Proposed Rule2025-17555
Operational Resilience Framework for Futures Commission Merchants, Swap Dealers, and Major Swap Participants; Withdrawal of Proposed Regulatory Action
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 11, 2025
Issuing agencies
Commodity Futures Trading Commission
Abstract
The Commodity Futures Trading Commission ("Commission") is formally withdrawing a notice of proposed rulemaking published on January 24, 2024, titled "Operational Resilience Framework for Futures Commission Merchants, Swap Dealers, and Major Swap Participants." The Commission does not intend to issue final rules with respect to this proposal. If the Commission decides to pursue future regulatory action in this area, it will issue new proposed rules.
Full Text
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<title>Federal Register, Volume 90 Issue 174 (Thursday, September 11, 2025)</title>
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[Federal Register Volume 90, Number 174 (Thursday, September 11, 2025)]
[Proposed Rules]
[Pages 43949-43950]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-17555]
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COMMODITY FUTURES TRADING COMMISSION
17 CFR Parts 1 and 23
RIN 3038-AF23
Operational Resilience Framework for Futures Commission
Merchants, Swap Dealers, and Major Swap Participants; Withdrawal of
Proposed Regulatory Action
AGENCY: Commodity Futures Trading Commission.
ACTION: Notice of withdrawal of proposed rules.
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SUMMARY: The Commodity Futures Trading Commission (``Commission'') is
formally withdrawing a notice of proposed rulemaking published on
January 24, 2024, titled ``Operational Resilience Framework for Futures
Commission Merchants, Swap Dealers, and Major Swap Participants.'' The
Commission does not intend to issue final rules with respect to this
proposal. If the Commission decides to pursue future regulatory action
in this area, it will issue new proposed rules.
DATES: The Commission is withdrawing the proposed rules published at 89
FR 4706 (January 24, 2024) as of September 8, 2025.
FOR FURTHER INFORMATION CONTACT: Thomas Smith, Acting Director, at 202-
418-5495 or <a href="/cdn-cgi/l/email-protection#f48087999d809cb497928097da939b82"><span class="__cf_email__" data-cfemail="3642455b5f425e765550425518515940">[email protected]</span></a>; Frank Fisanich, Deputy Director, at 202-
418-5407 or <a href="/cdn-cgi/l/email-protection#a1c7c7c8d2c0cfc8d2c9e1c2c7d5c28fc6ced7"><span class="__cf_email__" data-cfemail="d8bebeb1abb9b6b1abb098bbbeacbbf6bfb7ae">[email protected]</span></a>; Fern Simmons, Senior Special Counsel,
at 202-418-5901 or <a href="/cdn-cgi/l/email-protection#107663797d7d7f7e6350737664733e777f66"><span class="__cf_email__" data-cfemail="4b2d382226262425380b282d3f28652c243d">[email protected]</span></a>; Dina Moussa, Special Counsel, at
202-418-5696 or <a href="/cdn-cgi/l/email-protection#13777e7c6660607253707567703d747c65"><span class="__cf_email__" data-cfemail="3e5a53514b4d4d5f7e5d584a5d10595148">[email protected]</span></a>; or Matthew Boylan, Special Counsel,
at 202-418-8257 or <a href="/cdn-cgi/l/email-protection#e9848b8690858887a98a8f9d8ac78e869f"><span class="__cf_email__" data-cfemail="026f606d7b6e636c42616476612c656d74">[email protected]</span></a>, Market Participants Division,
Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st
Street NW, Washington, DC 20581.
SUPPLEMENTARY INFORMATION:
Background
On January 24, 2024, the Commission published a notice of proposed
[[Page 43950]]
rulemaking in the Federal Register proposing new Commission regulation
1.13 under the Commodity Exchange Act, as well as amendments to
existing Commission regulation 23.603 under the Commodity Exchange
Act.\1\ The proposed rules would have required futures commission
merchants, swap dealers, and major swap participants to establish and
implement an operational resilience framework comprised of an
information and technology security program, a third-party relationship
program, and a business continuity and disaster recovery plan. The
proposed rules would have also imposed requirements related to
governance, training, testing, recordkeeping, and incident
notifications in support of the operational resilience framework. On
February 26, 2024, the Commission published a release in the Federal
Register which extended the comment period for the proposal to April 1,
2024.\2\
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\1\ Operational Resilience Framework for Futures Commission
Merchants, Swap Dealers, and Major Swap Participants, 89 FR 4706
(Jan. 24, 2024).
\2\ 89 FR 14007 (Feb. 26, 2024).
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Withdrawal of Proposed Rules
The Commission is withdrawing the proposal to reconsider how the
proposed rules work in practice with the operational resilience rules
of other regulators, including both domestic and foreign. Many swap
dealers and futures commission merchants are part of banking
organizations that have already implemented comprehensive enterprise-
wide operational resilience programs pursuant to U.S. or non-U.S.
regulations. Thus, the Commission no longer intends to issue final
rules with respect to the proposal. If the Commission decides to pursue
future regulatory action in this area, it will do so by publishing new
proposed rules or other issuance consistent with the requirements of
the Administrative Procedure Act, as applicable.
Executive Order 12866
The Office of Management and Budget has determined that this action
is not a significant regulatory action as defined in Executive Order
12866, as amended, and therefore it was not subject to Executive Order
12866 review.
Issued in Washington, DC, on September 9, 2025, by the
Commission.
Christopher Kirkpatrick,
Secretary of the Commission.
Note: The following appendix will not appear in the Code of
Federal Regulations.
Appendix to Operational Resilience Framework for Futures Commission
Merchants, Swap Dealers, and Major Swap Participants; Withdrawal of
Proposed Regulatory Action--Commission Voting Summary
On this matter, Acting Chairman Pham voted in the affirmative.
No Commissioner voted in the negative.
[FR Doc. 2025-17555 Filed 9-10-25; 8:45 am]
BILLING CODE 6351-01-P
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