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ARTICLE · 19 MAY 2016

CFTC Proposes Amendment To RTO-ISO Order

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On May 10, 2016, the Commodity Futures Trading Commission proposed an amendment to an order it issued on March 28, 2013, exempting certain electric energy transactions from a number of provisions of the Commodity Exchange Act...

United StatesFinance and Banking
Mark Haskell
Mark Haskell
Brett Snyder
Brett Snyder
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On May 10, 2016, the Commodity Futures Trading Commission ("CFTC") proposed an amendment ("Proposed Amendment") to an order it issued on March 28, 2013 ("RTO-ISO Order"), exempting certain electric energy transactions from a number of provisions of the Commodity Exchange Act ("CEA") and CFTC regulations other than the general anti-fraud and anti-manipulation provisions, and other scienter-based prohibitions.  If adopted, the Proposed Amendment would clarify that private rights of action under Section 22 of the CEA are not exempt under the RTO-ISO Order.  Accordingly, plaintiffs would be permitted to pursue CEA-based allegations of fraud and market manipulation in connection with wholesale electricity market transactions that are primarily regulated by the Federal Energy Regulatory Commission ("FERC") and the Electric Reliability Council of Texas ("ERCOT") even though the Federal Power Act bars private actions.

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