(20)Given the nature and characteristics of the derivative contracts listed on DCMs and SEFs, and in particular the fact that their underlying assets are primarily commodities, interest rates or currencies, the third condition cannot be applied to most of the options and swaps transacted on DCMs and SEFs. This requirement cannot apply to derivative contracts which do not reference equities as an underlying. For the derivatives subject to the trading obligation, such as swaps, with interest rates as an underlying, there is no company that could issue relevant financial reports. Disclosure obligations are however incumbent on issuers of derivative contracts where an underlying asset is a security. In the USA, this would only concern options on securities or security-based swaps. Options on securities can only be traded on a securities exchange under the jurisdiction of the Securities and Exchange Commission (SEC), therefore not on either DCMs or SEFs. Security-based swaps may be transacted on a security-based swap execution facility, but they are regulated by the SEC. Where the underlying security of a security-based swap is admitted to trading on a US national securities exchange, its issuer is subject to the reporting requirements under Section 13(a) of the Exchange Act and must publish annual and interim financial reports, for which the US regulatory framework has clear, comprehensive and specific disclosure requirements, and the free public access of which is ensured by the EDGAR system provided by the SEC's website. Thus, as a result, a high level of investor protection is still ensured.