The Commission is proposing to repeal its code of conduct regulations for interstate natural gas pipelines that hold blanket certificates for unbundled gas sales services (18 CFR § 284.288(2005)), and for persons that hold blanket marketing certificates for making gas sales for resale at negotiated rates in interstate commerce (18 CFR § 284.403 (2005)). The proposal, which is contingent on issuance of final regulations implementing the anti-manipulation provisions of the Energy Policy Act of 2005 (“EPAct 2005”) in Docket RM06- 5, is based on the idea that the existing regulations, will be largely redundant following adoption of the new market manipulation rules, which will be broader in scope. INGAA supports the proposal to repeal sections 284.288 and 284.403, with several qualifications. INGAA recommends that the Commission announce that pertinent precedent developed under those regulations –just like the large body of case law interpreting and applying the Security and Exchange Commission’s (“SEC’s’) Rule 10b-5 – may be used in interpreting and applying the market manipulation regulations proposed in Docket RM06-3, and that the Commission either retain the existing statute of limitations on market manipulation complaints or incorporate it into the proposed regulations.
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