H. R. 6—384
SEC. 1272. IMPLEMENTATION. 
Not later than 4 months after the date of enactment of this 
subtitle, the Commission shall— 
(1) issue such regulations as may be necessary or appro-
priate to implement this subtitle (other than section 1265, 
relating to State access to books and records); and 
(2) submit to Congress detailed recommendations on tech-
nical 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 subtitle shall be trans-
ferred 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 6 months after the 
date of enactment of this subtitle. 
(b) COMPLIANCE WITH CERTAIN RULES.—If the Commission 
approves and makes effective any final rulemaking modifying the 
standards of conduct governing entities that own, operate, or control 
facilities for transmission of electricity in interstate commerce or 
transportation 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 require-
ments of such rulemaking shall not subject such public-utility com-
pany or utility holding company to any regulatory requirement 
applicable to a holding company under the Public Utility Holding 
Company Act of 1935 (15 U.S.C. 79 et seq.). 
SEC. 1275. SERVICE ALLOCATION. 
(a) DEFINITION OF PUBLIC UTILITY.—In this section, the term 
‘‘public utility’’ has the meaning given the term in section 201(e) 
of the Federal Power Act (16 U.S.C. 824(e)). 
(b) FERC REVIEW.—In the case of non-power goods or adminis-
trative 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 jurisdic-
tion 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 relevant to 
that associate company. 
(c) EFFECT ON FEDERAL AND STATE LAW.—Nothing in this sec-
tion shall affect the authority of the Commission or a State commis-
sion under other applicable law. 
(d) RULES.—Not later than 4 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.
H. R. 6—385
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 Federal Power 
Act (16 U.S.C. 824(g)(5)) is amended by striking ‘‘1935’’ and 
inserting ‘‘2005’’. 
(2) Section 214 of the Federal Power Act (16 U.S.C. 824m) 
is amended by striking ‘‘1935’’ and inserting ‘‘2005’’. 
Subtitle G—Market Transparency, 
Enforcement, and Consumer Protection 
SEC. 1281. ELECTRICITY MARKET TRANSPARENCY. 
Part II of the Federal Power Act is amended by adding at 
the end the following: 
‘‘SEC. 220. ELECTRICITY MARKET TRANSPARENCY RULES. 
‘‘(a)(1) The Commission is directed to facilitate price trans-
parency in markets for the sale and transmission of electric energy 
in interstate commerce, having due regard for the public interest, 
the integrity of those markets, fair competition, and the protection 
of consumers. 
‘‘(2) The Commission may prescribe such rules as the Commis-
sion determines necessary and appropriate to carry out the purposes 
of this section. The rules shall provide for the dissemination, on 
a timely basis, of information about the availability and prices 
of wholesale electric energy and transmission service to the Commis-
sion, State commissions, buyers and sellers of wholesale electric 
energy, users of transmission services, and the public. 
‘‘(3) The Commission may— 
‘‘(A) obtain the information described in paragraph (2) from 
any market participant; and 
‘‘(B) rely on entities other than the Commission to receive 
and make public the information, subject to the disclosure 
rules in subsection (b). 
‘‘(4) In carrying out this section, the Commission shall consider 
the degree of price transparency provided by existing price pub-
lishers and providers of trade processing services, and shall rely 
on such publishers and services to the maximum extent possible. 
The Commission may establish an electronic information system 
if it determines that existing price publications are not adequately 
providing price discovery or market transparency. Nothing in this 
section, however, shall affect any electronic information filing 
requirements in effect under this Act as of the date of enactment 
of this section. 
‘‘(b)(1) Rules described in subsection (a)(2), if adopted, shall 
exempt from disclosure information the Commission determines 
would, if disclosed, be detrimental to the operation of an effective 
market or jeopardize system security. 
‘‘(2) In determining the information to be made available under 
this section and time to make the information available, the 
Commission shall seek to ensure that consumers and competitive
H. R. 6—386
markets are protected from the adverse effects of potential collusion 
or other anticompetitive behaviors that can be facilitated by 
untimely public disclosure of transaction-specific information. 
‘‘(c)(1) Within 180 days of enactment of this section, the 
Commission shall conclude a memorandum of understanding with 
the Commodity Futures Trading Commission relating to informa-
tion sharing, which shall include, among other things, provisions 
ensuring that information requests to markets within the respective 
jurisdiction of each agency are properly coordinated to minimize 
duplicative information requests, and provisions regarding the 
treatment of proprietary trading information. 
‘‘(2) Nothing in this section may be construed to limit or affect 
the exclusive jurisdiction of the Commodity Futures Trading 
Commission under the Commodity Exchange Act (7 U.S.C. 1 et 
seq.). 
‘‘(d) The Commission shall not require entities who have a 
de minimis market presence to comply with the reporting require-
ments of this section. 
‘‘(e)(1) Except as provided in paragraph (2), no person shall 
be subject to any civil penalty under this section with respect 
to any violation occurring more than 3 years before the date on 
which the person is provided notice of the proposed penalty under 
section 316A. 
‘‘(2) Paragraph (1) shall not apply in any case in which the 
Commission finds that a seller that has entered into a contract 
for the sale of electric energy at wholesale or transmission service 
subject to the jurisdiction of the Commission has engaged in fraudu-
lent market manipulation activities materially affecting the contract 
in violation of section 222. 
‘‘(f) This section shall not apply to a transaction for the purchase 
or sale of wholesale electric energy or transmission services within 
the area described in section 212(k)(2)(A).’’. 
SEC. 1282. FALSE STATEMENTS. 
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 entity (including an entity described in section 201(f)) 
shall willfully and knowingly report any information relating to 
the price of electricity sold at wholesale or the availability of trans-
mission 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 the 
Federal agency.’’. 
SEC. 1283. 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. 222. PROHIBITION OF ENERGY MARKET MANIPULATION. 
‘‘(a) IN GENERAL.—It shall be unlawful for any entity (including 
an entity described in section 201(f)), directly or indirectly, to use 
or employ, in connection with the purchase or sale of electric energy 
or the purchase or sale of transmission services subject to the 
jurisdiction of the Commission, any manipulative or deceptive device 
or contrivance (as those terms are used in section 10(b) of the 
Securities Exchange Act of 1934 (15 U.S.C. 78j(b))), in contravention