Category

SEC

28 June 2018

Lucia v. SEC: Implications for FERC ALJs

In Lucia v. Securities and Exchange Commission, the Supreme Court held 7-2 that Securities and Exchange Commission (“SEC”) administrative law judges (“ALJs”) are “officers of the United States” subject to the Constitution’s appointments clause, rather than employees.  The June 21, 2018 opinion for the Court was by Justice Kagan, and has implications for ALJs at the Federal Energy Regulatory Commission (“FERC”). (more…)

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06 July 2017

Energy Enforcement Update

This week’s enforcement update covers:

  • CFTC enters into non-prosecution agreements with former Citigroup Global Markets Inc. traders in spoofing case;
  • CFTC orders $5.2 million in civil penalties for wash sales designed to generate exchange rebate fees;
  • FERC hosts technical conference on developments in natural gas index liquidity and transparency;
  • Senate Energy & Natural Resources Committee releases new energy bill;
  • President Trump announces intent to nominate Richard Glick as FERC Commissioner;
  • FERC Enforcement and City Power file status report on settlement; and
  • Judge grants Kraft Foods motion to compel discovery from the CFTC.

(more…)

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12 June 2017

Energy Enforcement Update

This enforcement update covers:

  • FERC and Department of Energy nominees clear Senate committee;
  • District court dismisses oil price manipulation complaints against multiple energy companies;
  • Barclays and FERC file Second Amended Joint Status Report and Court schedules settlement conference;
  • Fifth Circuit affirms dismissal of TOTAL’s declaratory judgment action against FERC;
  • Supreme Court limits SEC disgorgement to 5-year statute of limitations;
  • Kraft Foods moves to compel documents from CFTC; and
  • Fifth Circuit vacates judgment involving overly broad privilege standard and related protective order.

(more…)

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