Notice of Substituted Compliance Application Submitted by UBS AG and Credit Suisse AG in Connection With Certain Requirements Applicable to Non-U.S. Security-Based Swap Dealers Subject to Regulation in the Swiss Confederation; Proposed Order

The Securities and Exchange Commission ("Commission') is soliciting public comment on an application by UBS AG and Credit Suisse AG (the "Swiss Firms') requesting that, pursuant to rule 3a71-6 under the Securities Exchange Act of 1934 ("Exchange Act'), the Commission determine that registered security-based swap dealers ("SBSDs') that are not U.S. persons and that are subject to certain regulation in the Swiss Confederation ("Switzerland') may comply with certain requirements under the Exchange Act via compliance with corresponding requirements of Switzerland. The Commission also is soliciting comment on a proposed Order providing for conditional substituted compliance in connection with the application.