; (2) which of the United States swaps requirements apply to the swap activities of non-United States persons and United States persons and their branches, agencies, subsidiaries, and affiliates outside of the United States, and the extent to which the requirements apply; and (3) the circumstances under which a United States person or non-United States person in compliance with the swaps regulatory requirements of a foreign jurisdiction shall be exempt from United States swaps requirements. (b) Content of the rule (1) Criteria In the rule, the Commission shall establish criteria for determining that one or more categories of the swaps regulatory requirements of a foreign jurisdiction are comparable to and as comprehensive as United States swaps requirements. The criteria shall include— (A) the scope and objectives of the swaps regulatory requirements of the foreign jurisdiction; (B) the effectiveness of the supervisory compliance program administered; (C) the enforcement authority exercised by the foreign jurisdiction; and (D) such other factors as the Commission, by rule, determines to be necessary or appropriate in the public interest. (2) Comparability In the rule, the Commission shall— (A) provide that any non-United States person or any transaction between two non-United States persons shall be exempt from United States swaps requirements if the person or transaction is in compliance with the swaps regulatory requirements of a foreign jurisdiction which the Commission has determined to be comparable to and as comprehensive as United States swaps requirements