On May 10, 2016, the Commodity Futures Trading Commission (CFTC) issued a press release announcing proposed amendments (the Proposed Amendments) to an order issued in 2013 (the RTO-ISO Order) relating to certain electric energy-related products. If adopted, the amendments would allow private litigants to sue certain Regional Transmission Organizations (RTOs), Independent System Operators (ISOs) and market participants for certain violations of the Commodity Exchange Act (CEA) and CFTC regulations (the CFTC Rules) relating to such products, including for alleged fraud or market manipulation. The Proposed Amendments would effectively reverse the holding in a recent Fifth Circuit case, Aspire Commodities v. GDF Suez Energy North America, in which the court held that private rights of action for violation of the CEA and CFTC Rules were foreclosed pursuant to the RTO-ISO Order. The Proposed Amendments were approved by the Commissioners by a two over one vote with a dissent from Commissioner J. Christopher Giancarlo.
The CFTC’s proposal to amend the RTO-ISO order was published in the Federal Register as of May 16, 2016. The Proposed Amendments will be open for public comment until June 15, 2016.
Please see the full update here.
This week’s enforcement update reports on the CFTC’s proposed amendment to the RTO/ISO exemption order to permit private rights of action, as well as developments in the TOTAL complaint case in district court and the ETRACOM case at FERC.
Yesterday, May 10, the CFTC issued proposed amendment to the 2013 RTO/ISO Final Order to exempt private rights of action. This marks a potentially major change for the financial energy products transacted under the RTO/ISOs tariff.
This week’s enforcement update reports on developments in the TOTAL and ETRACOM cases—FERC’s order to show cause against TOTAL and venue transfer for TOTAL’s complaint in district court; and ETRACOM files an additional expert affidavit in the FERC proceeding, but FERC denies ETRACOM’s request for discovery from CAISO. Also, there is a new NAV issued against Saracen Energy Midwest for alleged SPP tariff violations.
This week’s enforcement update includes a new class action against TOTAL, as well as filings in the City Power, ETRACOM and TOTAL proceedings.
This week’s enforcement update includes rulings in the Lincoln Paper/Silkman demand response proceeding and the spoofing case against Michael Coscia, as well as filings in the TOTAL and Powhatan/Chen proceedings in federal district court.
Lot of developments in enforcement this week, including a new FERC enforcement settlement plus related criminal charges by the United States and Massachusetts. We also cover the Fifth Circuit’s denial of a private right of action in the GDF Suez case (remember the pending SPP exemptive relief application), filings in the Powhatan/Chen, Maxim Power and Barclays proceedings in federal district court, and the ETRACOM proceeding at FERC.
This week’s enforcement update covers ETRACOM’s answer to FERC’s Order to Show Cause, FERC Enforcement’s reply to Coaltrain’s de novo review election, and items from FERC’s monthly open meeting.
This week’s enforcement update covers filings in the ETRACOM show cause proceeding at FERC, FERC enforcement actions in federal court and FERC’s 2015 State of the Markets Report.
This week’s enforcement update covers enforcement proceedings before FERC and in the district courts, as well as actions related to private rights of action for market manipulation claims.