FERC’s Enforcement Actions in Banking and Finance
It’s no secret that over the last few years, the financial industry has been struggling under the weight of regulatory compliance issues. Recently, the Federal Energy Regulatory Commission has moved into this arena, bringing enforcement actions against several financial institutions including Barclays, Deutche Bank, and JP Morgan. Financial institutions, whether large or small, engaged in trading, generating, or transmitting electrical power are now under FERC’s stringent scrutiny. Once proved that they are in violation of FERC rules, financial institutions face large fines and hefty penalties. Finance executives, internal audit, legal, risk management and especially compliance officers will need to work closely with the organization’s governing board and corporate counsel to understand the organization’s policies and ensure that they are in compliance with FERC rules.
The Knowledge Group has assembled a panel of distinguished thought leaders and key regulator/s who will share their opinions in a two-hour teleconference and webinar. They will discuss the substantive issues relating to FERC’s enforcement actions in the financial industry along with practical guidance to develop and implement an effective compliance program. A live interaction with the audience in a question and answer format is also included in this event.
Lauren Rosenblatt , Chief, Branch 5, Division of Investigations,
Federal Energy Regulatory Commission, Office of Enforcement
- FERC’s jurisdiction/the anti-manipulation regulation and how it applies to those trading in the energy markets
- The Commission speaks through its orders; settlements provide useful guidance
- How to respond to a FERC investigation
David T.Doot, Partner,
Day Pitney LLP
- What activities/behaviors can be targeted for investigation? (cross-product activity, cross-market activity, regulatory failures, communications, mistakes?)
- Who can be targeted for investigation? (companies, individuals, third parties)
- Beware narrow application. (relevance for your affiliates, customers, and other exposures)
Robert S. Fleishman , Of Counsel,
Covington & Burling LLP
- Is FERC Enforcement really targeting banks/financial institutions and, if so, why?
- Are FERC Enforcement actions involving banks/financial institutions different than those involving other market participants?
- What are the lessons learned from FERC Enforcement actions involving banks/financial institutions?
Lilly Goldman, CFA, Senior Consultant,
NERA Economic Consulting
- Be ready to respond: the importance of complete, accurate, and accessible trading records
- Understand what the data show: trading data analyses for FERC’s investigations and the client’s independent review
- Use data records to make the case: Turning trading and market data into compelling economic analysis in a regulatory investigation
Jeffrey M. Jakubiak , Partner,
- An ounce of prevention is worth many pounds of cure
- Be present, be vigilant, be proactive
- Document, document, document (then document some more)
- Know thy regulator (how could these transactions be viewed in the worst way possible?)
Who Should Attend:
– Valuation Experts
– ControllersCompliance and Risk Officers
– Bank and Financial Institution Executives
– Bank and Financial Institution Auditors
– Banking Lawyers & Consultants
– Fraud Monitoring
– Business Analysts
– And Other Interested Professionals
Lauren Rosenblatt is an attorney and Branch Chief in the Division of Investigations, Office of Enforcement, at the Federal Energy Regulatory Commission. Ms. Rosenblatt has supported, led, or supervised a broad range of Enforcement investigations and prosecutions during her approximately five years with the Commission, including matters invoking the Commission’s prohibition against manipulation in the electric and gas energy markets. Before joining the Commission, Ms. Rosenblatt spent several years in private practice representing clients in government investigations, federal securities litigation, shareholder strike suits, and various commercial litigation matters.
Lauren Rosenblatt is an attorney and Branch Chief in the Division of Investigations, Office of Enforcement, at the Federal Energy …
David T. Doot is chair of the firm’s Energy and Utility Law Department and practices in the areas of public utility and energy law. In these areas of law, Dave participates in mergers, acquisitions, and other related business realignments, has assisted in the development of generation and transmission projects throughout the United States. He assists industry participants in compliance-related efforts before federal and state regulatory agencies and represents clients in enforcement investigations before the Federal Energy Regulatory Commission. He negotiates and documents energy arrangements between and among industry participants for every type of energy project including renewable energy projects. He has represented clients in proceedings before the Federal Energy Regulatory Commission, as well as in state regulatory proceedings throughout New England. He also counsels businesses around the country concerning wholesale and retail arrangements for the purchase and sale of electricity.Dave is the past president of the now 2600-member Energy Bar Association.
David T. Doot is chair of the firm’s Energy and Utility Law Department and practices in the areas of public …
Bob Fleishman, Of Counsel at Covington & Burling LLP in Washington D.C. focuses on energy, white collar defense, and ADR matters for a range of clients. He represents and advises banks, private equity funds, energy companies, trader, and others in FERC and CFTC non-public enforcement investigations involving allegations of market manipulation and other matters, represents clients in FERC audits, and advises and trains clients on FERC and CFTC compliance and enforcement matters. Bob represented Energy Transfer Partners in the FERC and CFTC investigations and the FERC show cause proceeding and settlement.Before joining Covington in 2003, he served as General Counsel and Vice-President of Corporate Affairs and Legislative and Regulatory Policy for Constellation Energy Group, and General Counsel and Vice-President of Corporate Affairs for BGE. From 1979-1985, Bob worked at FERC in various capacities, including in the Division of Enforcement where he investigated and litigated various matters.From 2011-12, Bob was Chairman of the Committee on Compliance and Enforcement for the Energy Bar Association (EBA). He is Editor-in-Chief of the Energy Law Journal and was President of the EBA in 1999-2000.In the ADR arena, Bob was the Project Manager of the Energy ADR Forum and its report, “Dispute Resolution in the Energy Industry: The Better Way,” is a member of the Energy Panel of the International Center for Dispute Resolution, and served as Chairman of EBA’s ADR Committee.Bob graduated from Boston University School of Law and received his undergraduate degree, cum laude, from Georgetown University. He has been recognized in Chambers USA for Energy (2011-2012); Best Lawyers in America for Energy Law (2007-2012); and Washington DC Super Lawyers for Energy & Natural Resources (2011-2012).
