FERC Proposes Clarifications to EQR Requirements

In its September 22 Open Meeting, the Federal Energy Regulatory Commission (Commission) issued a Notice Seeking Comments on Proposed Revisions to Electric Quarterly Report Reporting Requirements (in Docket No. RM01-8-000, et al. ) as part of an ongoing effort to “provide for more accurate and consistent data in the EQR.” [1] Two proposed changes in the September 22 Notice are likely to be of significant interest: clarifications on reporting of booked out power and the increased ancillary services reporting obligations for transmission providers. The Notice also seeks comment on other proposed...

U.S. Futures Exchanges Disciplinary Actions Report - August 2016

ICE 2015-051 Block Trades Violation of Rule 6.08(b)(i) - Order Ticket Requirements, Rule 4.07(c) - Block Trading, and Rule 4.01 - Duty to Supervise. On multiple occasions, an entity allegedly failed to comply with the recordkeeping requirements when handling customer orders, misreported the correct execution time of block trades as well as submitted a block trade beyond the 15-minute reporting period, and failed to adequately supervise its brokers’ block trade activity. $15,000 fine and cease and desist. CME CME 13-9366-BC Misc. Violation of Rule 432.X. - General Offenses (in part); Rule 532...

Negotiating PSCs - The Dangers of Using Intermediaries

In Monde Petroleum SA v WesternZagros Ltd [2016] EWHC 1472 (Comm), the English Commercial Court has found that a party to a consultancy agreement can become liable for the misrepresentations made by a third party intermediary. Parties negotiating production sharing contracts ("PSCs") in regions emerging from politically unstable periods will regularly seek the assistance of local third party intermediaries in order to lobby the relevant political decision makers to get the deal done. Whilst it is a fairly common practice, this case highlights the dangers inherent in dealing with third party...

EPA Proposes Revisions to Public Petition Process for Title V Permits

On August 24, 2016, the U.S. Environmental Protection Agency (EPA) published proposed revisions to the federal Title V operating permit rules, which govern pollutants at major sources under the Clean Air Act. The proposed revisions aim to streamline and clarify the processes related to the submittal and review of Title V petitions. Petitions are a key element of the public participation process under the Title V program. The federal rules at 40 CFR Part 70 and equivalent state provisions allow members of the public to petition EPA to object to a state-issued Title V operating permit, if EPA...

U.S. Futures Exchanges Disciplinary Actions Report - July 2016

ICE 2014-033 & 2015-085 Disruptive Trading; Spoofing Violation of Rule 4.02(e)(i), 4.02(e)(iv) [Current Rule 4.02(l)(2)], Rule 4.02(h) [Current Rule 4.02(l)(1)(C), and 4.02(k)(2)(C) – Trade Practice Violations and Rule 4.01 – Duty to Supervise. On January 23, 2014, a trader allegedly engaged in a pattern of trading activity where he created order book imbalances in the Cotton No. 2 futures market (“CT”) by entering multiple 500-lot March 2014 (“H14) CT orders at different price levels at the same time he was entering smaller orders on the opposite side of the H14 CT market, creating...

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