751 
(2) submit to Congress detailed recommenda-
tions on technical and conforming amendments to 
Federal law necessary to carry out this subtitle and 
the amendments made by this subtitle. 
SEC. 1273. TRANSFER OF RESOURCES. 
All books and records that relate primarily to the 
functions transferred to the Commission under this sub-
title shall be transferred from the Securities and Exchange 
Commission to the Commission. 
SEC. 1274. EFFECTIVE DATE. 
(a) IN GENERAL.—Except for section 1272 (relating 
to implementation), this subtitle shall take effect 12 
months after the date of enactment of this subtitle. 
(b) COMPLIANCE WITH CERTAIN RULES.—If the 
Commission approves and makes effective any final rule-
making modifying the standards of conduct governing en-
tities that own, operate, or control facilities for trans-
mission of electricity in interstate commerce or transpor-
tation of natural gas in interstate commerce prior to the 
effective date of this subtitle, any action taken by a public- 
utility company or utility holding company to comply with 
the requirements of such rulemaking shall not subject 
such public-utility company or utility holding company to 
any regulatory requirement applicable to a holding com-
752 
pany under the Public Utility Holding Company Act of 
1935 (15 U.S.C. 79 et seq.). 
SEC. 1275. SERVICE ALLOCATION. 
(a) FERC REVIEW.—In the case of non-power goods 
or administrative or management services provided by an 
associate company organized specifically for the purpose 
of providing such goods or services to any public utility 
in the same holding company system, at the election of 
the system or a State commission having jurisdiction over 
the public utility, the Commission, after the effective date 
of this subtitle, shall review and authorize the allocation 
of the costs for such goods or services to the extent rel-
evant to that associate company in order to assure that 
each allocation is appropriate for the protection of inves-
tors and consumers of such public utility. 
(b) COST ALLOCATION.—Nothing in this section shall 
preclude the Commission or a State commission from exer-
cising its jurisdiction under other applicable law with re-
spect to the review or authorization of any costs allocated 
to a public utility in a holding company system located 
in the affected State as a result of the acquisition of non- 
power goods or administrative and management services 
by such public utility from an associate company orga-
nized specifically for that purpose.
753 
(c) RULES.—Not later than 6 months after the date 
of enactment of this Act, the Commission shall issue rules 
(which rules shall be effective no earlier than the effective 
date of this subtitle) to exempt from the requirements of 
this section any company in a holding company system 
whose public utility operations are confined substantially 
to a single State and any other class of transactions that 
the Commission finds is not relevant to the jurisdictional 
rates of a public utility. 
(d) PUBLIC UTILITY.—As used in this section, the 
term ‘‘public utility’’ has the meaning given that term in 
section 201(e) of the Federal Power Act. 
SEC. 1276. AUTHORIZATION OF APPROPRIATIONS. 
There are authorized to be appropriated such funds 
as may be necessary to carry out this subtitle. 
SEC. 1277. CONFORMING AMENDMENTS TO THE FEDERAL 
POWER ACT. 
(a) CONFLICT OF JURISDICTION.—Section 318 of the 
Federal Power Act (16 U.S.C. 825q) is repealed. 
(b) DEFINITIONS.—(1) Section 201(g)(5) of the Fed-
eral Power Act (16 U.S.C. 824(g)(5)) is amended by strik-
ing ‘‘1935’’ and inserting ‘‘2003’’. 
(2) Section 214 of the Federal Power Act (16 U.S.C. 
824m) is amended by striking ‘‘1935’’ and inserting 
‘‘2003’’.
754 
Subtitle G—Market Transparency, 
Enforcement, 
and 
Consumer 
Protection 
SEC. 1281. MARKET TRANSPARENCY RULES. 
Part II of the Federal Power Act (16 U.S.C. 824 et 
seq.) is amended by adding at the end the following: 
‘‘SEC. 220. MARKET TRANSPARENCY RULES. 
‘‘(a) IN GENERAL.—Not later than 180 days after 
the date of enactment of this section, the Commission 
shall issue rules establishing an electronic information sys-
tem to provide the Commission and the public with access 
to such information as is necessary or appropriate to fa-
cilitate price transparency and participation in markets 
subject to the Commission’s jurisdiction under this Act. 
Such systems shall provide information about the avail-
ability and market price of wholesale electric energy and 
transmission services to the Commission, State commis-
sions, buyers and sellers of wholesale electric energy, users 
of transmission services, and the public on a timely basis. 
The Commission shall have authority to obtain such infor-
mation from any electric utility or transmitting utility, in-
cluding any entity described in section 201(f). 
‘‘(b) EXEMPTIONS.—The Commission shall exempt 
from disclosure information it determines would, if dis-
closed, be detrimental to the operation of an effective mar-
755 
ket or jeopardize system security. This section shall not 
apply to transactions for the purchase or sale of wholesale 
electric energy or transmission services within the area de-
scribed in section 212(k)(2)(A). In determining the infor-
mation to be made available under this section and time 
to make such information available, the Commission shall 
seek to ensure that consumers and competitive markets 
are protected from the adverse effects of potential collu-
sion or other anti-competitive behaviors that can be facili-
tated by untimely public disclosure of transaction-specific 
information. 
‘‘(c) COMMODITY
FUTURES
TRADING
COMMIS-
SION.—This section shall not affect the exclusive jurisdic-
tion of the Commodity Futures Trading Commission with 
respect to accounts, agreements, contracts, or transactions 
in commodities under the Commodity Exchange Act (7 
U.S.C. 1 et seq.). Any request for information to a des-
ignated contract market, registered derivatives transaction 
execution facility, board of trade, exchange, or market in-
volving accounts, agreements, contracts, or transactions in 
commodities (including natural gas, electricity and other 
energy commodities) within the exclusive jurisdiction of 
the Commodity Futures Trading Commission shall be di-
rected to the Commodity Futures Trading Commission.
756 
‘‘(d) SAVINGS PROVISION.—In exercising its author-
ity under this section, the Commission shall not— 
‘‘(1) compete with, or displace from the market 
place, any price publisher; or 
‘‘(2) regulate price publishers or impose any re-
quirements on the publication of information.’’. 
SEC. 1282. MARKET MANIPULATION. 
Part II of the Federal Power Act (16 U.S.C. 824 et 
seq.) is amended by adding at the end the following: 
‘‘SEC. 221. PROHIBITION ON FILING FALSE INFORMATION. 
‘‘No person or other entity (including an entity de-
scribed in section 201(f)) shall willfully and knowingly re-
port any information relating to the price of electricity 
sold at wholesale or availability of transmission capacity, 
which information the person or any other entity knew to 
be false at the time of the reporting, to a Federal agency 
with intent to fraudulently affect the data being compiled 
by such Federal agency. 
‘‘SEC. 222. PROHIBITION ON ROUND TRIP TRADING. 
‘‘(a) PROHIBITION.—No person or other entity (in-
cluding an entity described in section 201(f)) shall willfully 
and knowingly enter into any contract or other arrange-
ment to execute a ‘round trip trade’ for the purchase or 
sale of electric energy at wholesale.