Several finance ministers and the EU commissioner for the internal market have written to Jack Lew, US Treasury Secretary, urging the US to respect principles for cross-border regulation of OTC derivatives. They argue for substituted compliance as a means to avoid duplicative or conflicting requirements affecting cross-border OTC activity. Imposition of registration requirements on foreign firms should be limited to specific cases where it is justified to require so. (Source: Cross-border OTC Derivatives Regulation)