News & Analysis as of

Market Manipulation Federal Energy Regulatory Commission

Supreme Court Decision on Statute of Limitations Governing SEC’s Recovery of Disgorgement Also Applies to FERC (but Practical...

On June 5, 2017, the U.S. Supreme Court, in Kokesh v. SEC, unanimously held that the Securities and Exchange Commission (SEC) cannot seek disgorgement of unjust profits obtained outside of the five-year statute of limitations...more

"Southern District Decision Highlights Challenges for Private Litigants Pursuing Manipulation Claims Under the CEA"

The U.S. District Court in the Southern District of New York recently dismissed a class action lawsuit alleging that Total, S.A., Total Gas & Power North America, Inc., and Total Gas & Power Limited (collectively, “Total”)...more

FERC v. Barclays Bank PLC: The Latest on De Novo Review Under the FPA

by Pierce Atwood LLP on

In a March 30, 2017 order “in agreement with every other federal court that has expressly addressed this issue,” the court in FERC v. Barclays Bank PLC, (E.D. Cal., filed Oct. 9, 2013), held in an action FERC filed to enforce...more

Acting (and Potentially Permanent) CFTC Chairman Warns of “Aggressive and Assertive Enforcement Action by the CFTC Under the Trump...

In remarks before the International Futures Industry Conference, Acting Chairman J. Christopher Giancarlo—who was just nominated by President Trump to be permanent Chairman—talked about the future of the Commodity Futures...more

"FERC Could See Substantial Changes Under President Trump"

The Federal Energy Regulatory Commission (FERC) is a somewhat obscure and highly technical agency that was not discussed specifically during President Donald Trump’s campaign. Its regulatory footprint is, however,...more

Key Takeaways from FERC Enforcement’s Energy Trading Compliance and Market Manipulation Law White Papers

As noted in our November 21, 2016, Client Alert, Federal Energy Regulatory Commission (FERC or the “Commission”) Enforcement staff published two white papers—one on energy trading compliance, the other on market manipulation...more

FERC energy trading compliance white paper

by PretiFlaherty on

Enforcement staff at the Federal Energy Regulatory Commission have released a white paper presenting their view of effective practices to ensure energy trading complies with prohibitions against market manipulation. The...more

As Agency Enforcement Efforts Mount, CFTC Prohibits Private Lawsuits Against RTOs/ISOs for Market Manipulation

by Moore & Van Allen PLLC on

Incidents of alleged fraud and market manipulation in the energy markets increasingly have received the attention of federal agency enforcement efforts, including the Federal Energy Regulatory Commission (FERC) and the...more

FERC 2016 Report on Enforcement

by PretiFlaherty on

The Federal Energy Regulatory Commission's enforcement program has shown consistency in recent years, according to a presentation by Office of Enforcement staff to the Commissioners. On November 17, 2016, the Commission's...more

FERC Staff’s White Paper on Manipulation Provides Insights on Commission’s Developing Manipulation Law

On November 17, 2016, the Office of Enforcement (“FERC Staff”) of the Federal Energy Regulatory Commission (the “Commission” or “FERC”) issued a White Paper on Anti-Market Manipulation Enforcement Efforts Ten Years After...more

FERC Enforcement Releases 2016 Annual Report

On November 17, 2016, the Federal Energy Regulatory Commission’s (FERC or “Commission”) Office of Enforcement (“Enforcement”) released its annual Report on Enforcement (the “2016 Report”). This year’s report is the 10th such...more

FERC Staff Issues a White Paper Providing Guidance on Effective Compliance Programs

On November 17, 2016, the Federal Energy Regulatory Commission (the “Commission” or “FERC”) Office of Enforcement (“FERC Staff”) issued a White Paper on Effective Energy Trading Compliance Practices (“Compliance White Paper”)...more

"Skadden Energy Law Handbook: Fourth Edition (November 2016)"

