Staff Questionnaire – Information Regarding Foreign Supervisory Compliance and Enforcement Programs for Substituted Compliance Applications

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.