Inflation Reduction Act
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...
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...
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...
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...
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...
U.S. Fish and Wildlife Service Proposes to List Texas Hornshell Mussel as Endangered
On August 10, 2016, the U.S. Fish and Wildlife Service (Service) will publish its proposal to list the Texas hornshell, a freshwater mussel species from New Mexico and Texas, as an endangered species under the Endangered Species Act (ESA). The...
U.S. Drops $562 Million Alternative Fines Act Allegation Against PG&E
Today, the United States requested permission to dismiss its Alternative Fines Act sentencing allegation against PG&E. Under the AFA, a court can impose a criminal fine equal to twice the pecuniary gain to the defendant or twice the pecuniary loss...
FERC Alters Proposal to Enhance Reporting in Support of Enforcement
At the Federal Energy Regulatory Commission’s (“FERC” or “Commission”) July 21, 2016 meeting, FERC issued a Notice of Proposed Rulemaking (“NOPR”) proposing to establish a new reporting regime that would require market-based rate (“MBR”) sellers and entities only trading virtual...
Sales Tax Exemption for Manufacturing Held Inapplicable for Oil and Gas Equipment, but Questions Remain
Southwest Royalties, Inc. v. Hegar , No. 14-0743 (Tex. June 17, 2016)(“ Southwest ”), addresses the applicability of a sales tax exemption for property sold for use in manufacturing in the context of oil and gas production. Although the taxpayer...
U.S. Futures Exchanges Disciplinary Actions Report - June 2016
ICE 2015-058 Misc. Violation of Rule 6.15(a)- Reportable Positions and Daily Reports and Rule 4.01- Duty to Supervise. An entity allegedly failed, on multiple occasions from January 2015–April 2015 and September 2015–October 2015, to report large trader positions. The entity...
D.C. Circuit Overrules FERC on Partnership Pipeline’s Tax Recovery
In a July 1 decision with major rate implications for FERC-regulated oil and gas pipelines, the United States Court of Appeals for the District of Columbia Circuit (“D.C. Circuit” or the “Court”) sided with shippers in an appeal of a...
District Court Denies Kraft’s Motion to Dismiss Claims of Market Manipulation
On June 27, 2016, a federal judge denied Kraft Foods Group Inc.’s (“Kraft”) motion to dismiss a proposed class action against the company for allegedly manipulating the wheat futures market. [1] Harry Ploss, on behalf of himself and a proposed...
Wyoming Federal Judge Sides With States and Industry, Strikes Down BLM Hydraulic Fracturing Rule
On June 21, 2016, the U.S. District Court for the District of Wyoming struck down the U.S. Bureau of Land Management’s (BLM’s) hydraulic fracturing regulations, finding that BLM “lacked Congressional authority to promulgate the regulations.” This decision is a win...
CFTC Seeks Comments Regarding ICE Futures U.S. Rules Governing Trading on Non-Public Information After ICE and NYMEX Interpretations Differ on “Pre-Hedging” Block Trades
The Commodity Futures Trading Commission’s (“CFTC”) is seeking comments regarding an amendment (Submission No. 16-67) ICE Futures U.S. (“ICE”) has proposed to its Block Trade Frequently Asked Questions (“Block Trade FAQ”) to clarify “the extent to which parties may engage...
U.S. Futures Exchanges Disciplinary Actions Report - May 2016
NYMEX NYMEX 15-0150-BC-3 and NYMEX 15-0150-BC-4 EFRP Violation of Rule 538.C – Exchange for Related Positions – Related Position. On August 15, 2014, September 5, 2014 and September 24, 2014, a non-member entity allegedly executed three non-bona fide Exchange for...