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

NYMEX NYMEX 16-0355-BC EFRP Violation of Rule 432.X – General Offenses. In June 2015 a member company executed two EFRP transactions on two dates with the intent that they be block trades. Because there were no corresponding related positions, the EFRP transactions were non-bona fide. Pursuant to a settlement offer, the member neither admitted nor denied the violation. $15,000 penalty. NYMEX 16-0374-BC EFRP Violation of Rule 432.X – General Offenses. On a single day in July 2015 a non-member company executed one EFRP transaction that, because there was no corresponding related position, was...

PHMSA Releases Civil Penalty Policy Framework, Sets its Sight on Higher Penalties “Across the Board”

This week, the Pipeline and Hazardous Materials Safety Administration (PHMSA) released a General Policy Statement announcing its intent to make available to the public a Civil Penalty Policy Framework. Previously only available by request, the civil penalty framework provides insight into the factors PHMSA considers and the ranges of proposed penalties that the agency might issue in civil enforcement cases. Now, PHMSA will maintain the penalty framework on the agency’s website in an effort to provide “greater transparency” to operators and the public during the civil enforcement process...

PSA and Allocation Wells – The Current State of Play

The Railroad Commission of Texas (the “RRC”) routinely grants drilling permits to operators seeking to drill horizontal wells across multiple leased tracts (or existing pooled units) that are not formally “pooled” together under the pooling clauses in the applicable underlying oil and gas leases. Some of the more frequent situations in which these wells are drilled include instances where the pooling provisions of the underlying leases do not allow for pooled units of a sufficient size to support the full lateral length of the horizontal well in question or instances where the leases on which...

Energy Legal Blog Nominated for 2016 Best Legal Blog

Energy Legal Blog has been selected to compete in The Expert Institute’s Best Legal Blog Competition . From a field of hundreds of potential nominees, Bracewell's Energy Legal Blog has received enough nominations to join the one of the largest competitions for legal blog writing online today. Now that the blogs have been nominated and placed into their respective categories, it is up to their readers to select the very best. With an open voting format that allows participants one vote per blog, the competition will be a true test of the dedication of each blog’s existing readers, while also...

EPA’s Amended Regional Consistency Regulations Tilt the Playing Field: Industry Groups Seek to Overturn

Last week, three industry groups filed challenges to EPA’s final rule amending the agency’s Regional Consistency Regulation in 40 CFR Part 56. [1] The final rule , which was issued on August 3, 2016, addresses the question of how to treat Federal court decisions regarding locally or regionally applicable actions that may affect EPA’s ability to apply its national programs, policies, and guidance consistently. Notably, the rule is substantively flawed and simply unfair. EPA wants to have its cake and eat it too. The agency’s rule limits decisions adverse to the agency to a particular region of...

Pages