order entered without a prior Commission 
hearing, the respondent may apply to the 
United States district court for the district 
in which the respondent resides or has its 
principal place of business, or for the Dis-
trict of Columbia, for an order setting 
aside, limiting, or suspending the effective-
ness or enforcement of the order, and the 
court shall have jurisdiction to enter such 
an order. A respondent served with a tem-
porary cease-and-desist order entered with-
out a prior Commission hearing may not 
apply to the court except after hearing and 
decision by the Commission on the re-
spondent’s application under paragraph (1) 
of this subsection. 
‘‘(C) NO AUTOMATIC STAY OF TEMPORARY 
ORDER.—The commencement of proceedings 
under subparagrpah (B) of this paragraph shall 
not, unless specifically ordered by the court, op-
erate as a stay of the Commission’s order. 
‘‘(6) IMPLEMENTATION.—The Commission is 
authorized to adopt rules, regulations, and orders as 
it deems appropriate to implement this subsection.’’. 
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SEC. 11. NATURAL GAS ACT REFUNDS. 
Section 5(a) of the Natural Gas Act (15 U.S.C. 
717d(a)) is amended by adding the following new para-
graphs at the end thereof: 
‘‘(3) REFUND EFFECTIVE DATE.— 
‘‘(A) IN
GENERAL.—In accordance with 
subparagraphs (B) and (C), the Commission 
shall establish a refund effective date for any 
proceeding initiated under this subsection. 
‘‘(B) COMPLAINTS.—In the case of a pro-
ceeding initiated by a complaint, the refund ef-
fective date shall be— 
‘‘(i) not earlier than the date on which 
the complaint is submitted to the Commis-
sion; and 
‘‘(ii) not later than 150 days after the 
date on which the complaint was submitted 
to the Commission. 
‘‘(C) COMMISSION MOTION.—In the case of 
a proceeding initiated on motion of the Com-
mission, the refund effective date shall be— 
‘‘(i) not earlier than the date on which 
the Commission publishes notice of the in-
tention of the Commission to initiate the 
proceeding; and 
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‘‘(ii) not later than 150 days after the 
date on which the notice under clause (i) 
is published. 
‘‘(4) ISSUANCE OF REFUNDS.— 
‘‘(A) IN GENERAL.—At the conclusion of 
any hearing under this section, the Commission 
may order, for the period beginning on the re-
fund effective date and ending on a date 15 
months after the refund effective date, refunds 
of any amounts paid in excess of the amounts 
that would have been paid under the just and 
reasonable rate, charge, classification, rule, reg-
ulation, practice, or contract that the Commis-
sion orders that would be in effect after the 
hearing. 
‘‘(B) EXCEPTION.—Notwithstanding sub-
paragraph (A), the Commission may order re-
funds of any or all amounts paid for the period 
beginning on the refund effective date and end-
ing on the date on which the hearing con-
cludes— 
‘‘(i) if the proceeding is not concluded 
by the date that is 15 months after the re-
fund effective date; and 
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‘‘(ii) if the Commission determines at 
the conclusion of the proceeding that the 
proceeding was not resolved within the 15- 
month period primarily because of dilatory 
behavior by the natural gas company. 
‘‘(C) INTEREST.—Refunds under this sub-
section shall be issued in an amount determined 
by the proceeding, plus interest, to the persons 
that paid the rates or charges.’’. 
SEC. 12. REGULATION OF CARBON DERIVATIVES MARKETS. 
(a) IN GENERAL.—Section 2 of the Commodity Ex-
change Act (7 U.S.C. 2), as amended by section 4 of this 
Act, is amended by adding at the end the following: 
‘‘(k) The Commission shall have jurisdiction over the 
establishment, operation, and oversight of markets for reg-
ulated allowance derivatives, and shall provide for the es-
tablishment, operation, and oversight of the markets in 
accordance with the same regulations that apply under 
this Act to included energy transactions.’’. 
(b) DEFINITIONS.—Section 1a of such Act (7 U.S.C. 
1a), as amended by section 3(a) of this Act, is amended 
by redesignating paragraphs (32) through (36) as para-
graphs (34) through (38), respectively, and by inserting 
after paragraph (31) the following: 
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‘‘(32) REGULATED
ALLOWANCE.—The term 
‘regulated allowance’ means any allowance author-
ized under law to emit a greenhouse gas, and any 
credit authorized under law based on a reduction in 
greenhouse gas emissions, the production of renew-
able energy, a carbon emission offset, or an increase 
in carbon sequestration. 
‘‘(33) REGULATED ALLOWANCE DERIVATIVE.— 
The term ‘regulated allowance derivative’ means an 
instrument that is, or includes, an instrument— 
‘‘(A) which— 
‘‘(i) is of the character of, or is com-
monly known to the trade as, a ‘put op-
tion’, ‘call option’, ‘privilege’, ‘indemnity’, 
‘advance guaranty’, ‘decline guaranty’, or 
‘swap agreement’; or 
‘‘(ii) is a contract of sale for future 
delivery, other than a written agreement 
for the origination and development of an 
offset project, and the related issuance of 
offset credits, pursuant to title VII of the 
Clean Air Act; and 
‘‘(B) the value of which, in whole or in 
part, is expressly linked to the price of a regu-
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lated allowance or another regulated allowance 
derivative.’’. 
Æ 
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