(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).
(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), 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.
June 21, 1938, ch. 556, §23, as added Pub. L. 109-58, title III, §316, Aug. 8, 2005, 119 Stat. 691.
EDITORIAL NOTES
REFERENCES IN TEXTThe Commodity Exchange Act, referred to in subsec. (c)(2), is act Sept. 21, 1922, ch. 369, 42 Stat. 998, which is classified generally to chapter 1 (§1 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see section 1 of Title 7 and Tables.
PRIOR PROVISIONSA prior section 23 of act June 21, 1938, was renumbered section 25 and is classified to section 717v of this title.