Category

CFTC

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

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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.

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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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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.

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21 December 2017

Energy Enforcement Update

This week’s enforcement update covers:

  • BP files motion seeking dismissal of FERC case based on statute of limitations;
  • Eversource sends cease & desist letter regarding alleged gas pipeline capacity withholding report;
  • Secretary Perry grants extension for FERC action on DOE grid resiliency proposal;
  • Kevin McIntyre sworn in as Chairman and Richard Glick sworn in as Commissioner at FERC;
  • House Energy and Commerce Subcommittee holds hearing on financial trading in electricity markets; and
  • CFTC releases annual enforcement results for Fiscal Year 2017.

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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…)

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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…)

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