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EPA Issues Direct Final Rule to Revise 2013 Cellulosic Biofuel Renewable Fuel Standard

On April 22, EPA issued a direct final rule to revise the 2013 cellulosic biofuel renewable fuel standard (“RFS”) that it had originally issued on August 15, 2013.  The new rule reduces the cellulosic biofuel RFS to 0.0005%, which reflects the number of cellulosic biofuel renewable identifications numbers (“RINs”) that were actually produced and available … Continue Reading

Director of FERC Enforcement Highlights Need for Jurisdictional Clarity and Improved Information Sharing with CFTC, Role of Financial Institutions in Physical Markets

Norman Bay, Director of FERC’s Office of Enforcement, testified yesterday before the Senate Subcommittee on Financial Institutions and Consumer Protection regarding regulations for financial holding companies and physical commodities. In prepared remarks, Mr. Bay stated that FERC has the “tools necessary to effectively police FERC-regulated markets” but identified two regulatory limitations to its oversight efforts.  … Continue Reading

Barclays Moves to Dismiss FERC Market Manipulation Suit

Barclays Bank and four of its traders (collectively, “Barclays”) moved on December 16, 2013 to dismiss charges of market manipulation brought by FERC’s Office of Enforcement.  FERC’s complaint seeks to affirm a combined $488 million in civil penalties and disgorgement in federal court for the Eastern District of California based on its claim that Barclays … Continue Reading

Mark Wetjen Named Acting Chairman of CFTC

The Commodity Futures Trading Commission (CFTC) on December 16 unanimously elected Commissioner Mark Wetjen to serve as Acting Chairman when current Chairman Gary Gensler departs, which could be as soon as January 3, 2014.  President Obama has nominated Timothy Massad, Assistant Secretary for Financial Stability at the Treasury Department, to succeed Chairman Gensler. Commissioner Wetjen will … Continue Reading

FERC Sues in Federal Court to Affirm Demand Response Manipulation Orders

FERC on December 2 filed two suits in the District of Massachusetts to affirm orders alleging market manipulation in the ISO New England demand response market in 2007 and 2008. In the first case (docket number 13-13054), the Commission seeks to affirm its August 29, 2013 order finding that Competitive Energy Services (CES), an energy … Continue Reading
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