FERC Proposes Streamlined Reporting Requirements And Data Collection For Connected Entity And Market-Based Rate Ownership Information

On July 21, 2016, FERC proposed new data collection and reporting requirements for market-based rate ("MBR") sellers and entities trading virtual products or holding financial transmission rights in organized wholesale markets ("Virtual/FTR Participants"). Specifically, in an effort to streamline and reduce the burden of proposed information collection, FERC proposed in the Notice of Proposed Rulemaking (the "Data Collection NOPR") to (1) revise the information to be submitted on ownership, employee, debt, and contractual connections ("Connected Entity Information") from a prior proposed rule (the "Connected Entity NOPR"); (2) better align the information to be provided on "affiliates" in connection with Connected Entity Information submissions with the information MBR sellers must provide on "affiliate owners" under FERC's MBR regulations; and (3) remove the existing requirement that MBR sellers submit corporate organization charts adopted in Order No. 816.