The Commodity Futures Trading Commission and the European Commission agreed that each other’s rules relating to margin requirement for uncleared swaps are comparable. As a result, US-registered swap dealers and major swap participants that have no prudential regulator – so called “covered swap entities” – and that are subject to both CFTC and European Union margin rules regarding uncleared swaps may rely on substituted compliance for all aspects of their US margin requirements. Additionally, the EC and CFTC agreed on a common approach to permit authorized trading venues in each jurisdiction to serve as qualified venues for transactions subject to a mandatory trading obligation in the other jurisdiction. The regulators committed to take steps to promptly implement the common approach.