Category Archives: Enforcement and Investigations

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

REMIT: The Road to Enforcement

By Doron Ezickson and Adam Topping Following a number of recent developments, described below, the rules and regulations enacted under the European Union (EU) Regulation on Wholesale Energy Markets Integrity and Transparency (REMIT) are now close to being fully-implemented.  Market participants must … Continue reading

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

Tariff Compliance Is Not Enough: FERC Imposes Nearly Thirty-Five Million Dollars in Penalties and Disgorgement against Powhatan Energy Fund and Its Trading Associates

By Doron Ezickson, Thomas Millar, and Mary Treanor On May 29, 2015, the Federal Energy Regulatory Commission (“FERC”) issued an Order against Powhatan Energy Fund, LLC and its trading partners, Dr. Houlihan Chen, HEEP Fund, LLC and CU Fund, Inc. (together, “Powhatan”).  FERC … Continue reading

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

CFTC Issues Proposed Order to Exempt Certain SPP Transactions from Regulation Under Most Provisions of the CEA and CFTC Rules

By Paul Pantano, Sohair Aguirre and Lamiya Rahman On May 19, 2015, the Commodity Futures Trading Commission (“CFTC” or “Commission”) issued an order in response to an application from Southwest Power Pool, Inc. (“SPP”) proposing to exempt three categories of SPP transactions (“Covered … Continue reading

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

What Did April Bring?: FERC Extends Out-of-Market Reliability Measures but Wants Market-Based Solutions

By Gregory Lawrence, Thomas Millar and Mary Treanor The Federal Energy Regulatory Commission (“FERC”) recently published two orders that approved capacity and reliability measures for the Independent System Operator New England Inc. (“ISO-NE”) and the New York Independent System Operator (“NYISO”).  In contrast … Continue reading

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

Supreme Court’s Holding in Oneok v. Learjet Could Lead to New Risks for Market Participants

By Joseph Bial, Gregory Lawrence, Gregory Mocek, Paul Pantano, Charles F. (Rick) Rule, Daniel Howley, Thomas Millar, and Natalie Mitchell On April 21, 2015, the Supreme Court decided Oneok v. Learjet, holding that “Respondents’ state-law antitrust claims are not within the field of matters pre-empted by the Natural … Continue reading

Posted in Antitrust/Competition, Cases, Commodity Trading, Enforcement and Investigations, Oil & Gas, Power, Regulation, Supreme Court

A Signal of Things to Come? New CME Rule 512 Reflects Modified Stance for Violations of Futures and Options Reporting Requirements

By Athena Eastwood, Gregory Mocek, Jonathan Flynn, Neal Kumar and Mary Treanor. On March 24, 2015, the CME Group, Inc. (“CME”) announced a proposed amendment to Rule 512 indicating that it will impose a minimum fine of $1,000 for repeat violations of its exchanges’ reporting … Continue reading

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

Truthful . . . but Not Forthcoming? FERC Staff Takes Aggressive View of Material Omissions as Basis for Intent in Maxim Power

By Gregory Lawrence, Thomas Millar and Mary Treanor Recent positions taken by FERC’s Enforcement Staff in the Maxim Power show cause proceeding add to the uncertainty regarding what information market participants must volunteer when communicating with the Commission, ISOs/RTOs, market monitors and others. We … Continue reading

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

2014 FERC Enforcement Report Emphasizes Internal Compliance Procedures, Self-Reporting, and Importance of Cooperation

By Doron Ezickson, Gregory Lawrence, Greg Kusel and Christopher Polito The Federal Energy Regulatory Commission’s (FERC) Office of Enforcement (Enforcement) 2014 Report on Enforcement (Report), issued on November 20, 2014, provides an overview of and statistics regarding FERC’s enforcement activities during the fiscal year … Continue reading

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

New MiFID I Consultation Paper Creates Further Challenges for Commodity Market Participants

By Assia Damianova, Doron Ezickson, Nick Shiren, Jonathan Flynn, Antoinette Maginness and Adam Topping On 29 September 2014, ESMA published a consultation paper (the Consultation Paper) seeking industry feedback for guidelines relating to certain commodity derivatives, namely those falling under C6 and C7 of Annex I … Continue reading

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