October 7, 2022

Mr. Christopher Kirkpatrick
Secretary
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street NW
Washington, DC 20581

Re: Notice of Proposed Order and Request for Comment on an Application for a Capital Comparability Determination From the Financial Services Agency of Japan

Dear Mr. Kirkpatrick:

The Institute of International Bankers (“IIB”), International Swaps and Derivatives Association (“ISDA”) and Securities and Financial Markets Association (“SIFMA”, and together with IIB and ISDA, the “Associations”)1 appreciate the opportunity to comment on the above-captioned notice by the Commodity Futures Trading Commission (“CFTC” or “Commission”) regarding an application submitted by the Financial Services Agency of Japan (“JFSA”) requesting that the Commission determine that registered nonbank2 swap dealers (“SDs”) organized and domiciled in Japan (“Japan SDs”) may comply with certain capital and financial reporting requirements under the Commodity Exchange Act (“CEA”) and Rules 23.101 and 23.105(d)–(e) thereunder (the “Commission Capital & Reporting Requirements”)3 via compliance with corresponding capital and financial reporting requirements in Japan (the “Japan Capital & Reporting Requirements”), and the proposed order (the “Japan Order”) providing for the conditional substituted compliance in connection with the application (together, the “Proposal”).4

1 Please see the Appendix for more information on the Associations.

2 As used herein, a “nonbank” SD refers to an SD that does not have a Prudential Regulator as defined in Section 1a(39) of the CEA.

3 See Capital Requirements for Swap Dealers and Major Swap Participants, 85 FR 57462 (Sept. 15, 2020).

4 See Notice of Proposed Order and Request for Comment on an Application for a Capital Comparability Determination from the Financial Services Agency of Japan, 87 Fed. Reg. 48092 (Aug. 8, 2022).