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Canaries in the Coal Mine: Facts from Securities Fraud Private Civil Actions Can Identify Intent to Manipulate Energy Markets
Beginning of article
Synopsis:
Congress modeled its Energy Policy Act of 2005 market manipulation provisions on longstanding federal securities law. The EPAct 2005 specifically declared unlawful, for energy markets, any manipulative or deceptive device or contrivance, as those terms are used in federal securities law for securities markets. The FERC and energy industry participants thus can use analogous securities industry precedents as a guide in energy industry litigations. But, in the words of an anonymous FERC practitioner: "What is [manipulation]? How do we know it?" Approaching that pre-eminent question from one angle, market manipulation cannot be proved without evidence of intent, or …
