The general requirement that non-U.S. futures commission merchants ("FCMs") doing business with U.S. customers must register with the CFTC does not apply to a non-U.S. FCM entering into "foreign futures and options transactions" if the non-U.S. FCM is regulated in a jurisdiction for which the CFTC has issued a “Rule 30.10 Order” to the local regulator/exchange. As the first step in obtaining such an order, the local authority (or self-regulatory organization) responsible for implementing and enforcing the regulatory program governing the FCM must submit a petition for exemption to the CFTC. Then the CFTC must determine that the non-U.S. FCM is subject to a “comparable regulatory scheme” in its home country. A more limited exemption is also available to foreign FCMs under CFTC Rule 30.12. See generally the Cabinet Guide's Non-U.S. FCMs and Futures Registration. See also the topic page on Custody for Foreign Futures, which has material on CFTC-registered FCMs holding positions for their customers in foreign futures and options.