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We are a leading law firm in compliance with commodity trading regulations and the defense of enforcement of those regulations by regulators.   Our team includes lawyers who have held in-house positions overseeing bank and trading company commodity businesses and structuring transactions, as well as senior positions with federal energy commodity regulators. We are consistently engaged in representations before the U.S. CFTC and the FERC and are well known to agency staff. Our large dedicated team with significant experience in the full range of commodity regulation has an in-depth understanding of our clients’ trading strategies and objectives and the regulations that govern them, allowing us to provide practical advice to mitigate compliance and enforcement risks and successfully resolve enforcement matters.

Experience

Recent Notable Matters

Central Maine Power Company, Maine Electric Power Company, New York State Electric & Gas Corporation and Rochester Gas and Electric Corporation — FERC and CFTC compliance and various wholesale power sales, centralized markets, transmission and ratemaking issues at FERC, including transmission formula rate, Order No. 1000 and interconnection matters

Electric utility’s power marketing subsidiary — against claims of market manipulation, tariff violations, and other fraudulent and deceptive trade practices arising out of the 2000-2001 California Energy Crisis

GDF SUEZ Energy North America, Inc. — successful defense against allegations of market manipulation and associated violations of the Commodity Exchange Act

Large, multinational companies — extraterritorial investigations conducted by the CFTC, including addressing jurisdictional questions and protocols under international memoranda of understanding

Major exploration and production company — negotiating and drafting bilateral agreements with bank counterparties to govern Dodd-Frank compliance for future derivatives transactions

Numerous clients — both registered and unregistered, in investigations and enforcement proceedings conducted by CME Group and ICE Futures U.S., including investigations into allegations of position limit violations, non-bona fide prearranged trades (exchange for related positions and block trades), fictitious and wash trades, fraud, market manipulation, and disruptive trade practices

Numerous clients — non-public, CFTC and FERC investigations surrounding allegations of wash and fictitious trades, position limit violations, and market manipulation, including responding to data requests, defending depositions, responding to CFTC Wells notices and FERC preliminary conclusions and settlement negotiations

Plains All American Pipeline, L.P., Shell Energy North America (U.S.) L.P., Kinder Morgan, Inc., MarkWest Energy GP, L.L.C., Apache Corporation, Targa Resources Partners L.P., SouthStar Energy Services L.L.C., Freeport-McMoRan Oil & Gas L.L.C. and Enterprise Products Operating, L.L.C. — comprehensive Dodd-Frank, futures and derivatives regulatory advice, including all aspects of Dodd-Frank swap regulation

Public utilities (including merchant generation companies), natural gas trading clients, and power traders — inquiries from both FERC and the CFTC, including conducting internal reviews, drafting self-reports, communicating with FERC and CFTC staff, defending depositions, and negotiating settlements

Shell Energy North America (U.S.) L.P., Iberdrola Renewables Holdings, Inc., Madison Gas and Electric Company, EDF Trading North America L.L.C., Northeast Utilities Service Company, American Electric Power Company, Total Gas & Power, Covanta Energy Corporation, ENGIE (f/k/a GDF SUEZ Energy North America, Inc.), Black Hills Corporation, NRG Energy, Inc. and South Jersey Industries, Inc. — comprehensive representation before the CFTC and other regulators in the development of regulations and policies to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act

TransAlta Energy Marketing Corp., GDF SUEZ North America, Inc., Repsol Services Company, Direct Energy, Iberdrola Renewables Holdings, Inc., American Electric Power Company, EverPower Wind Holdings, Inc., Topaz Power Group L.L.C., Phillips 66 and Covanta Energy Corporation — FERC and CFTC power regulatory compliance training sessions; compliance reviews; and regulatory and transactional advice related to major mergers/acquisitions, complex power supply arrangements, tolling agreements, energy management agreements, and other commercial arrangements

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