Earn
CLE
Credits
Earn
CPE
Credits
th
Lessons Learned from Recent Enforcement Actions & Agency Priorities and the Practical Effects of Global Regulation on Market Participants
Inquire about government rates
June 4–5, 2015 | Omni Houston Hotel | Houston, TX
Rick Glaser
CFTC
Elise Pallais
CFTC
Petal Walker
CFTC
HEAR FROM:
Lee Ann Duffy
CFTC (invited)
Tegan Flynn
FERC
Robert Ivanauskas
FERC
Benchmark your practices with leaders from these top companies:
BP
ConocoPhillips
Direct Energy
Hess
Citigroup Energy Inc.
Mercuria Energy Trading
Repsol
J.P. Morgan
Bank of America
NRG Energy
Tesoro Companies
E.ON Global Commodities
SESSIONS INCLUDE:
• Enforcement Updates: The Nature of FERC’s Enforcement, CFTC’s
Recent Focus, NFA’s Enforcement Initiatives, and More
• The Latest on the Market Manipulation Front
• Macro-Trends Going Forward: Looking at the Markets Broadly, What are the Trends So Far and Predictions on How the Energy Markets are Going to Look Down the Road
• Recent CFTC Regulatory Developments: Position Limits, Trade Options,
Volumetric Optionality, and More
• ISOs/RTOs: Compliance Issues and the Relationship Between
ISOs/RTOs, Market Monitors, and FERC
• Cross-Border Issues and the International Aspects of Energy Markets:
Global Reporting Obligations, Scope of the Clearing Mandate, Working
Through Cross-Border Issues When There is a Conflict of Law, and
Developments in Canada and EU
• What is the Basic Minimum Necessary to Keep Smaller Market
Participants in Compliance?
• The Role of Banks in Commodities Trading: Impact of Bank Regulation on Energy Trading
• Swap Data Repositories and Reporting and Recordkeeping Obligations for All Others in the Industry (Non-Swap Dealers)
• Technical Side of Compliance: Information Technology and Ways to
Parse Through the Data
Also, shape your policies by hearing speakers from these industry leaders:
ICE Futures U.S.
Nodal Exchange
NFA
Cargill
Con Edison
TMX Group
TSX Inc.
Panda Power Funds
NiSource Inc.
Emera Energy
The Energy Authority
Sponsored by:
Register Now | 888-224-2480 | www.AmericanConference.com/FERC

Now in its 11 th Installment, ACI’s Energy Trading Compliance & Regulatory Enforcement is the nation’s premier, must-attend event that directly addresses the most pressing compliance issues and regulatory initiatives that companies and their outside counsel need to be aware of. This program is designed to offer insights into pending rules and enforcement programs by the energy regulatory bodies, and explains the impact of increased federal scrutiny on the energy trading practice. It features a distinguished faculty of leaders from FERC and CFTC , as well as BP, ConocoPhillips, Direct Energy, Hess, National Futures Association, Mercuria Energy Trading,
Repsol, J.P. Morgan, Bank of America Merrill Lynch, NRG Energy, Tesoro Companies, Markit, E.ON Global
Commodities, ICE Futures U.S., Nodal Exchange, Citigroup Energy Inc, Cargill Risk Management, Con Edison,
TMX Group, TSX Inc., Panda Power Funds, NiSource Inc., Emera Energy, The Energy Authority and others .
Attend this conference to hear the leaders in the industry share their insights into the current state of the energy trading space, as well as proven strategies for preparing a compliance program that will be responsive to all of the newly enacted, and often difficult to grasp, regulatory changes. As the industry continues to be faced with drastic changes, you cannot afford to miss this important event to ensure your compliance program is ready.
