27
November
2018
Energy Enforcement Update
This week’s enforcement update covers:
- FERC issues 2018 Report on Enforcement showing continued focus on fraud and market manipulation;
- CFTC Enforcement Director discusses Enforcement trends and CFTC releases Annual Report on enforcement;
- CFTC orders Commerzbank AG to pay $12 million for swap dealing violations and misleading statements to the CFTC;
- Former commodities trading executive arrested for scheme to defraud employer by hiding trading losses; and
- CFTC and Kraft file oppositions to motions for summary judgment.
SHARE
18
October
2018
Energy Enforcement Update
This week’s enforcement update covers:
- CFTC announces Insider Trading & Information Protection Task Force;
- FERC approves settlement with Wheelabrator Technologies Inc. related to capacity payments;
- Second Circuit upholds New York zero emission credits for nuclear facilities;
- Petrobras pays over $1.7 billion to settle corruption charges with U.S. and Brazilian authorities;
- Judge denies Powhatan and Chen motion to dismiss on statute of limitations grounds;
- CFTC finds Mizuho Bank, Ltd. engaged in spoofing of Treasury futures and Eurodollar futures;
- CFTC finds that proprietary trading firm Geneva Trading USA, LLC engaged in spoofing;
- FERC Enforcement requests that Commission vacate Order to Show Cause to Footprint; and
- CFTC orders futures trader and trading firm to pay $2.3 million in penalties for spoofing and manipulative scheme.
SHARE
17
September
2018
Energy Enforcement Update
This week’s enforcement update covers:
- Commodity Trading Adviser (CTA) violation settled with CFTC;
- CFTC and Kraft file motions for summary judgment;
- CFTC files 12 enforcement actions addressing registration, position limits, recordkeeping, supervision and reporting;
- Seventh Circuit upholds Illinois zero emissions credits for nuclear facilities;
- Judge denies class action lawsuit alleging antitrust violations in New England gas market;
- CFTC Staff issues report on impact of U.S. tight oil on NYMEX WTI futures contract;
- CFTC orders BNP Paribas to pay $90 million penalty for attempted manipulation and false reporting of U.S. Dollar ISDAFIX benchmark swap rates; and
- FERC issues notice of intent to revoke MBR authority to five entities for failure to file EQRs.
SHARE
30
July
2018
Energy Enforcement Update
This week’s enforcement update covers:
- FERC issues Order Approving ENPM Stipulation and Consent Agreement;
- Footprint Elects De Novo Review in FERC Show Cause Proceeding;
- CFTC Announces Its Largest Ever Whistleblower Award of Approximately $30 Million, and First Award to a Foreign Whistleblower;
- CFTC Staff Issues Research Report on Sharp Price Movements in the Commodity Futures Markets
- SEC and CFTC Announce Approval of New MOU
SHARE
25
June
2018
Energy Enforcement Update
This week’s enforcement update covers:
- FERC issues Order to Show Cause to Footprint for alleged tariff violations and submission of false information;
- The Supreme Court denies TOTAL petition for writ of certiorari;
- FERC settles with Duke Energy regarding alleged violation of FERC market behavior rule on communications;
- CFTC orders Société Générale S.A. to pay $475 million penalty to resolve charges of alleged LIBOR and Euribor manipulation; and
- U.S. Department of Justice announces new policy on coordination of corporate penalties.
SHARE
21
May
2018
Energy Enforcement Update
This week’s enforcement update covers:
- FERC Enforcement Staff presents the 2018 Summer Energy Market and Reliability Assessment;
- CFTC Staff issues report assessing market impacts of LNG;
- CFTC Commissioner Behnam discusses CFTC enforcement program and trends;
- FERC files opposition to TOTAL petition for writ of certiorari in the Supreme Court;
- Second Circuit affirms dismissal of class action against TOTAL for alleged natural gas manipulation; and
- FERC Enforcement settles investigation with PSEG.
SHARE
05
April
2018
Energy Enforcement Update
This week’s enforcement update covers:
- FERC files opposition to Powhatan and Chen motion to dismiss amended complaint;
- Judge denies CFTC motion to compel based on agreement of parties;
- FERC extends deadline for comments in grid resilience proceeding to May 9;
- Supreme Court extends time for government to respond to TOTAL;
- Sidley and The Brattle Group to host webinar on FERC energy storage order; and
- Sidley’s Ken Irvin moderates PLI program on FERC enforcement.
SHARE
05
March
2018
Energy Enforcement Update
This week’s enforcement update covers:
- Powhatan and Chen file motion to dismiss FERC’s amended complaint;
- FERC and Silkman/CES file motions for summary judgment regarding statute of limitations;
- FERC Staff finds no withholding of pipeline capacity in New England markets;
- BP files reply to FERC answer regarding on statute of limitations; and
- FERC and ETRACOM stay discovery pending mediation.
SHARE
07
February
2018
Energy Enforcement Update
This week’s enforcement update covers:
- CFTC orders Deutsche Bank Securities Inc. to pay $70 million penalty for attempted manipulation of ISDAFIX benchmark;
- CFTC and DOJ announce spoofing charges against banks and individuals;
- FERC files amended complaint in case against Powhatan and Chen;
- Judge grants joint motion on summary judgment procedure in FERC case against Silkman/CES;
- FERC OE files answer to BP motion seeking dismissal based on statute of limitations;
- FERC Chairman testifies on grid performance during recent weather events; and
- FERC Commissioner Rich Glick stresses importance of FERC enforcement regime.
SHARE
18
January
2018
Energy Enforcement Update
Our first enforcement update for 2018 covers:
- FERC terminates DOE NOPR proceeding on grid resilience and initiates new proceeding;
- FERC increases maximum civil penalties for violations;
- TOTAL files petition for writ of certiorari in Supreme Court;
- FERC loses again – Judge rules Powhatan and Chen are entitled to a de novo trial in district court;
- Judge denies Silkman and CES objection to magistrate’s discovery rulings in district court; and
- ERCOT proposes rule revisions to protect its jurisdictional independence from FERC.
SHARE