The Chairman of the CFTC, Gary Gensler, testified before the Senate Committee on Banking, Housing and Urban Affairs on May 22 on the progress of his agency's regulatory reform of swaps.  Gensler's testimony included details on the CFTC's plans for implementing these reforms cross-border, including an upcoming concept release on the cross-border application of swaps market reforms. This release will consist of interpretive guidance on how the CFTC's swaps regulations apply to cross-border swap activities. It also will include an overview as to when overseas swaps market participants, including swap dealers, can comply with Dodd-Frank reforms through reliance on comparable and comprehensive foreign regulatory regimes (sometimes referred to as “substituted compliance”).