Requirements for Designated Contract Markets and Swap Execution Facilities Regarding Governance and the Mitigation of Conflicts of Interest Impacting Market Regulation Functions; Withdrawal of Proposed Regulatory Action

This section of the FEDERAL REGISTER contains notices to the public of the proposed issuance of rules and regulations. The purpose of these notices is to give interested persons an opportunity to participate in the rule making prior to the adoption of the final rules. Proposed Rules Federal Register 45007 Vol. 90, No. 179 Thursday, September 18, 2025 1Requirements for Designated Contract Markets and Swap Execution Facilities Regarding Governance and the Mitigation of Conflicts of Interest Impacting Market Regulation Functions, 89 FR 19646 (Mar. 19, 2024). 2 89 FR 31669 (May 13, 2024). COMMODITY FUTURES TRADING COMMISSION 17 CFR Parts 37 and 38 RIN 3038–AF29 Requirements for Designated Contract Markets and Swap Execution Facilities Regarding Governance and the Mitigation of Conflicts of Interest Impacting Market Regulation Functions; Withdrawal of Proposed Regulatory Action AGENCY: Commodity Futures Trading Commission. ACTION: Notice of withdrawal of proposed rules. SUMMARY: The Commodity Futures Trading Commission (‘‘Commission’’ or ‘‘CFTC’’) is formally withdrawing a notice of proposed rulemaking published on March 19, 2024, titled ‘‘Requirements for Designated Contract Markets and Swap Execution Facilities Regarding Governance and the Mitigation of Conflicts of Interest Impacting Market Regulation Functions.’’ DATES: The Commission is withdrawing the proposed rules published at 89 FR 19646 (March 19, 2024) as of September 15, 2025. FOR FURTHER INFORMATION CONTACT: Rahul Varma, Acting Director, (202) 418–5353, rvarma@cftc.gov, Division of Market Oversight, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW, Washington, DC 20581. SUPPLEMENTARY INFORMATION: Background On March 19, 2024, the Commission published a notice of proposed rulemaking in the Federal Register proposing new rules and amendments to its existing regulations for designated contract markets (‘‘DCMs’’) and swap execution facilities (‘‘SEFs’’) that would establish governance and fitness requirements with respect to market regulation functions, as well as related conflict of interest standards.1 The proposed new rules and amendments included minimum fitness standards; requirements for identifying, managing, and resolving conflicts of interest; and structural governance requirements with respect to SEF and DCM governing bodies. On April 25, 2024, the Commission published a release in the Federal Register which extended the comment period for the proposal to May 13, 2024.2 Withdrawal of Proposed Rules The Commission is withdrawing the proposal to reconsider how the proposed rules would work given recent changes to the industry and evolving market structures. Many SEFs and DCMs are part of larger corporate organizations that have already implemented governance standards and requirements for conflicts of interest that would also apply to market regulation functions. 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 16, 2025, by the Commission. Robert Sidman, Deputy Secretary of the Commission. Note: The following appendix will not appear in the Code of Federal Regulations. Appendix to Withdrawal of Commission Guidance—Commission Voting Summary On this matter, Acting Chairman Pham voted in the affirmative. No Commissioner voted in the negative. [FR Doc. 2025–18070 Filed 9–17–25; 8:45 am] BILLING CODE 6351–01–P ENVIRONMENTAL PROTECTION AGENCY 40 CFR Parts 80 and 1090 [EPA–HQ–OAR–2024–0505; FRL–11947–03– OAR] RIN 2060–AW23 Renewable Fuel Standard (RFS) Program: Standards for 2026 and 2027, Partial Waiver of 2025 Cellulosic Biofuel Volume Requirement, and Other Changes; Supplemental Notice of Proposed Rulemaking AGENCY: Environmental Protection Agency (EPA). ACTION: Supplemental proposed rule. SUMMARY: On June 17, 2025, the U.S. Environmental Protection Agency (EPA) proposed volumes and percentage standards for four categories of renewable fuel that would apply to obligated parties in 2026 and 2027 under the Renewable Fuel Standard (RFS) program. On August 22, 2025, the EPA issued decisions on 175 small refinery exemption (SRE) petitions under the RFS program. This supplemental proposal takes into consideration the expected impacts of the SRE decisions issued. Based on this information, the EPA is co-proposing additional volumes in 2026 and 2027 representing complete (100 percent) reallocation and 50 percent reallocation for SREs granted in full or in part for 2023 and 2024, as well as those projected to be granted for 2025, as part of the ongoing RFS rulemaking. The EPA is also providing more information on its projection of SREs to inform the calculation of the 2026 and 2027 percentage standards. DATES: Comments. Comments must be received on or before October 31, 2025. Public hearing: The EPA will hold a virtual public hearing on October 1, 2025. Please refer to the SUPPLEMENTARY VerDate Sep<11>2014 16:48 Sep 17, 2025 Jkt 265001 PO 00000 Frm 00001 Fmt 4702 Sfmt 4702 E:\FR\FM\18SEP1.SGM 18SEP1 lotter on DSK11XQN23PROD with PROPOSALS1