The Commodity Futures Trading Commission exempted certain Japan-based electronic trading platforms that offer derivatives trading from registration as a swap execution facility, while the Japan Financial Services Agency committed to facilitate the qualification of SEFs to be authorized as foreign ETP operators in Japan without local registration. The CFTC’s exemption applies to enumerated Japan-based ETPs (as amended from time to time) regulated by the JFSA, subject to various conditions. Among other things, counterparties subject to swaps reporting requirements under CFTC rules must continue to make required reports notwithstanding their execution of swaps on an exempt foreign ETP.