Comparability Determination for the European Union: Dually-Registered Derivatives Clearing Organizations and Central Counterparties

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The Commodity Futures Trading Commission (the "Commission" or "CFTC") has determined that certain laws and regulations applicable in the European Union ("EU") provide a sufficient basis for an affirmative finding of comparability with respect to certain regulatory obligations applicable to derivatives clearing organizations ("DCOs") that are registered with the Commission and are authorized to operate as central counterparties ("CCPs") in the EU. The Commission's determination provides for substituted compliance with respect to requirements for financial resources, risk management, settlement procedures, and default rules and procedures.