Category Archives: Enforcement and Investigations

CFTC Proposes Amendment to RTO-ISO Order

By Athena Eastwood, Mark Haskell, Anthony Mansfield, Gregory Mocek, Paul Pantano, Brett Snyder, Jonathan Flynn, Christopher Hood, Neal Kumar, Thomas Millar, and Michael Selig On May 10, 2016, the Commodity Futures Trading Commission (“CFTC”) proposed an amendment (“Proposed Amendment”) to an order it issued on March 28, 2013 (“RTO-ISO Order”), exempting … Continue reading

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

Compliance Departments Must Continue to Evolve as Regulators Refine Their Approach to Spoofing

By Anthony Mansfield, Gregory Mocek, Paul Pantano and Jonathan Flynn The government’s pursuit of alleged “spoofing” continues to garner headlines with the criminal authorities recently securing a conviction in the prosecution of Michael Coscia for alleged spoofing on the Chicago Mercantile Exchange as well … Continue reading

Posted in CFTC, Commodity Trading, DOJ, Enforcement and Investigations, Regulation

CFTC Awards More than $10 Million to Whistleblower

On April 4, 2016, the Commodity Futures Trading Commission (“CFTC”) announced a whistleblower award of more than $10 million.  This is only the third whistleblower award that the CFTC has approved since the inception of the CFTC whistleblower program in … Continue reading

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

New Year, New Market-Based Rates Regulatory Regime

By Doron Ezickson, Thomas Millar, and Michael Selig The new year has brought U.S. electricity markets participants an overhauled regulatory regime for market-based rates under section 205 of the Federal Power Act.  The Federal Energy Regulatory Commission (“FERC” or “Commission”) has adopted the Final Rule on Refinements to … Continue reading

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

SAVE THE DATE: 2016 Spring Energy & Commodities Conference

Cadwalader, Wickersham & Taft LLP will host an in-depth discussion on the evolving regulatory, transactional and business issues facing U.S. and international energy and commodities market participants. As the industry continues to face sweeping regulatory, credit, and market challenges, many notable … Continue reading

Posted in CFTC, Commodity Trading, Distressed Energy, Dodd-Frank, Energy Infrastructure, Enforcement and Investigations, ERCOT, Events, FERC, Finance, Mining/Metals, Oil & Gas, PJM, Power, Regulation, Renewables

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

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