On July 19, 2018, the Federal Energy Regulatory Commission
("FERC" or the "Commission") issued a Notice of
Proposed Rulemaking ("NOPR") that would update FERC's
regulations regarding interlocking positions. According to the
NOPR, the proposed revisions to parts 45 and 46 of the
Commission's regulations aim to "reflect statutory changes
to the circumstances in which an applicant who would otherwise
require Commission authorization to hold an interlocking position
need not do so."
In addition to some general clarifications to the existing
regulations, the NOPR contained five primary proposed
revisions:
- Allow applicants for an interlocking
position between a public utility and a "bank, trust company,
banking association, or firm that is authorized by law to
underwrite or participate in the marketing of public utility
securities," to avoid seeking Commission authorization when:
(1) the applicant does not participate in any deliberations or
decisions of a public
