Category

FERC

19 May 2017

Energy Enforcement Update

This week’s Enforcement Update covers:

  • Senate Energy & Natural Resources Committee to consider FERC nominees;
  • Ninth Circuit affirms dismissal of RICO class action against JPMVEC;
  • FERC to host technical conference on developments in natural gas index liquidity and transparency; and
  • Plaintiffs appeal dismissal of class action against TOTAL.

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08 May 2017

Energy Enforcement Update

This week’s Enforcement Update covers:

  • Judge in Barclays case denies FERC motion to affirm civil penalties;
  • CFTC orders civil penalties and trading bans for former Citigroup Global Markets Inc. traders in spoofing case;
  • CFTC Acting Chairman Giancarlo appoints James McDonald as Enforcement Director;
  • FERC Enforcement and City Power reach settlement agreement; and
  • Judge dismisses plaintiffs’ class action complaint against TOTAL.

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27 March 2017

Energy Enforcement Update

Politico Morning Energy reported this morning FERC WAIT MAY BE COMING TO AN END—“an informed tipster tells ME that those names — Neil Chatterjee, Robert Powelson and Kevin McIntyre — are expected to become official within in the next week.”  FERC has been without a quorum for nearly two months, hamstringing its ability to act on contested gas and electric rate filings, and infrastructure projects.  Senate Energy and Natural Resources Chairwoman Lisa Murkowski has vowed to prioritize FERC nominees before her panel once the White House releases them, but getting them confirmed will likely still take several weeks, notwithstanding the two-week recess next month.

This week’s enforcement update covers:

  • Department of Energy scrutinizing natural gas import and export reporting;
  • Judge in Powhatan/Chen proceeding grants leave to file amicus brief on de novo review;
  • Judge in ETRACOM case rules that “de novo review” means an ordinary civil action;
  • TOTAL responds to plaintiffs in class action proceeding;
  • Wyoming Pipeline Authority files then withdraws request for rehearing of FERC delegation order; and
  • Sidley to host roundtable on FERC energy and capacity market technical conference.

(more…)

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01 March 2017

Energy Enforcement Update

This week’s enforcement update covers:

  • Fifth Circuit schedules oral argument, and FERC and TOTAL file pleadings regarding Appointments Clause;
  • Plaintiffs in class action against TOTAL file response related to oral argument;
  • CME Group Exchanges expand reach of manipulation and fraud rules;
  • FERC and Silkman file joint discovery plan in district court, and court sets scheduling conference; and
  • Judge holds motion hearing in FERC district court case against Barclays.

(more…)

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15 February 2017

Challenge to “Two-for-One” Executive Order Raises Questions About How the Order Will Affect Regulations

On January 30, President Donald Trump issued Executive Order 13771 (EO), requiring executive branch agencies to repeal two rules for every one issued. Entitled “Reducing Regulation and Controlling Regulatory Costs,” the EO also directs that all new agency regulations promulgated during fiscal year 2017 should not impose a net increase in costs.

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06 February 2017

Energy Enforcement Update

In this enforcement update, we cover:

  • GDF SUEZ Energy Marketing settles with FERC for alleged market manipulation;
  • Covanta Haverhill settles with FERC regarding ISO-NE generator operations;
  • FERC delegates authority to its staff in absence of quorum;
  • CFTC orders The Royal Bank of Scotland to pay $85 million for attempted manipulation of ISDAFIX benchmark;
  • FERC and ETRACOM file reply briefs regarding scope of review in district court;
  • FERC refers pipeline matter to Office of Enforcement for further investigation;
  • Judge grants City Power request for discovery in district court proceeding;
  • Judge in Silkman proceeding determines that “de novo review” under Federal Power Act means an ordinary civil action; and
  • FERC answers TOTAL motion for leave to respond and response in FERC proceeding

(more…)

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27 January 2017

Energy Enforcement Update

In this enforcement update, we cover:

  • CFTC’s enforcement division issues new advisories on cooperation;
  • FERC and ETRACOM file briefs regarding scope of review in district court;
  • FERC revises PJM FTR forfeiture rule and discusses cross-product manipulation;
  • Citigroup Global Markets Inc. settles spoofing charges with the CFTC;
  • DOJ settles with Duke Energy for violating premerger notification and waiting period requirements; and
  • TOTAL files motion for leave to respond and response in FERC proceeding.

(more…)

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18 November 2016

Updates from the U.S. Commodity Futures Trading Commission

Trader pleads guilty to spoofing and wire fraud, and settles manipulation and spoofing case with CFTC.  On November 9, Navinder Singh Sarao pled guilty in the U.S. District Court for the Northern District of Illinois to one count of spoofing and one count of wire fraud related to the “flash crash” in 2010.  On the same day, the CFTC announced that it submitted a proposed Consent Order that would resolve its civil enforcement action in the U.S. District Court for the Northern District of Illinois against Sarao.  The CFTC’s complaint charged Sarao, along with his company Nav Sarao Futures Limited PLC, with unlawfully manipulating and spoofing with regard to the E-mini S&P 500 near month futures contract (E-mini S&P).  In the proposed Consent Order, Sarao admits to the allegations in the CFTC complaint that Sarao: (a) successfully manipulated the E-mini S&P on at least 12 days between April 27, 2010 and March 10, 2014 (including the May 6, 2010 “flash crash” day); (b) attempted to manipulate the E-mini S&P tens of thousands of times between April 2010 and April 17, 2015; (c) placed tens of thousands of bids and offers that he intended to cancel before execution (i.e., spoof orders) between July 16, 2011 and April 17, 2015; and (d) employed or attempted to employ a manipulative device, scheme, or artifice to defraud in connection with his spoof orders between August 15, 2011 and April 17, 2015.  On November 17, Judge Andrea R. Wood approved the Consent Order against Sarao, which requires him to pay a $25,743.174.52 civil monetary penalty and $12,871,587.26 in disgorgement.  The Court’s order also imposes permanent trading and registration bans against Sarao.

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18 November 2016

FERC releases 2016 Report on Enforcement and Two Enforcement White Papers

On November 17, FERC’s Office of Enforcement released its 2016 Report on Enforcement.  The Report shows continued focus on fraud and market manipulation, serious violations of mandatory Reliability Standards, anticompetitive conduct and conduct that threatens the transparency of regulated markets.

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