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In a letter to chairman Gensler, referenced 'Application for substituted compliance in respect of the European Union', DG Markt's Jonathan Faull and ESMA's Maijoor wrote:
Following discussions between CFTC, European Commission (EC) and the European Securities and Markets Authority (ESMA) staff, we are writing to inform you that the EC and ESMA intend to provide the CFTC with a comparability analysis in respect of its entity level and transaction level requirements, on behalf of the European Union.
We expect to deliver this analysis to you by Friday, 5 July and look forward to discussing further with your staff.