Page 17 - 期货和衍生品行业监管动态（2025年5月刊）

期货和衍生品行业监管动态

substituted compliance.

The procedures establish how the Divisions will address potential

non-compliance with foreign law that has been found by the CFTC to be comparable

in outcome to the Commodity Exchange Act or CFTC regulations pursuant to a

substituted compliance order.

Generally, the procedures require CFTC staff to adhere to principles of

international comity and deference to the foreign regulator, including that the foreign

regulator interprets and applies the home country regulation (not the CFTC), and that

MPD and DOE will not pursue an inquiry if the foreign regulator determines that the

non-U.S. Swap Entity is in compliance with foreign comparable standards, or the

foreign regulator is addressing the non-compliance issue through its supervisory

process.

Any inquiry involving substituted compliance will be handled by MPD, unless

MPD determines that a supervision or non-compliance issue is material and makes a

referral to DOE pursuant to CFTC Staff Letter 25-13.

The procedures were developed following a request, submitted jointly by IIB,

ISDA, and SIFMA, for guidance regarding the CFTC’s referral process for substituted

compliance.

https://www.cftc.gov/PressRoom/PressReleases/9076-25

3. 美国商品期货交易委员会工作人员就跨境定义发布解释（2025 年 5 月 21 日）

美国商品期货交易委员会（CFTC）市场参与者部与市场监管部联合发布解

释函，针对一家设立于境外司法辖区的自营交易公司，明确若干跨境定义条款的

适用性。

基于所陈述事实，该解释函确认该自营交易公司：

5