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ARTICLE · 13 APRIL 2013

CFTC Issues Final Exemption Order For RTO/ISO Transactions

Hogan Lovells Cadwalader
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The Commodity Futures Trading Commission ("CFTC" or "Commission") on March 28, 2013, issued its final order exempting certain regional transmission organizations and independent system operators ("RTO/ISOs").

United StatesEnergy and Natural Resources
Gregory Lawrence
Gregory Lawrence
Terence Healey
Terence Healey
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April 3, 2013

I. Introduction and Summary of Final Order

The Commodity Futures Trading Commission ("CFTC" or "Commission") on March 28, 2013, issued its final order exempting certain regional transmission organizations and independent system operators ("RTO/ISOs") and specified transactions in their respective markets, from all but the general anti-fraud and anti-manipulation authority, and scienter-based prohibitions of the Commodity Exchange Act ("CEA") and CFTC regulations thereunder ("Final Order").1 The Final Order was issued in response to a request for exemption filed pursuant to Section 4(c) of the CEA by the California Independent System Operator Corporation ("CAISO"), Electric Reliability Council of Texas, Inc. ("ERCOT"), ISO New England, Inc. ("ISO-NE"), Midwest Independent Transmission System Operator, New York Independent System Operator, and PJM Interconnection, LLC ("Requestors").2 The Requestors sought exemption for specified

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