Category Archives: 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

The Fate of FERC Demand Response Order No. 745: Efforts to Adapt While the Judicial and Complaint Processes Play Out

Since our last update regarding the D.C. Circuit’s vacatur of FERC Order No. 745 in Electric Power Supply Ass’n v. FERC ( “EPSA”), several developments have occurred in EPSA and related proceedings.  The appeals process and related complaints at FERC … Continue reading

Posted in FERC, Oil & Gas, Power, Regulation

FERC Revokes MBR Authorization of 26 Suppliers for Delinquent EQRs

By Kenneth Irvin, Terence Healey and Katherine Vorhis On October 30, 2014, the Federal Energy Commission issued an order revoking the market-based rate (“MBR”) authorization of twenty-six (26) retail suppliers for failure to timely file Electric Quarterly Reports (“EQRs”). The FERC had notified … Continue reading

Posted in 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

First Criminal Prosecution for Spoofing: High Frequency Trading Firm Owner Indicted in Northern District of Illinois

By Jodi Avergun, Anthony Mansfield, Gregory Mocek, Paul Pantano, Isabelle Corbett and Jonathan Flynn On October 2, 2014, the U.S. Attorney for the Northern District of Illinois announced the indictment of Michael Coscia, the owner of Panther Energy Trading (“Panther”), for six counts of commodities fraud … Continue reading

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

On to the Supreme Court? The D.C. Circuit Denies FERC’s Request for Rehearing En Banc of its Decision to Vacate FERC’s Demand Response Rule

By Kenneth Irvin, Gregory Lawrence, Terence Healey and Thomas Millar On September 17, 2014, the United States Court of Appeals for the District of Columbia Circuit denied the Federal Energy Regulatory Commission’s request for rehearing en banc of the D.C. Circuit’s decision to vacate … Continue reading

Posted in FERC, Oil & Gas, Power, Regulation

Clear Rift Highlighted by Commissioners’ Lack of Action on New England’s Most Recent Forward Capacity Auction Results

By Kenneth Irvin, Gregory Lawrence, Terence Healey and Thomas Millar On September 16, 2014, the Federal Energy Regulatory Commission’s four Commissioners issued statements explaining a 2-2 deadlock between Chairman LaFleur and Commissioner Moeller on the one hand and Commissioner Clark and new Commissioner Bay … Continue reading

Posted in FERC, Oil & Gas, Power, Regulation

Update to New CME Rule on Disruptive Trading Practices Summary Chart

By Anthony Mansfield, Paul Pantano, Sohair Aguirre and Neal Kumar On August 28, 2014, the Chicago Mercantile Exchange Inc., the Board of Trade of the City of Chicago, the New York Mercantile Exchange, Inc., and the Commodity Exchange, Inc. (collectively, the “CME”) submitted a … Continue reading

Posted in CFTC, Commodity Trading, Oil & Gas, Regulation

New CME Rule on Disruptive Trading Practices Summary Chart

By Anthony Mansfield, Paul Pantano, Sohair Aguirre and Neal Kumar On August 28, 2014, the Chicago Mercantile Exchange Inc., the Board of Trade of the City of Chicago, the New York Mercantile Exchange, Inc., and the Commodity Exchange, Inc. (collectively, the “CME”) submitted a … Continue reading

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

Summary of Prudential Regulators’ Re-Proposed Margin Rules

By Steven Lofchie, Jeffrey Robins and Nihal Patel On September 3, the Board of Governors of the Federal Reserve System (“Board”), the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Farm Credit Administration and the Federal Housing Finance … Continue reading

Posted in CFTC, Commodity Trading, Dodd-Frank, Enforcement and Investigations, Regulation