By

Kenneth Irvin

21 November 2017

Energy Enforcement Update

Our latest enforcement update covers:

  • FERC releases 2017 Report on Enforcement showing continued focus on fraud and market manipulation;
  • CFTC settles with Statoil ASA for attempted manipulation of Argus Far East Index propane benchmark – “damning” messages again cause trouble;
  • Judge issues case management order and sets trial date in CFTC case against Kraft;
  • FERC approves settlement in Barclays case;
  • CFTC orders Cargill, Inc. to pay a $10 million civil penalty for providing inaccurate mid-market marks on swaps;
  • Senate confirms McIntyre and Glick to FERC, but still not sworn in at FERC; and
  • CFTC orders Morgan Stanley and Co. Incorporated to pay $350,000 penalty for Part 17 Large Trader reporting violations.

(more…)

SHARE
EmailPrintShare
30 October 2017

Energy Enforcement Update

This week’s enforcement update covers:

  • Barclays and FERC Enforcement reach agreement in principle to settle manipulation lawsuit for a total of $105 million;
  • HSBC executive convicted of foreign currency exchange fraud;
  • FERC Chairman Chatterjee calls for FERC to reexamine proper scope of de novo review;
  • Senator Blumenthal calls on FERC to investigate price manipulation allegations;
  • CFTC finds that Arab Global Commodities DMCC engaged in spoofing of copper futures contracts; and
  • FERC files response to Silkman and CES objection to magistrate’s discovery rulings in district court.

(more…)

SHARE
EmailPrintShare
04 October 2017

FERC Issues Declaratory Order Easing Regulatory Approval Requirements for Tax Equity Investors in Renewable Projects

On October 4, FERC issued an order granting a petition for declaratory order by a group of tax equity investors in renewable energy projects, which requested FERC confirmation that the tax equity interests identified in FERC’s order in AES Creative Resources do not constitute voting securities for purposes of section 203 of the Federal Power Act (“FPA”).  (more…)

SHARE
EmailPrintShare
02 October 2017

Energy Enforcement Update

This week’s enforcement update covers:

  • Judge grants Smith motion for judgment on pleadings and dismisses Smith in Barclays case;
  • DOE urges FERC to take action to address electric grid resiliency;
  • CFTC Director of Enforcement emphasizes self-reporting and cooperation in speech;
  • CFTC Division of Enforcement issues Updated Advisory on Self Reporting and Cooperation;
  • CFTC orders Logista Advisors LLC to pay $250,000 for supervision failures related to spoofing;
  • CFTC orders Morgan Stanley & Co. LLC to pay $500,000 for supervision failures;
  • CFTC issues no-action relief regarding CPO and CTA registration;
  • CFTC orders Citibank, N.A. and Citigroup Global Markets Limited to pay a $550,000 penalty for swap data reporting violations;
  • CFTC orders Merrill Lynch to pay $2.5 million to settle charges of supervision failures and recordkeeping violations;
  • Silkman and CES file partial objection to magistrate’s discovery rulings in district court; and
  • FERC Staff presents on enforcement activities during the no-quorum period.

(more…)

SHARE
EmailPrintShare
18 September 2017

Energy Enforcement Update

This week’s enforcement update covers:

  • CFTC orders W Resources, LLC to pay a $150,000 civil penalty for registration violations;
  • Senate Energy & Natural Resources Committee considers FERC nominees; new GC withdraws from FERC v. Powhatan case.
  • Rostin Behnam sworn in as a Commissioner of the CFTC;
  • Appeals court denies petition for rehearing related to spoofing conviction against Michael Coscia;
  • FERC approves settlement agreement with American Transmission Company;
  • FERC Enforcement settles with Westar Energy; and
  • FERC approves settlement agreement with City Power and Tsingas.

(more…)

SHARE
EmailPrintShare
21 August 2017

Energy Enforcement Update

This week’s enforcement update covers:

  • FERC and Smith file pleadings on Smith motion for judgment on the pleadings in Barclays case;
  • CFTC finds that the Bank of Tokyo-Mitsubishi UFJ, Ltd. engaged in spoofing of Treasury futures and Eurodollar futures – applauds cooperation of the bank;
  • Appeals court upholds spoofing conviction against Michael Coscia;
  • FERC quorum restored with two new Commissioners;
  • Senate unanimously confirms CFTC nominees;
  • CFTC orders trader to pay $650,000 civil penalty for spoofing;
  • Judge grants motions to dismiss New York ZEC lawsuit; and
  • Fifth Circuit denies TOTAL petition for rehearing en banc of declaratory judgment action against FERC.

(more…)

SHARE
EmailPrintShare
24 July 2017

Energy Enforcement Update

This week’s enforcement update covers:

  • Second Circuit reverses Rabobank LIBOR convictions over forced testimony;
  • Judge issues pretrial scheduling order in FERC case against Barclays;
  • Judge grants motions to dismiss Illinois ZEC lawsuit;
  • Ryan Smith files motion for judgment on the pleadings in Barclays case;
  • President Trump nominates Rostin Behnam to serve as CFTC Commissioner;
  • President Trump announces intent to nominate Kevin McIntyre as FERC Chairman;
  • FERC issues Notice of Alleged Violations against Rover Pipeline and Energy Transfer Partners;
  • CFTC files response to Kraft motion to compel; and
  • FERC issues Notice of Alleged Violations against American Transmission Company.

(more…)

SHARE
EmailPrintShare
06 July 2017

Stakeholders Assess the Effects of the Changing Mix of U.S. Energy Resources

In anticipation of the Department of Energy’s review of the nation’s power grid, stakeholder groups have recently published reports on the state of the U.S. power grid.  The reports add to the debate over what mix of energy resources are needed to sustain a stable, secure and reliable supply of electricity in the United States.

An April 14, 2017 memo from Energy Secretary Rick Perry directing the Energy Department to “explore critical issues central to protecting the long-term reliability of the electric grid” has focused the debate.  According to Secretary Perry, the 60-day review would assess whether federal policies have caused “the erosion of critical baseload resources.”  This includes an assessment of whether reduced coal-fired power generation due “in part from regulatory burdens introduced by previous administrations” has hurt the supply of baseload power and will “undercut the performance of the grid well into the future.”  (more…)

SHARE
EmailPrintShare
06 July 2017

Energy Enforcement Update

This week’s enforcement update covers:

  • CFTC enters into non-prosecution agreements with former Citigroup Global Markets Inc. traders in spoofing case;
  • CFTC orders $5.2 million in civil penalties for wash sales designed to generate exchange rebate fees;
  • FERC hosts technical conference on developments in natural gas index liquidity and transparency;
  • Senate Energy & Natural Resources Committee releases new energy bill;
  • President Trump announces intent to nominate Richard Glick as FERC Commissioner;
  • FERC Enforcement and City Power file status report on settlement; and
  • Judge grants Kraft Foods motion to compel discovery from the CFTC.

(more…)

SHARE
EmailPrintShare
12 June 2017

Energy Enforcement Update

This enforcement update covers:

  • FERC and Department of Energy nominees clear Senate committee;
  • District court dismisses oil price manipulation complaints against multiple energy companies;
  • Barclays and FERC file Second Amended Joint Status Report and Court schedules settlement conference;
  • Fifth Circuit affirms dismissal of TOTAL’s declaratory judgment action against FERC;
  • Supreme Court limits SEC disgorgement to 5-year statute of limitations;
  • Kraft Foods moves to compel documents from CFTC; and
  • Fifth Circuit vacates judgment involving overly broad privilege standard and related protective order.

(more…)

SHARE
EmailPrintShare
1 2 3 11