The Commission has adopted rules under the Securities Exchange Act of 1934 (“Exchange Act”) that provide that the Commission may, conditionally or unconditionally, determine that a registered non-U.S. security-based swap dealer or major security-based swap participant (together, “Regulated Entities”), or class thereof, may satisfy certain Exchange Act provisions and SEC rules governing these non-U.S. Regulated Entities by complying with specified requirements under a foreign financial regulatory system. This regime is known as “substituted compliance.” A foreign financial regulatory authority or authorities may request substituted compliance by filing an application with the Commission.