Plus be sure to also separately register for either the:
A MASTER CLASS: Practical “Know-Hows” in Getting an Effective Compliance Program Up and
Running, Including Trade Surveillance ; or
B PRE-CONFERENCE PRIMER: Fundamentals of Energy Trading Compliance
• Corporate Counsel
• Regulatory Counsel
• Trading Counsel
• Chief Compliance Officers
• FERC Compliance Officers/Managers
• Compliance Executives
• Directors of Regulatory Affairs
• Directors of Risk Management
• Energy Industry Analysts
Attorneys Specializing in:
• Energy Regulation & Legislation
• FERC & CFTC Compliance and Enforcement
• Energy Swaps and Derivatives/Energy Trading
2
Join the Conversation ACI: EnergyGroup @ACI_Energy / #ACIEnergy

8:15 am – 11:15 am (registration opens at 8 am)
A Practical “Know-Hows” in Getting an Effective Compliance Program Up and Running, Including Trade
Surveillance
Aleksandra Radakovic
Managing Director
J.P. Morgan
Ike Gibbs
Chief Compliance Officer
Direct Energy
Kirk D. Rasmussen
Member
Enoch Kever PLLC
Ruta Kalvaitis Skucas
Partner
Pierce Atwood LLP
• What are the top 3-5 issues that every compliance officer needs to have on his/her list?
• How to actually perform surveillance to identify manipulative schemes that can be sanctioned by the agencies and result in multi-million dollar fines
8:00 am – 11:15 am (registration opens at 7:45 am)
B
Fundamentals of Energy Trading Compliance
Robert S. Fleishman
Senior Of Counsel
Morrison & Foerster LLP
This extremely popular primer will provide a comprehensive overview of the regulatory framework governing the complex area of energy trading. It will provide definitions, clarification of key terminology, statutes and regulations, and an overview of key stakeholders involved in energy trading compliance programs. Topics include:
• Key terms and definitions crucial to compliance programs: understanding market manipulation, transparency, and reliability
• Overview of FERC and CFTC’s mandate, role and responsibilities
• FPA, NGA, and NGPA: statutory violations that lead to FERC enforcement
• What do FERC and CFTC actually regulate?
• How does CFTC fit into the energy trading compliance space?
• Overview of key provisions in EP Act of 2005 and Dodd-Frank and how they have shaped the regulation and enforcement of energy trading
• Identifying and explaining the responsibilities of agencies with regulatory and enforcement responsibilities regarding energy trading (FERC, CFTC, FTC, SEC, and DOJ)
• Explaining how enforcement mechanisms are applied
• Understanding the basic framework of an energy trading compliance program
11:15 Lunch for Primer and Master Class Participants
CONTINUING LEGAL EDUCATION CREDITS
CLE
Credits
ACI certifies that the activity has been approved for CLE credit by the New York State Continuing Legal Education Board. Additional hours will apply to workshop (A) or (B) participation.
ACI certifies that this activity has been approved for CLE credit by the State Bar of California. Additional hours will apply to workshop (A) or (B) participation.
You are required to bring your state bar number to complete the appropriate state forms during the conference. CLE credits are processed in 4-8 weeks after a conference is held.
ACI has a dedicated team which processes requests for state approval. Please note that event accreditation varies by state and ACI will make every effort to process your request.
CONTINUING PROFESSIONAL EDUCATION CREDITS
American Conference Institute (ACI) will apply for Continuing Professional
Education credits for all conference attendees who request credit. There are no prerequisites and advance preparation is not required to attend this conference.
Course objective: The legal and compliance environment of Energy Trading and its relationship to the business of energy companies and financial institutions.
ACI is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors.
State boards of accountancy have final authority on the acceptance of individual courses for
CPE credit. Complaints regarding registered sponsors may be addressed to the National
Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-
2417 or by visiting the web site: www.nasba.org
To request credit, please check the appropriate box on the Registration form.
Register Now | 888-224-2480 | www.AmericanConference.com/FERC
3

11:45 Main Conference Registration
12:00 Co-Chairs’ Welcoming Remarks
Robert S. Fleishman
Senior Of Counsel
Morrison & Foerster LLP
Charles Cerria
Associate General Counsel – Trading
Hess Corporation
12:05 Enforcement Updates: Understanding the Nature of
FERC’s Enforcement, CFTC’s Recent Focus, NFA’s
Enforcement Initiatives, and More
Rick Glaser
Deputy Director, Division of Enforcement
CFTC
Tegan M. Flynn
Off. of Enforcement, Div. of Investigations
FERC
Robert Ivanauskas
Advisor to Commissioner Moeller
FERC
Michael Brosius
Director, OTC Derivatives
NFA
Jerry Jeske
Group Chief Compliance Counsel
Mercuria Energy Trading
Christine M. Stevenson
Managing Counsel – IST Houston
BP America Inc.
