15 U.S.C. § 717t-2 : US Code - Section 717T-2: Natural gas market transparency rules

Search 15 U.S.C. § 717t-2 : US Code - Section 717T-2: Natural gas market transparency rules

(a) In general
(1) The Commission is directed to facilitate price transparency
in markets for the sale or transportation of physical natural gas
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 Commission
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
natural gas sold at wholesale and in interstate commerce to the
Commission, State commissions, buyers and sellers of wholesale
natural gas, 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) of this section.
(4) In carrying out this section, the Commission shall consider
the degree of price transparency provided by existing price
publishers 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.
(b) Information exempted from disclosure
(1) Rules described in subsection (a)(2) of this section, 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 the time to make the information available, the
Commission shall seek to ensure that consumers and competitive
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) Information sharing
(1) Within 180 days of August 8, 2005, the Commission shall
conclude a memorandum of understanding with the Commodity Futures
Trading Commission relating to information 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) Compliance with requirements
(1) The Commission shall not condition access to interstate
pipeline transportation on the reporting requirements of this
section.
(2) The Commission shall not require natural gas producers,
processors, or users who have a de minimis market presence to
comply with the reporting requirements of this section.
(e) Retroactive effect
(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
717t-1(b) of this title.
(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 transportation or sale of natural gas subject to the
jurisdiction of the Commission has engaged in fraudulent market
manipulation activities materially affecting the contract in
violation of section 717c-1 of this title.