MEMORANDUM 

TO: 

FROM: 

RE: 

DATE: 

The File 

Beverly E. Loew 

Assistant General Counsel 

Participation in Argus Oil Market Regulation Summit 2010 

September 14, 2010 

On September 1, 2010, Dan M. Berkovitz, CFTC General Counsel, participated in the Argus Oil 

Summit 2010 as keynote speaker. Mr. Berkovitz's remarks addressed the Dodd-Frank Wall 

Street Reform and Consumer Protection Act and were extemporaneous. Panels throughout the 

day covered that topic. A copy of the Conference Agenda is attached. 
n 

oil tra 

September 1 

Houstonian Hotel, Club & pa 

Houston, TX 

In association with: 
8:30 am - 8:35 am 

8:35 am - 8:45 am 

8:45am-9:10am 

9:10am- 10:50 am 

10:50 am -11:10 am 

11:10 am-1:00pm 

Oil arket Regulation Summit 01 

The new business model for oil trading companies 

September 1, Houston Produced in association with 

Conference Agenda 

Welcome remarks 

Euan Craik, CEO Americas, Argus 

The new regulatory landscape 

David lvanovich, Washington Policy Correspondent, Argus 

Keynote address 

Dan Berkovitz, General Counsel, Commodity Futures Trading Commission 

Session 1: What does the Dodd-Frank Act mean for oil companies? 

The new law greatly expands £fo'ilemmer1t'oversight of the over-the~counter (OTC) 

derivatives market, including energy derivatives. What will these changes mean for the 

derivatives market? And how can oil companies navigate the new rules? 

Perspectives: 

• David fvanovich, Washington Policy Correspondent, Argus (Moderator) 

• Warren Davis, Of Counsel, Sutherland 

• Chuck Cerria, Trading Counsel, Hess 

• Victoria T. Sharp, Managing Director & General Counsel, Citigroup Energy Inc. 

• Dr. Craig Pirrong, Professor of Finance and Energy Markets Director, Global Energy 

Management Institute, Bauer College of Business, University of Houston 

Break 

Session II: CFTC position limits 

Position limits have been put forward as a means to reduce systemic risk. But is there 

systemic risk in the oil markets? And do position limits actually solve any problems 

especially systemic risk and volatility? What will be the macroeconomic impacts of 

position limits on energy prices and markets? 

This panel addresses the regulatory parameters of new position limits in energy 

markets, how they will be implemented, and how stakeholders will need to adapt their 

businesses to execute their hedging programs efficiently. It will also discuss the pitfalls 

of the new rules. 

Perspectives: 

• Peter Rodgers, Partner, Sutherland (Moderator) 

• Thomas LaSala, Managing Director, Chief Regulatory Officer, CME Group 

• De 'Ana Dow, Senior Vice President, Ogilvy Government Relations 

• Robert Reilley, VP Regulatory Affairs, Shell 

• John Hyland, GFA, United States Commodity Funds 
1 :00 pm - 2:00 pm 

2:00 pm - 2:30 pm 

2:30 pm - 3:30 pm 

3:30 pm - 4:00 pm 

4:00 pm - 4:45 pm 

4:45 pm - 5:00 pm 

5:00pm-7:00pm 

Oil arket Regulation Summit 201 0 

The new business model for oil trading companies 

September 1, Houston Produced in association with 

Conference Agenda 

Lunch 

Afternoon address: FTC update 

Patricia Galvan, Deputy Assistant Director, Bureau of Competition, 

Federal Trade Commission 

Q&A moderator: Hannah Northey, Political and Regulatory Reporter, Argus 

Session Ill: International harmonization of regulations 

Passage of new US regulations governing OTC derivatives may push trading offshore, 

unless the US can persuade.-atner.regulatory bodies to tighten their regulations of the 

swaps market. We examine the likelihood of other countries following the US lead, and 

what shape those new regulations may take especially in the EU. This panel will 

explore the possibility of Europe creating a stric~er regulatory regime than the US and 

the potential role of Switzerland and trading centers in Asia in this new environment. 

Perspectives: 

• Caroline Gentry, Business Development Manager, Argus (Moderator) 

• William Hederman, ERS Director, Deloitte & Touche LLP 

• Marc Schwabe, Manager Joint Ventures, Deutsche Lufthansa AG, 

Corporate Fuel Management 

Break 

Session IV: Creating a culture of compliance within your company 

Your company already has compliance and monitoring mechanisms but what do these 

regulations mean from a practical perspective of a company operating in the energy 

space? New reporting requirements, anti-manipulation traps and procedures, and 

trader monitoring may be needed. Learn the checks and balances a company needs to 

have in place to foster a culture of compliance and what red flags to look out for. 

Perspectives: 

• David lvanovich, Washington Policy Correspondent, Argus (Moderator) 

• Michael Brooks, Associate, Sutherland 

• Ike Gibbs, Manager, Global Compliance and Regulatory, ConocoPhil/ips 

Closing comments 

Reception