Bob Fleishman, Of Counsel at Covington & Burling LLP in Washington D.C. focuses on energy, white collar defense, and ADR …
Ms. Goldman is an expert in the economics of financial markets with a particular focus on derivatives trading, commodities markets, and risk management. She specializes in reviewing complex trading strategies as part of regulatory compliance and risk assessments. Her litigation related work has involved, among other issues, analysis of allegations of market manipulation and uneconomic trading in various commodities markets, valuation of securities and derivatives, and analysis of structured products. Her advisory related work has involved developing risk-based compliance protocols for commodities trading, conducting compliance reviews of individual trading desks, and quantifying and assessing the downside risks of new trading strategies in multiple markets on a stand-alone and portfolio basis.Ms.Goldman has served as an expert or assisted the expert with many major market manipulation inquiries, regulatory enforcement actions, and trading investigations by the CFTC, FERC, SEC, DOJ, exchanges, and civil plaintiffs. These cases have involved various commodity markets, securities, and interest rate derivatives. She has conducted extensive independent review of trading and market data for submission or presentation to regulators.
Ms. Goldman is an expert in the economics of financial markets with a particular focus on derivatives trading, commodities markets, …
Jeffrey Jakubiak is a Partner in the New York City and Washington DC offices of Troutman Sanders LLP where he counsels clients regarding matters before the Federal Energy Regulatory Commission.
Holding a bachelor’s degree in quantitative economics, Mr. Jakubiak’s practice focuses on matters at the crossroads of law and economics, particularly trading investigations and audit defense, mergers and acquisitions, and power sales. During his career, Mr. Jakubiak has represented a variety of entities, from large utilities and generators to small traders, in FERC investigations, mergers, rate cases, and litigation.
Mr. Jakubiak holds an A.B. with Honors in Economics from Stanford University and a J.D. from Cornell Law School with a concentration in Business and Regulation.
Jeffrey Jakubiak is a Partner in the New York City and Washington DC offices of Troutman Sanders LLP where he …
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On-demand Webcast (CLE)
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Federal Energy Regulatory Commission, Office of Enforcement
Day Pitney LLP
About Federal Energy Regulatory Commission, Office of Enforcement
About Day Pitney LLP
Day Pitney LLP (www.daypitney.com) is a leading full-service law firm committed to the highest standards of client service and high-value legal representation. With more than 300 attorneys in nine offices across the Eastern Seaboard, including New York, Boston and Washington, DC, the firm is committed to diversity, innovation, accessibility and transparency in the service of its clients.Day Pitney is nationally recognized for its energy and utility practices. Representing a diverse group of clients across the nation and around the world, the firm’s lawyers develop and implement practical solutions to the complex challenges confronting the energy and utility industries. Day Pitney’s clients include debt and equity investors; electric, gas, and water utilities; generators, transmitters, load serving entities, and marketers; renewable energy project developers and hosts; and other energy and utility market participants.<a data-cke-saved-href="https://www.daypitney.com/%20target=" href="https://www.daypitney.com/%20target=" blank"="" style="margin: 0px; padding: 0px; border: 0px; font-size: 12.222222328186px; font-family: Muli, sans-serif; vertical-align: baseline; color: rgb(183, 122, 43); text-decoration: none; line-height: 20px; text-align: justify; outline: none !important; background-color: rgb(255, 255, 255);">
About Covington & Burling LLP
Covington & Burling LLP is a leading international law firm of 800 lawyers. Our energy industry team represents energy clients in enforcement, corporate, legislative, and regulatory matters.
About NERA Economic Consulting
NERA Economic Consulting (www.nera.com) is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For over half a century, NERA’s economists have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world’s leading law firms and corporations. With its main office in New York City, NERA serves clients from more than 20 offices across North America, Europe, and Asia Pacific.
About Troutman Sanders
Troutman Sanders LLP is an international law firm with more than 600 lawyers and offices located throughout the United States and China. Founded in 1897, the firm’s heritage of extensive experience, exceptional responsiveness and an unwavering commitment to service has garnered strong, long-standing relationships with clients across the globe. Troutman Sanders began serving clients in the energy business in the 1920s. Our long-standing familiarity with the industry, and our cutting-edge representations over the years, have made the firm’s Energy Practice Group the leading provider of legal services to the energy and utility industries worldwide. Over the years, we have been engaged by electric and natural gas utilities on virtually every aspect of their businesses, including mergers, divestitures, investigations, audits, rate filings, and litigation. The firm’s clients include electric utilities, independent generators and power marketers, natural gas pipelines, local distribution companies, energy commodity shippers, renewable energy suppliers, energy funds, banks and other financial institutions and investors.