Publication

"Recent Changes To FERC Anti-Manipulation Authority,"

I. INTRODUCTION....1

II. FERC’S NEW ANTI-MANIPULATION REGULATIONS....3

A. The Scope of the New Regulations.......4

1. “In Connection With”.......5

2. “Subject to the Jurisdiction of the Commission”......6

B. The Elements of a Manipulation Claim.....7

1. Fraudulent Device, Scheme, or Artifice....8

2. Material Misrepresentation or Omission.....8

3. Scienter.....9

C. Statute of Limitations....10

D. Affirmative Defenses and Safe Harbors....11

E. Effect on Pre-EPA 2005 Authority on Market Manipulation....11

F. Procedures for Handling Manipulation Claims....13

1. Enforcement Guidelines......13

2. No-Action Letters....16

RELATED FILES & LINKS