News & Analysis as of

CFTC Finalizes Exception for Swaps with Utility Special Entities

The Commodity Futures Trading Commission (CFTC) last week released a final rule excluding certain electricity and natural gas swaps with governmental agencies and municipalities from the lower de minimis threshold for swaps...more

CFTC Adopts Final Rule on Utility Operations-related Swaps with Utility Special Entities

On September 17, the CFTC approved a final rule on the exclusion of utility operations-related swaps with utility special entities from de minimis threshold for swaps with special entities. “Special entities” refers to...more

Bridging the Week - September 2014 #2

CFTC Proposes Margin Rules for Uncleared Swaps and Approves Special Treatment for Operations-Related Swaps With Certain Government-Owned Natural Gas and Electric Utilities - A few weeks after the Federal Reserve Bank...more

CFTC Proposes Rule to Exclude Municipal Utilities from $25 Million De Minimis Swap Dealer Threshold

Today the CFTC published its proposed rule that would exclude most swaps used by municipal utilities for hedging purposes from counting against the $25 million swap dealer de minimis threshold that currently applies to swaps...more

FERC Enforcement Director Calls For Legislative Fix To Address Hunter Decision

On January 15, 2014, Mr. Norman Bay, Director of the Office of Enforcement at the Federal Energy Regulatory Commission (FERC), testified at a Senate Banking Subcommittee on Financial Institutions and Consumer Protection...more

Energy And Environment Update -- May 28, 2013

In This Issue: Energy and Climate Debate; Congress; Administration; Department Of Energy; Department Of Interior; Department Of State; Department Of Treasury; Environmental Protection Agency; Nuclear Regulatory...more

REGULATORY: D.C. Regulatory: FERC Investigations in the Wake of D.C. Circuit’s Hunter Ruling

On March 15, the D.C. Circuit Court of Appeals dealt the Federal Energy Regulatory Commission (“FERC”) a major setback in its enforcement efforts by ruling that FERC had encroached on the exclusive jurisdiction of the...more

Court Rules FERC Does Not Have Authority to Fine Trader for Manipulation of Futures Contracts

Pursuant to the Energy Policy Act of 2005, the Federal Energy Regulatory Commission (FERC) fined a natural gas trader $30 million for manipulating the settlement price for natural gas futures contracts on the New York...more

D.C. Circuit Rules That CFTC – Not FERC – Has Authority To Regulate Futures Trades

On March 15, 2013, the U.S. Court of Appeals for the District of Columbia Circuit held that the Commodity Futures Trading Commission (CFTC) has exclusive jurisdiction over natural gas futures contracts and that the Federal...more

FERC Lacks Authority Over Commodity Futures Contracts

The D.C. Circuit clarifies that FERC may prohibit manipulative trading only in markets outside of the CFTC's exclusive jurisdiction over commodity futures contracts. On March 15, the U.S. Court of Appeals for the...more

DC Circuit Tells FERC That CFTC Has Exclusive Jurisdiction Over Manipulation In Futures Markets Even If It Impacts FERC Markets

On Friday, the United States Court of Appeals for the District of Columbia Circuit told the Federal Energy Regulatory Commission (FERC) that the Commodity Futures Trading Commission (CFTC) has exclusive jurisdiction over...more

FERC Lacks Authority To Regulate Natural Gas Futures Contracts, D.C. Circuit Rules

The U.S. Court of Appeals for the D.C. Circuit decided today that the Commodity Futures Trading Commission (CFTC) has exclusive jurisdiction over all transactions involving commodity futures contracts and that the Federal...more

Capital Thinking Update - February 11, 2013

In This Issue: - General Legislative - Agriculture & Food - Budget, Appropriations, and Sequestration - Cybersecurity - Education - Energy - Environment - Financial...more

FERC Case Could Affect Agency's Jurisdiction over Natural Gas Markets

The outcome of the Brian Hunter v. FERC case, which was argued today in the U.S. Court of Appeals for the D.C. Circuit, will help determine the scope of FERC's authority over the gas markets and the scope of FERC's...more

CFTC Issues No-Action Letters Relating to Swaps

Commodity Futures Trading Commission Staff have released several no-action letters relating to various requirements associated with swap trading, including swap dealer (SD) reporting requirements, SD chief compliance officer...more

Regulatory Developments: CFTC's Office of General Counsel Responds to Frequently Asked Questions Regarding Certain Physical...

On November 14, 2012, the Office of the General Counsel (the "OGC") responded to frequently asked questions regarding which commercial agreements for the supply and consumption of energy would be considered a commodity...more

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