Yearly Archives: 2015

CFTC / CME Settle Misappropriation Case

On December 2, 2015, the U.S. Commodity Futures Trading Commission (“CFTC” or “Commission”) and the New York Mercantile Exchange (“NYMEX”) simultaneously announced settlements with Arya Motazedi, a gasoline trader, including for claims of insider trading under CFTC Rule 180.1.1 On … Continue reading

Posted in Cases, CFTC, Commodity Trading, Enforcement and Investigations, Mining/Metals, Oil & Gas, Power, Regulation

2015 FERC Enforcement Report Confirms Increase in Enforcement and Audit Activity as FERC Faces Unprecedented Number of Litigated Enforcement Matters

The Federal Energy Regulatory Commission’s (“FERC”) Office of Enforcement (“Enforcement”) issued its 2015 Report on Enforcement (“Report”) on November 19, 2015.  The Report summarizes FERC’s enforcement efforts during the fiscal year 2015 in Enforcement’s four divisions:  Investigations, Audits and Accounting, … Continue reading

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

CFTC Extends No-Action Relief for Swaps Executed as Part of Certain Package Transactions

By Athena Eastwood, Andrew Greenberg, Neal Kumar and Michael Selig On October 14, 2015, the Division of Market Oversight (“DMO”) for the U.S. Commodity Futures Trading Commission (“CFTC”) issued an additional extension of no-action relief for swaps executed as part of “package” transactions.  This relief provides additional time … Continue reading

Posted in CFTC, Mining/Metals, Oil & Gas, Power, Regulation

CFTC Unanimously Approves Notice of Proposed Rulemaking on Regulation of Automated Trading

By Athena Eastwood, Isabelle Corbett, Neal Kumar, Jorge Pesok and Michael Selig On November 24, 2015, the Commodity Futures Trading Commission (“CFTC” or “Commission”) held an open meeting to propose the regulation of automated trading (“Regulation AT”).  According to the CFTC, the purpose of Regulation AT is to minimize the … Continue reading

Posted in Cases, CFTC, Mining/Metals, Oil & Gas, Power, Regulation

CFTC Releases Swap Dealer De Minimis Report

By Athena Eastwood, Anthony Mansfield, Sohair Aguirre, Jonathan Flynn, Andrew Greenberg and Neal Kumar When the U.S. Commodity Futures Trading Commission (“CFTC” or the “Commission”) defined the activity that would require an entity to register as a swap dealer, it provided an exception for entities that engage in a volume of dealing … Continue reading

Posted in CFTC, Mining/Metals, Oil & Gas, Power, Regulation

Buyer (and its Creditors) Beware: SemCrude District Court Finds That Purchasers Took Oil and Gas Free and Clear of Producers’ Liens

By Ingrid Bagby, Mark Ellenberg, Chad Mills, Daniel Gwen and Michele Maman Although almost eight years have lapsed since the chapter 11 cases of Tulsa, Oklahoma-based SemCrude L.P. were confirmed, many of the issues at the forefront of those cases are re-emerging in light of the recent uptick in oil … Continue reading

Posted in Distressed Energy, Energy Infrastructure, Oil & Gas

New DOJ Policy Regarding Individual Accountability for Corporate Wrongdoing

On September 9, 2015, the U.S. Department of Justice announced a new policy regarding individual accountability for corporate misconduct.  The policy, described in a memo authored by Deputy Attorney General Sally Yates, posits that “one of the most effective ways … Continue reading

Posted in Commodity Trading, DOJ, Energy Infrastructure, Enforcement and Investigations, Finance, Mining/Metals, Oil & Gas, Power, Regulation, Renewables, Tax

FCA and Ofgem Question Adequacy of Commodity Firms’ Compliance and Market Abuse Controls

By Doron Ezickson and Adam Topping In the most recent edition of its regular market conduct and transaction reporting-focused ‘Market Watch’ publication, the UK Financial Conduct Authority (“FCA”) provides a review of commodities firms’ compliance and governance structures, with particular regard to market abuse … Continue reading

Posted in Commodity Trading, Enforcement and Investigations, FCA, Oil & Gas, Power, Regulation, REMIT

Initial Decision Finds that BP Manipulated 2008 Natural Gas Market in Texas

By Doron Ezickson, Paul Pantano, Sohair Aguirre and Mary Treanor On August 13, 2015, a  Federal Energy Regulatory Commission (“FERC” or “Commission”) Administrative Law Judge (“ALJ”) issued an initial decision in which she found that BP America Inc. et al. (“BP”) manipulated the natural … Continue reading

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

CFTC Division of Market Oversight Holds Roundtable to Assess the Made Available to Trade Process

By Anthony Mansfield, Paul Pantano, Neal Kumar, Lamiya Rahman and Mary Treanor On Wednesday, July 15, 2015, the Commodity Futures Trading Commission’s (“CFTC”) Division of Market Oversight (“DMO”) hosted a public roundtable to discuss the process to determine whether a swap must be executed on … Continue reading

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