Comparability Determination for Japan: Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants

The following is the analysis and determination of the Commodity Futures Trading Commission (``Commission'') regarding a request by the Japan Financial Services Agency (``JFSA'') that the Commission determine that laws and regulations applicable in Japan provide a sufficient basis for an affirmative finding of comparability with respect to margin requirements for uncleared swaps applicable to certain swap dealers (``SDs'') and major swap participants (``MSPs'') registered with the Commission. As discussed in detail herein, with one exception, the Commission has found the margin requirements for uncleared swaps under the laws and regulations of Japan comparable to those under the Commodity Exchange Act (``CEA'') and Commission regulations.