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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.