609
(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Federal Power Act (16 U.S.C. 825q) is repealed.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 ‘‘2005’’.
(2) Section 214 of the Federal Power Act (16 U.S.C.
824m) is amended by striking ‘‘1935’’ and inserting
‘‘2005’’.
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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-
611
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.).
‘‘(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.’’.
612
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.
‘‘(b) DEFINITION.—For the purposes of this section,
the term ‘round trip trade’ means a transaction, or com-
bination of transactions, in which a person or any other
entity—
‘‘(1) enters into a contract or other arrange-
ment to purchase from, or sell to, any other person
or other entity electric energy at wholesale;
613
‘‘(2) simultaneously with entering into the con-
tract or arrangement described in paragraph (1), ar-
ranges a financially offsetting trade with such other
person or entity for the same such electric energy,
at the same location, price, quantity and terms so
that, collectively, the purchase and sale transactions
in themselves result in no financial gain or loss; and
‘‘(3) enters into the contract or arrangement
with a specific intent to fraudulently affect reported
revenues, trading volumes, or prices.’’.
SEC. 1283. ENFORCEMENT.
(a) COMPLAINTS.—Section 306 of the Federal Power
Act (16 U.S.C. 825e) is amended as follows:
(1) By inserting ‘‘electric utility,’’ after ‘‘Any
person,’’.
(2) By inserting ‘‘, transmitting utility,’’ after
‘‘licensee’’ each place it appears.
(b) REVIEW
OF
COMMISSION
ORDERS.—Section
313(a) of the Federal Power Act (16 U.S.C. 8251) is
amended by inserting ‘‘electric utility,’’ after ‘‘person,’’ in
the first 2 places it appears and by striking ‘‘any person
unless such person’’ and inserting ‘‘any entity unless such
entity’’.
(c) INVESTIGATIONS.—Section 307(a) of the Federal
Power Act (16 U.S.C. 825f(a)) is amended as follows: