On January 2, 2014, the Commodity Futures Trading Commission (“CFTC”) and the Federal Energy Regulatory Commission (“FERC,” collectively, the “agencies”) signed “Memoranda of Understanding” regarding certain matters of overlapping jurisdiction (“jurisdiction MOU”) and sharing information in connection with market surveillance and enforcement activities (“information sharing MOU,” collectively, the “MOUs”). The MOUs come nearly three years after a statutory deadline, imposed by Section 720 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, for the agencies to negotiate such memoranda. The agencies had been operating under a 2005 Memorandum of Understanding generally providing for cooperation in enforcement matters but not explicitly recognizing the prospect of overlapping jurisdiction. Then-CFTC Chairman Gary Gensler, whose term expired the day after the MOUs’ issuance, and FERC Acting Chairman Cheryl LaFleur signed the MOUs on behalf of their respective agencies.

JURISDICTION MOU -

It establishes a high-level process whereby the agencies are to notify each other of certain activities that may involve overlapping jurisdiction and coordinate to address such regulatory issues. Among other things, the agencies committed to...