By

Terence Healey

20 May 2019

Energy Enforcement Update

This update covers:

  • FERC rescinds policy on Notices of Alleged Violations.
  • Judge denies motion for new trial for first trader convicted of spoofing.
  • CFTC charges former natural gas trader with fraudulently mismarking trades.
  • CFTC’s Division of Enforcement issues first Public Enforcement Manual.
  • FERC approves settlement with Dominion Energy.
  • DOJ publishes new guidance on evaluating corporate compliance programs.
  • CFTC staff issues research report on impact of automated orders in futures markets.
  • CFTC settles case against Kraft Heinz and Mondelez International.
  • Powhatan and FERC file appellate briefs on statute of limitations.

(more…)

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24 January 2019

Energy Enforcement Update

In our first enforcement update for 2019, we cover a range of issues (including some news from the end of 2018):

  • FERC opens investigations into rates charged by three interstate natural gas companies;
  • Powhatan and Chen file opening appellate brief;
  • Judge suspends CFTC case against Kraft because of the partial government shutdown;
  • FERC increases maximum civil penalties for violations;
  • FERC approves settlement between FERC Enforcement and Algonquin;
  • Judge rules that FERC action against Silkman/CES is not time-barred by statute of limitations; and
  • Judge finds CFTC fails to meet burden on manipulation claims against DRW and Wilson.

(more…)

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16 January 2019

Implementation of Amended Section 203(a)(1)(B) of the Federal Power Act

On November 15, 2018, the Federal Energy Regulatory Commission (FERC) issued a rulemaking to revise its regulations relating to mergers or consolidations by a public utility.  See Implementation of Amended Section 203(a)(1)(B) of the Federal Power Act, 165 FERC ¶ 61,091 (2018).  These regulations would implement a law signed on September 28, 2018 establishing a $10 million threshold on transactions that will be subject to FERC’s review and authorization under section 203(a)(1)(B) of the Federal Power Act (FPA).  Previously, there was no dollar value threshold for FERC review of public utility “merge or consolidate” transactions under FPA section 203(a)(1)(B).  See 16 U.S.C. § 824b(a)(1)(B).  (more…)

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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.

(more…)

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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.

(more…)

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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.

(more…)

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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

(more…)

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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.

(more…)

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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.

(more…)

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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.

(more…)

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