Matthew P.D. Moore
Process Control & Compliance
Repsol
John N. Estes III
Partner
Skadden, Arps, Slate, Meagher & Flom LLP
Moderator:
Michael L. Spafford
Partner
Paul Hastings LLP
Market participants continue to struggle with various actions being brought by different agencies. This session will dive deeply into the way multiple agencies operate, the different legal standards of the regulations they operate under, and the kinds of market practices the agencies pursue in enforcement actions.
1:45
3:00
3:10
Session will focus on:
• Recent FERC cases and their impact
• Understanding the nature of FERC enforcement (statutory de novo review)
• CFTC’s recent focus on referring more cases to a hearing before an ALJ
• Recent NFA’s enforcement activity
The Latest on the Market Manipulation Front
Ed Zabrocki
Managing Director
Morgan Stanley
Felix M. Khalatnikov
Regulatory & Compliance Officer
E.ON Global Commodities North America LLC
Erik Haas
Director – Market Regulation
ICE Futures U.S.
Kenneth W. McCracken
Partner
Schiff Hardin LLP
Daniel A. Mullen
Partner
Fried, Frank, Harris, Shriver & Jacobson LLP
Deanna Reitman
Senior Attorney
DLA Piper
Moderator:
Robert S. Fleishman
Senior Of Counsel
Morrison & Foerster LLP
• Parameters of proper behavior
• The extent to which one’s participation on derivatives market affects how trades in physical markets are viewed by the offices of enforcement
• Understanding what “spoofing” is – high-frequency trader’s indictment for manipulating commodities futures markets in first federal prosecution for spoofing
• What is meant by disruptive trade practices?
• At what point does disruptive trading violate manipulation rules?
Afternoon Break
Macro-Trends Going Forward: Looking at the
Markets Broadly, What are the Trends So Far and
Predictions on How the Energy Markets are Going to Look Down the Road
Paul Cusenza
Chairman & Chief Executive Officer
Nodal Exchange, LLC
4
Join the Conversation ACI: EnergyGroup @ACI_Energy / #ACIEnergy

4:05
Rick Smead
RBN Energy LLC
Phil Lookadoo
Partner
Haynes and Boone, LLP
• Evolving energy markets: what are the trends?
• What are compliance issues that may become more prevalent or brought up by distributive generation (gene that is very close to the load (user) and instead of travelling long distance, it is very near end user and travels short distances?
• What trends does the industry see developing?
• Ongoing consolidation and interconnectivity seen in the markets
• Increased participation of the international markets
• As some banks have exited physical markets, new entrants have come in and some of them are from the international markets
Recent CFTC Regulatory Developments and Their
Impact: Position Limits, Trade Options, Volumetric
Optionality, and Beyond
Elise Pallais
Attorney Advisor, Office of the General Counsel
CFTC
Tim McKone
Head of NAM Commodities Compliance
Citigroup Energy Inc
Uzi Rosha
Chief Compliance Officer
Cargill Risk Management
Vincent B. Johnson (invited)
Head of Regulatory & Policy Affairs
BP Integrated Supply and Trading
Christopher Schindler
Partner
Hogan Lovells US LLP
Michael Sackheim
Partner
Sidley Austin LLP
• Position Limits
- Current status
- Aggregation
- Bona fide hedge reporting
• Volumetric Optionality
- When do forward contracts with embedded volumetric optionality constitute swaps?
- When certain contracts that have embedded optionality would not be regulated as swaps even though they may look like swaps
• Compliance for trade options
- What is a trade option?
- How does one qualify?
5:25
- If one does this type of a trade, which forms to file and when?
