§717t–2 Natural gas market transparency rules

Summary

Make information about the availability and prices of physical natural gas sold or moved across state lines more open and timely, while protecting fair competition, market integrity, and consumers. The Commission can make rules to collect and share price and supply data with itself, state regulators, buyers, sellers, and the public. It may get data from any market participant and may use outside groups to gather and publish the data, following rules about what can be disclosed. The Commission must try to use existing price publishers and trade-service providers first, but it can build an electronic system if current sources do not give enough price transparency. Some data can be kept secret if sharing it would hurt market functioning or system security. The timing of disclosures must avoid helping collusion or other unfair conduct. Within 180 days of August 8, 2005, the Commission had to make a memorandum of understanding with the Commodity Futures Trading Commission to coordinate information requests and protect proprietary trading data; that does not change the CFTC’s exclusive authority. The Commission cannot make pipeline access depend on reporting, and it need not require reporting from producers, processors, or users with only a de minimis market presence. No civil penalty may be imposed for violations older than 3 years before notice of a proposed penalty under section 717t–1(b), except when a seller committed fraudulent market manipulation that materially affected a contract in violation of section 717c–1.