Skadden’s Energy Regulation and Litigation Group is pleased to provide the fourth edition of the Skadden Energy Law Handbook, which includes a summary of recent developments. The handbook contains 16 chapters covering a broad...more

CFTC Extends Exemptions of RTO Energy Products to Bar Private Rights of Action

The CFTC quelled a controversy that had emerged regarding its proposed exemption of certain specified energy products transacted in Regional Transmission Organizations (RTO) by doing a “180” on its proposals that otherwise...more

FERC Investigations: Uncertainty Rules as More Entities Challenge in Federal Court: Insights from Nutter’s Matt Connolly

by Nutter McClennen & Fish LLP on

Legal Update - Matt Connolly, a senior associate in Nutter’s Litigation Department, addressed Federal Energy Regulatory Commission (FERC) investigations in Nutter Insights. Matt discussed what triggers a FERC...more

CFTC Likely Will Not Move Forward on Controversial Proposal to Allow Private Claims for Fraud and Market Manipulation in...

In May 2016, the Commodity Futures Trading Commission (CFTC) proposed an amendment to a 2013 order concerning regional transmission organization (RTO) and independent system operator (ISO) organized electric markets that...more

Do Not Pass Go: FERC Administrative Proceedings Remain First Stop for Market Manipulation Claims under the Natural Gas Act

by Moore & Van Allen PLLC on

Fraud and energy market manipulation have remained priorities of the Federal Energy Regulatory Commission’s Office of Enforcement (OE) over the past several years. The agency has ramped up its investigative efforts, reporting...more

Recent FERC Settlements Demonstrate Agency’s Continued Pursuit of Individual Trader Liability—But Also Include Rare Downward...

Key Points - - FERC continues to focus on “related-position” manipulation cases—this time involving bidweek trading to influence the value of related financial positions. - FERC aggressively pursues market...more

FERC Civil Penalties May Be Subject to Full Judicial Review

by Reed Smith on

A Federal District Court recently held that a proposed civil penalty assessed by FERC was subject to a full trial de novo where the respondent elects to forego a hearing before an Administrative Law Judge, a matter of first...more

FERC Goes Back to the Drawing Board on Data Collection Rule

by WilmerHale on

On July 21, 2016, the Federal Energy Regulatory Commission (FERC) proposed a new data collection rule that would require market-based rate (MBR) sellers and entities trading virtual products or holding firm transmission...more

Federal Court Grants Full Civil Trial to FERC Enforcement Target

by Morgan Lewis on

The decision will likely affect the strategies of enforcement targets in electric market manipulation cases. For the first time, a federal district judge has held that a review of a Federal Energy Regulatory Commission’s...more

BP Case Reflects FERC’s Broad View of its Jurisdiction

On July 11, 2016, the Federal Energy Regulatory Commission (FERC or “Commission”) issued an order affirming an Administrative Law Judge’s (ALJ) Initial Decision finding that BP America (“BP”) and certain affiliated entities...more

Court Holds FERC De Novo Review to Proceed as “Ordinary Civil Action”

by McGuireWoods LLP on

Last week, a federal district judge ruled for the first time that the “review de novo” promised by section 31(d) of the Federal Power Act (“FPA”), 16 U.S.C. § 823b(d), will be “treated as an ordinary civil action requiring a...more

FERC as Prosecutor, Judge and Jury?

by Stinson Leonard Street on

May the Federal Energy Regulatory Commission (FERC) initiate an enforcement investigation against a company for manipulating natural gas markets, order the company to show cause why it shouldn’t be fined and then decide the...more

FERC v. Maxim Power Corp. - Court Rejects FERC's Interpretation of Penalty Review Procedures; Respondents To Have Their Day In...

by Pierce Atwood LLP on

In a July 21, 2016 order, a federal district court for the first time in a FERC enforcement matter held that review of an assessed civil penalty pursuant to Section 31(d)(3) of the Federal Power Act (“FPA”) entails an...more

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