• Margin rules for uncleared swaps
• Clearing of energy swaps  where is this right now?
ISOs/RTOs: Compliance Issues and the Relationship
Between ISOs/RTOs, Market Monitors, and FERC
Kathleen E. Magruder
VP, U. S. Regulatory Affairs
BP Energy Company
Stephen Wemple
Vice President, Regulatory Affairs
Con Edison Competitive Shared Services
Brian M. Zimmet
Partner
Venable LLP
Charles R. Mills
Partner
K&L Gates LLP
• Which compliance issues does FERC see from market participants?
• How issues are referred from one group to the other (from
ISO/RTO to Market Monitor to FERC)
• More compliance cases are focusing on compliance with
ISO rules
• ISO tariffs are becoming trigger for reviews
• FERC audits focusing on compliance with capacity markets
• On the enforcement side what is the interplay between
ISOs/RTOs, Market Monitor, and FERC?
6:30 Conference Adjourns
GLOBAL SPONSORSHIP OPPORTUNITIES
With more than 300 conferences in the United States, Europe, Asia Pacific, and Latin America, American Conference Institute (ACI) provides a diverse portfolio devoted to providing business intelligence to senior decision makers who need to respond to challenges spanning various industries in the US and around the world.
As a member of our sponsorship faculty, your organization will be deemed as a partner. We will work closely with your organization to create the perfect business development solution catered exclusively to the needs of your practice group, business line or corporation.
For more information about this program or our global portfolio of events, please contact:
Wendy Tyler
Director of Sales, American Conference Institute
Tel: 212-352-3220 x5242 | w.tyler@AmericanConference.com
Register Now | 888-224-2480 | www.AmericanConference.com/FERC
5

7:30
8:00
Continental Breakfast
Cross-Border Issues and the International Aspects of Energy Markets: Global Reporting Obligations,
Scope of the Clearing Mandate, Working Through
Cross-Border Issues When There is a Conflict of
Law, and Developments in Canada and EU
Petal P. Walker
Chief Counsel, Office of Commissioner Bowen
CFTC
Cheryl Graden
VP, Cash Clearing and Energy
Office of the General Counsel
TMX Group
Charles Cerria
Associate General Counsel – Trading
Hess Corporation
Gerd Stuhlmacher
Director of Legal & Compliance
E.ON Global Commodities SE
Jennifer Oosterbaan
Legal Counsel
TSX Inc.
Moderator
Ronald Filler
Professor of Law
New York Law School
• Global reporting and clearing obligations and working through a conflict of laws issue
• Canadian derivatives initiative
• Meaning of derivatives and regulatory approaches to it
• Compliance with EMIR
- Issues with respect to mutual recognition of CCPs; Crossborder exchange trading; and mandatory clearing of OTC derivatives
- As per EU regulations, every regulated market outside of EU is an OTC market because there is no mutual recognition of exchanges – what are the implications on how business is therefore done?
- Will businesses be forced to look at alternative markets/ safe harbors (outside of EU and US) in order to be free from regulatory oversight?
• Applicability of MiFID – To what extent it applies to non-
EU transactions?; to what extent is one required to comply with EU and US and to the extent there are discrepancies, which regulation governs?
• Substituted compliance
• Compliance with Basel III
• Proposed margin rules for uncleared swaps
6
Join the Conversation ACI: EnergyGroup @ACI_Energy / #ACIEnergy
9:20 Morning Break
9:25 What is the Basic Minimum Necessary to Keep
Smaller Market Participants in Compliance?
Blake M. Jones
Associate General Counsel and Senior Compliance Officer
Panda Power Funds
Liz Dousias
Compliance Manager
NiSource Inc.
