Republic of Germany and subject to regulation in the European Union (EU) (EU Final Order). The EU Final Order, on balance, reflects an appropriate approach by the CFTC to collaboration with non-U.S. regulators that is consistent with IOSCO’s 2020 report on Good Practices on Processes for Deference.[1] 

I would like to thank Amanda Olear, Thomas Smith, Rafael Martinez, Liliya Bozhanova, Joo Hong, and Justin McPhee from the CFTC’s Market Participants Division for their truly hard work on the EU Final Order and for addressing my concerns regarding the conditions for notice requirements.[2] I also thank the European Central Bank (ECB) and Autorité de contrôle prudentiel et de resolution (ACPR) for their assistance and support. 

The CFTC’s capital comparability determinations are the result of tireless efforts spanning over a decade since the global financial crisis. I commend the staff for working together with our regulatory counterparts around the world to promote regulatory cohesion and financial stability, and mitigate market fragmentation and systemic risk.

[1] IOSCO Report, “Good Practices on Processes for Deference” (June 2020),

[2] Statement of Commissioner Caroline D. Pham in Support of Proposed Order and Request for Comment on Comparability Determination for EU Nonbank Swap Dealer Capital and Financial Reporting Requirements (June 7, 2023),