U.S. Futures Exchanges Disciplinary Actions Report - January 2017

NYMEX NYMEX 15-0087-BC-7 Misc. Violation of Rule 432 – General Offenses (in part) In August a non-member firm was alleged to have failed to respond to Exchange staff requests for information related to an investigation. Accordingly, the Business Conduct Committee and Hearing Panel Chair found that the firm failed to answer the charge, admitted the charge, and waived its right to a hearing. In the penalty hearing, the firm was found to have committed the violation. $50,000 penalty, ten year suspension. NYMEX 16-0600 Misc. Violation of Rule 413 – Summary Access Denial Actions (in part) As part...

What Will Be the Fate of PHMSA’s Final Hazardous Liquids Pipeline Rule?

On January 13, 2017, just one week before President Trump’s inauguration, PHMSA released final updates to the Pipeline Safety Regulations applicable to onshore transportation of hazardous liquids (“Final Rule”) . The Final Rule was then subject to the Priebus Memo and swiftly withdrawn by PHMSA on January 24, 2017. As with other rules subject to the Priebus Memo, the Final Rule must now be reviewed by a member of the Trump Administration. The ultimate fate of the Final Rule is a bit uncertain, particularly because certain aspects were supported by the industry. Many in the pipeline industry...

Navigating Unchartered Waters: FERC Provides Additional Guidance Through the Delegation of Additional Authority to FERC Staff for the Non-Quorum Period

In recent weeks, there has been much speculation over what actions the Federal Energy Regulatory Commission (“FERC” or the “Commission”) would take to ensure continuity of operations following the departure of Commissioner Norman Bay. Under the Department of Energy Organization Act, the Commission is required to have a quorum of three commissioners “for the transaction of business.” Because Commissioner Bay’s departure leaves only two FERC commissioners, many have questioned whether FERC would effectively cease to function until such time as the Trump administration is able to fill commission...
Tags: 

President Trump’s SCOTUS Nominee, Judge Neil Gorsuch, Suggests a Weakening of the Chevron Doctrine With Less Deference to Rulemaking Efforts from EPA, DOI and Other Federal Agencies

On January 31, President Donald Trump selected Judge Neil Gorsuch as his nomination for the United States Supreme Court seat left open by the death of Justice Antonin Scalia nearly a year ago. From an environmental law perspective, it is most notable that the decisions penned by Judge Gorsuch have called for the reassessment and potential revocation of Chevron deference to agency interpretation of its own statutes, a doctrine Justice Scalia championed in his early days before exhibiting a degree of flexibility about it later in his tenure on the bench. Because most environmental regulations...

Reflections from Acting Chairman Cheryl LaFleur: A Look at FERC in its Final Days of a Quorum and in the Upcoming Non-Quorum Period

Earlier today, Acting Chairman Cheryl LaFleur participated in a podcast to provide some initial guidance about how the Federal Energy Regulatory Commission (“FERC” or the “Commission”) will operate in the final days of a quorum and during the upcoming non-quorum period, in light of Commissioner Norman Bay’s pending departure in early February. [1] Among other things, Chairman LaFleur says FERC is working on a potential expansion of Staff’s delegated authority during the period of non-quorum, drawing from the experiences of other agencies during similar periods of non-quorum. We expect there...

Pages