Heidi Leslie
VP, Legal and Regulatory Affairs
Emera Energy
William Rust
Compliance Director
The Energy Authority
Deborah Swanstrom
Member
Jennings Strouss & Salmon, P.L.C
Moderator
Ruta Kalvaitis Skucas
Partner
Pierce Atwood LLP
• Taking a larger company’s list containing points that need to be taken into account from a compliance stand point and providing smaller market participants with a bare minimum set of points that are absolutely essential to have in any compliance program
- Identifying transactions that the smaller market participant is undertaking
- Understanding definitions of those transactions
- Identifying counterparties and determining who will have to do what
- If one has obligations based on the foregoing, then one needs to understand what obligations those are: reporting and recordkeeping, annual filing with CFTC, etc.
• Getting smaller market participants to get more comfortable with trading
• What should keep a smaller market participant’s risk manager up at night?
10:45 Technical Side of Compliance: Information
Technology and Ways to Parse Through the Data
David Hesketh
COO, Financial Skills
Markit
Additional speaker to be announced
Check www.AmericanConference.com/FERC for this and other exciting speakers being announced
• What systems and tools are out there to monitor trading?
- Once we have these tools, how do we screen for compliance? How does one know what to look for?

11:30 Networking Luncheon for Speakers & Attendees
12:30 The Role of Banks in Commodities Trading:
Impact of Bank Regulation on Energy Trading
Kelly Funderburk
Associate General Counsel/Managing Director
Bank of America Merrill Lynch
Herbert Thornhill
Assistant General Counsel
Commercial Operations and Risk Management
NRG Energy
Shabana Qaiser
Assistant General Counsel – Director
Bank of America Merrill Lynch
Dan M. Berkovitz
Partner
WilmerHale
Michael A. Yuffee
Partner
Reed Smith LLP
Moderator:
Julian E. Hammar
Of Counsel
Morrison & Foerster LLP
• Fed’s proposed guidance
• Potential increase in capital requirements
- How bank capital requirements might affect trading in commodity markets generally?
- Impact on cost of all other products banks offer
• What does exiting the commodities market really mean given that banks are keeping the financial aspect?
• Bottom line for a market participant is which banks are in and which are out?
1:45
Kathryn M. Trkla
Partner
Foley & Lardner LLP
Swap Data Repositories
• How to submit transactions to repository?
• What are the problems so far with data submission and how best to approach data submission process?
• If anything needs to be performed manually, how to do it
• Considering that there are a lot of end users who aren’t sophisticated enough to do it on a day-to-day basis, how is this process to be performed in a technically savvy way?
• Meeting the costs associated with this big IT expense
Latest Reporting and Recordkeeping Issues
• Issues encountered thus far by small and large end users and other market participants when performing reporting obligations and what concerns should one be aware of going forward?
• When one is a small end user and neither party wants to report, whose obligation is it?
• If one is not a swap dealer but one trades with a swap dealer, a swap dealer has a reporting obligation, but a non-swap dealer may have recordkeeping obligations?
• If one believes that one is not a reporting entity but one chooses to take a look and finds something wrong, has an obligation now been created where there previously wasn’t one?
• From a recordkeeping standpoint, what does a market participant have to do?
• Gap in understanding of the CFTC rules respecting recordkeeping for end users that are inconsistent and some parts that are even outdated making end users unaware or confused as to the requirements that apply to them today
• What are the triggers and levels of activity where the CFTC would expect a market participant to start to keep records?
2:50 Conference Ends
Swap Data Repositories; Reporting, and
Recordkeeping Obligations for All Others in the
Industry (Non-Swap Dealers): Issues Associated with Submitting Transactions to Repositories,
When Both Sides are Avoiding to Report, Which
Party Has an Obligation to Report and What are the Best Practices When Performing Reporting and
Recordkeeping Obligations
Jonathan Hirst
Director – Energy Risk Management, Utilities
Consolidated Edison Company of New York, Inc.
Michael Passaretti
Manager, Commodity Derivatives Regulation
ConocoPhillips Company
Zeid M. Saadi
Compliance – Risk Control
Tesoro Companies, Inc.
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Register Now | 888-224-2480 | www.AmericanConference.com/FERC
7

th
Lessons Learned from Recent
Enforcement Actions & Agency
Priorities and the Practical Effects of
Global Regulation on Market Participants
June 4–5, 2015
Omni Houston Hotel | Houston, TX
5
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