Monthly Archives: November 2011

UPDATE: FERC Revises Rules to Prohibit Bidding by Multiple Affiliates in Natural Gas Interstate Pipeline Open Seasons

By Greg Lawrence, Ben Chesson and Adam Risell On November 17, 2011, FERC issued a final rulemaking that essentially acts to prohibit, subject to an “independent business reason” exception, two or more affiliated entities from bidding in an open season … Continue reading

Posted in FERC, Oil & Gas, Regulation

FERC Holds Technical Conference to Discuss Penalty Guidelines

On November 17, 2011 the Federal Energy Regulatory Commission (“FERC”) held a technical conference on FERC’s Penalty Guidelines.  FERC required the Enforcement Staff to hold such a technical conference within one year after issuing the guidelines to “discuss how they … Continue reading

Posted in FERC, Oil & Gas, Power, Regulation

FERC Issues Order Denying Hunter Rehearing Request on Alleged Market Manipulation

By Greg Lawrence and Danielle Schonback On November 18, 2011, the Federal Energy Regulatory Commission (FERC) denied former Amaranth Advisors LLC trader Brian Hunter’s (Hunter) rehearing request of FERC’s Order Affirming Initial Decision and Ordering Payment of Civil Penalty issued … Continue reading

Posted in Commodity Trading, Enforcement and Investigations, FERC, Oil & Gas, Power

FERC Office of Enforcement Issues 2011 Report on Enforcement

By Greg Lawrence and Christopher Polito On November 17, 2011, the Federal Energy Regulatory Commission (FERC) Office of Enforcement issued its 2011 Report on Enforcement (Report). The annual Report provides an overview of and statistics regarding FERC’s enforcement activities during … Continue reading

Posted in Enforcement and Investigations, FERC, Oil & Gas, Power, Regulation

CFTC Division of Market Oversight Issues Letter Granting No-Action Relief to the Natural Gas Exchange Inc.

The U.S. Commodity Futures Trading Commission’s Division of Market Oversight issued a letter granting no-action relief to the Natural Gas Exchange Inc. (“NGX”) and its clearing members in connection with the reporting requirements of new part 20 of the Commission’s … Continue reading

Posted in CFTC, Enforcement and Investigations, Regulation

FERC Revises Rules to Prohibit Bidding by Multiple Affiliates in Gas Pipeline Open Seasons

By Ken Irvin The Federal Energy Regulatory Commission (FERC) issued today a Final Rule to prevent entities from using multiple affiliates to game the natural gas pipeline open season bidding process.  FERC justified this new rule on the grounds that multiple affiliate … Continue reading

Posted in FERC, Oil & Gas, Regulation

CFTC Fines Houston Futures Commission Merchant for Improper Background Checks on Foreign Introducing Broker and Failure to Detect Account Churning

By Gregory Mocek and Ben Chesson On November 9, 2011, the Commodity Futures Trading Commission (“CFTC”) entered into an agreement (“Speaking Order”) with Futures Commission Merchant (“FCM”), Velocity Futures, LLC (“Velocity”), to settle claims that Velocity violated Commodity Exchange Act … Continue reading

Posted in Commodity Trading, Enforcement and Investigations, Regulation

Final Rule – Derivatives Clearing Organization General Provisions and Core Principles

The U.S. CFTC has published the following final rule to implement certain provisions of Title VII and Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act governing derivatives clearing organization activities: 17 CFR Parts 1, 21, 39, … Continue reading

Posted in Dodd-Frank, Regulation

Chapter 9 Bankruptcy Strategies: A Big Stick, Rarely Used

Cadwalader partners John Rapisardi, Lary Stromfeld, Doug Mintz, Terence Workman and Tim Brown have authored “Chapter 9 Bankruptcy Strategies: A Big Stick, Rarely Used,” a chapter excerpt from Inside the Minds: Chapter 9 Bankruptcy Strategies, a Thomson Reuters/Aspatore publication. This excerpt focuses on … Continue reading

Posted in Articles, Uncategorized

The Volcker Rule’s Impact on Financial Institutions’ Ownership and Sponsorship of Structured Finance and Securitization Transactions

The three federal banking agencies and the SEC recently approved for comment a proposed regulation implementing Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act more generally known as the “Volcker Rule.” The 298-page proposal has yet … Continue reading

Posted in Dodd-Frank