JONES DAY TALKS®: CFTC and DOJ Target Derivatives Trading Across Industries
FERC: A Discussion on its Mission, Market Manipulation Investigations, and Common Violations
The Federal Energy Regulatory Commission’s (FERC) Office of Enforcement (OE) recently issued its Fiscal Year 2023 Annual Report on Enforcement. As in previous years, the Enforcement Report discusses the activities performed...more
The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges. ...more
Canada’s insolvency regime provides a “fresh start” policy for honest but unfortunate debtors. The policy relieves Canadians from excessive debts through bankruptcy, except in certain instances such as where a debt arises...more
The Securities and Exchange Commission (“SEC”) recently issued its annual enforcement report, which analyzes enforcement patterns and emerging priorities in the fiscal year (“FY”) ending September 30, 2021. Challenges born in...more
A recent district court order highlights the importance of maintaining a strong compliance program with effective compliance controls and practices, while highlighting the risk of employee misconduct for the enterprise...more
FERC's recent "order to show cause" against an energy trading firm and its owners for an alleged manipulative energy trading scheme in the nation's largest power market follows Chairman Glick's call for renewed enforcement. ...more
Editors’ Note: With the advent of the Biden presidency, we invite you to join us as we examine important trends in white collar law and investigations. Our first entry takes a closer look at SEC enforcement. Up next: a review...more
On September 29, 2020, US authorities announced that they reached an agreement with JPMorgan Chase & Co. (JPMorgan Chase) to settle criminal charges related to two distinct years-long market manipulation schemes involving...more
On November 6, 2019, the Fraud Section of the Department of Justice with the Office of the U.S. Attorney for the Southern District of Texas, and the CFTC, announced settlements of their spoofing and market manipulation...more
The CFTC’s Division of Enforcement (Division) released its Annual Report on November 25, 2019, summarizing the Division’s activities over the past year.1 In FY 2019, the CFTC filed 69 enforcement actions, down from 83 in FY...more
On January 4, 2019, the United States District Court for the District of Maine handed the Federal Energy Regulatory Commission (FERC or “the Commission”) a victory in FERC v. Silkman, a long-running market manipulation...more
On September 24, 2018, the U.S. District Court for the Eastern District of Virginia denied defendants’ motion to dismiss the Federal Energy Regulatory Commission’s (FERC or “the Commission”) complaint in FERC v. Powhatan...more
Here’s all you need to know from the Fed minutes released yesterday, including next month’s rate increase, an apparent plan to continue rate hikes at their gradual pace (unless White House trade policies “scramble their...more
On March 30, 2018, the U.S. District Court for the Southern District of Ohio issued an order substantially denying defendants’ Motion to Dismiss the Federal Energy Regulatory Commission’s (FERC or the “Commission”) Complaint...more
New Rules, Proposed Rules, Guidance and Alerts – SEC STAFF GUIDANCE AND ALERTS - SEC Staff Issues Guidance on Cryptocurrency-related Holdings - On January 18, 2018, the staff of the SEC’s Division of Investment...more
Matt Connolly, a senior associate in Nutter’s Litigation Department, discussed the Federal Energy Regulatory Commission (FERC) issuing its first enforcement order since regaining a quorum in Nutter Insights. Matt commented on...more
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
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
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
On July 5, 2016, investors filed a federal class action in the Southern District of New York alleging defendant banks had manipulated the Singapore Interbank Offered Rate (SIBOR) “and/or” Singapore Swap Offer Rate (SOR)...more
The new regime shares the same aims as its predecessor—to ensure the integrity of EU financial markets and enhance investor confidence—and keeps pace with market developments such as new trading platforms, new technology, and...more
Pump- and-dump schemes keyed to microcap stocks seem to be the flavor of the week. On Friday the mastermind of an international market manipulation scheme was sentenced to serve 18 years in prison. U.S. v. Gallison,...more
During the holiday period the SEC filed three insider trading cases as administrative proceeding. Three actions were brought involving major Wall Street banks; one centered on “parking” allegations involving Morgan Stanley...more
The SEC prevailed on two summary judgment motions. One centered on a manipulation action. The other was against an attorney who facilitated a prime bank fraud. The Commission also filed: An action against UBS tied to its...more
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...more