FTC Issues Compliance Guide For Its Petroleum Market Manipulation Regulations
Source: Federal Trade Commission

The Federal Trade Commission’s staff has prepared a guide to help businesses and individuals comply with the anti-fraud provisions of the Energy Independence and Security Act of 2007 (EISA) and the FTC’s Petroleum Market Manipulation Rule.

The EISA authorizes the FTC to issue regulations to prohibit manipulative or deceptive conduct in wholesale petroleum markets and makes it unlawful to report false or misleading information related to the wholesale price of crude oil, gasoline, or petroleum distillates to federal agencies in certain circumstances. The FTC’s Petroleum Market Manipulation Rule, which became effective November 4, 2009, prohibits fraudulent or deceptive conduct (including false or misleading statements of material fact) in connection with wholesale purchases or sales of crude oil, gasoline, or petroleum distillates. The Rule also bans intentional failures to state a material fact when the omission makes a statement misleading and distorts or is likely to distort market conditions for any product covered by the Rule.

The FTC’s Guide to Complying with Petroleum Market Manipulation Regulations answers commonly asked questions and examines various scenarios to help those trading in wholesale petroleum markets comply with the regulations.

+ Full Document (PDF; 937 KB)

This entry was posted on Monday, November 23rd, 2009 at 4:09 am and is filed under Business and economics, Energy, Government and politics, Legal and law enforcement. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.