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utility company in a holding company system, the holding 
company or any associate company or affiliate thereof, 
other than such public-utility company, wherever located, 
shall produce for inspection books, accounts, memoranda, 
and other records that— 
(1) have been identified in reasonable detail in 
a proceeding before the State commission; 
(2) the State commission determines are rel-
evant to costs incurred by such public-utility com-
pany; and 
(3) are necessary for the effective discharge of 
the responsibilities of the State commission with re-
spect to such proceeding. 
(b) LIMITATION.—Subsection (a) does not apply to 
any person that is a holding company solely by reason of 
ownership of 1 or more qualifying facilities under the Pub-
lic Utility Regulatory Policies Act of 1978 (16 U.S.C. 
2601 et seq.). 
(c) CONFIDENTIALITY OF INFORMATION.—The pro-
duction of books, accounts, memoranda, and other records 
under subsection (a) shall be subject to such terms and 
conditions as may be necessary and appropriate to safe-
guard against unwarranted disclosure to the public of any 
trade secrets or sensitive commercial information.
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(d) EFFECT ON STATE LAW.—Nothing in this sec-
tion shall preempt applicable State law concerning the pro-
vision of books, accounts, memoranda, and other records, 
or in any way limit the rights of any State to obtain books, 
accounts, memoranda, and other records under any other 
Federal law, contract, or otherwise. 
(e) COURT JURISDICTION.—Any United States dis-
trict court located in the State in which the State commis-
sion referred to in subsection (a) is located shall have ju-
risdiction to enforce compliance with this section. 
SEC. 1266. EXEMPTION AUTHORITY. 
(a) RULEMAKING.—Not later than 90 days after the 
effective date of this subtitle, the Commission shall issue 
a final rule to exempt from the requirements of section 
1264 (relating to Federal access to books and records) any 
person that is a holding company, solely with respect to 
1 or more— 
(1) qualifying facilities under the Public Utility 
Regulatory Policies Act of 1978 (16 U.S.C. 2601 et 
seq.); 
(2) exempt wholesale generators; or 
(3) foreign utility companies. 
(b) OTHER AUTHORITY.—The Commission shall ex-
empt a person or transaction from the requirements of 
section 1264 (relating to Federal access to books and
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records) if, upon application or upon the motion of the 
Commission— 
(1) the Commission finds that the books, ac-
counts, memoranda, and other records of any person 
are not relevant to the jurisdictional rates of a pub-
lic utility or natural gas company; or 
(2) the Commission finds that any class of 
transactions is not relevant to the jurisdictional 
rates of a public utility or natural gas company. 
SEC. 1267. AFFILIATE TRANSACTIONS. 
(a) COMMISSION AUTHORITY UNAFFECTED.—Noth-
ing in this subtitle shall limit the authority of the Commis-
sion under the Federal Power Act (16 U.S.C. 791a et seq.) 
to require that jurisdictional rates are just and reasonable, 
including the ability to deny or approve the pass through 
of costs, the prevention of cross-subsidization, and the 
issuance of such rules and regulations as are necessary 
or appropriate for the protection of utility consumers. 
(b) RECOVERY OF COSTS.—Nothing in this subtitle 
shall preclude the Commission or a State commission from 
exercising its jurisdiction under otherwise applicable law 
to determine whether a public-utility company, public util-
ity, or natural gas company may recover in rates any costs 
of an activity performed by an associate company, or any
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costs of goods or services acquired by such public-utility 
company from an associate company. 
SEC. 1268. APPLICABILITY. 
Except as otherwise specifically provided in this sub-
title, no provision of this subtitle shall apply to, or be 
deemed to include— 
(1) the United States; 
(2) a State or any political subdivision of a 
State; 
(3) any foreign governmental authority not op-
erating in the United States; 
(4) any agency, authority, or instrumentality of 
any entity referred to in paragraph (1), (2), or (3); 
or 
(5) any officer, agent, or employee of any entity 
referred to in paragraph (1), (2), (3), or (4) acting 
as such in the course of his or her official duty. 
SEC. 1269. EFFECT ON OTHER REGULATIONS. 
Nothing in this subtitle precludes the Commission or 
a State commission from exercising its jurisdiction under 
otherwise applicable law to protect utility customers. 
SEC. 1270. ENFORCEMENT. 
The Commission shall have the same powers as set 
forth in sections 306 through 317 of the Federal Power
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Act (16 U.S.C. 825e–825p) to enforce the provisions of 
this subtitle. 
SEC. 1271. SAVINGS PROVISIONS. 
(a) IN GENERAL.—Nothing in this subtitle, or other-
wise in the Public Utility Holding Company Act of 1935, 
or rules, regulations, or orders thereunder, prohibits a per-
son from engaging in or continuing to engage in activities 
or transactions in which it is legally engaged or authorized 
to engage on the date of enactment of this Act, if that 
person continues to comply with the terms (other than an 
expiration date or termination date) of any such author-
ization, whether by rule or by order. 
(b) EFFECT ON OTHER COMMISSION AUTHORITY.— 
Nothing in this subtitle limits the authority of the Com-
mission under the Federal Power Act (16 U.S.C. 791a et 
seq.) or the Natural Gas Act (15 U.S.C. 717 et seq.). 
SEC. 1272. IMPLEMENTATION. 
Not later than 12 months after the date of enactment 
of this subtitle, the Commission shall— 
(1) issue such regulations as may be necessary 
or appropriate to implement this subtitle (other than 
section 1265, relating to State access to books and 
records); and 
(2) submit to Congress detailed recommenda-
tions on technical and conforming amendments to
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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 sections 1269 (relating 
to effect on other regulations), 1270 (relating to enforce-
ment), 1271 (relating to savings provisions), and 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-
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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.
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(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-
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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.’’.
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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;