Section 719(c) of The Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 requires the Commodity Futures Trading Commission (“CFTC”) and the Securities and Exchange Commission ("SEC") to jointly conduct a study and then to report to Congress on how swaps and security-based swaps are regulated in the United States, Asia, and Europe and to identify areas of regulation that are similar and other areas of regulation that could be harmonized. Section 719(c) also calls for the Report to identify major dealers, exchanges, clearinghouses, clearing members, and regulators in each geographic area and to list the major contracts (including trading volumes, clearing volumes, and notional values), the methods for clearing swaps, and the systems used for setting margin in each geographic area. The Study includes four sections: (i) the Congressional mandate for the Study and Report, including the process and approach used by CFTC and SEC staff; (ii) the regulatory framework for OTC derivatives in the Americas, European Union, and Asia; (iii) the similarities and differences across jurisdictions, discusses potential areas for harmonization, and makes recommendations for next steps; and (iv) the conclusion of the Study and Report.