Order Granting Conditional Substituted Compliance in Connection With Certain Requirements Applicable to Non-U.S. Security-Based Swap Dealers and Major Security-Based Swap Participants Subject to Regulation in the Kingdom of Spain

The Securities and Exchange Commission (“Commission” or “SEC”) is soliciting public comment on an application by the Spanish Comisión Nacional del Mercado de Valores (“CNMV”) 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 and registered major security-based swap participants (together, “SBS Entities”) that are not U.S. persons and that are subject to certain regulation in the Kingdom of Spain (“Spain”) may comply with certain requirements under the Exchange Act via compliance with corresponding requirements of Spain and the European Union (“EU”). The Commission also is soliciting comment on a proposed Order providing for conditional substituted compliance in connection with the application