Noisy
← this week  ·  Subscribe →

The world is being quietly rearranged by people who write very long documents.

Federal Register · May 14, 2026
The title they went with Order Granting Conditional Substituted Compliance in Connection With Certain Capital and Financial Reporting Requirements Applicable to a Nonbank Swap Dealer Domiciled in the French Republic and Subject to the European Union's Investment Firms Regulation and Investment Firms Directive Noisy translates that to

French nonbank swap dealers can use EU rules for US capital and reporting

What happened
US financial regulators just made it easier for some French financial firms to operate. These firms can now follow European Union rules for capital and reporting instead of meeting separate US requirements.
Why it matters
Financial firms operating across borders often face two sets of rules for the same activity. This order means certain French firms can now use their home country's rules to satisfy US regulators. It cuts down on duplicate paperwork and makes it cheaper for them to do business in the US.
The signal
Watch for other European financial firms to apply for similar agreements, especially those in countries with comparable financial regulations.
If you insist
Read the original →