Markets Wired

The Federal Trade Commission announced the agenda for the upcoming workshop in the petroleum industry market manipulation rulemaking. The workshop will be held at FTC Headquarters in Washington, DC, on November 6, 2008. During the workshop, participants will discuss the Commission’s proposed rule prohibiting market manipulation in the petroleum industry as set out in the FTC’s Notice of Proposed Rulemaking (NPRM) and will address the comments submitted to the agency in response to the NPRM. The agenda and more information about the workshop are at: http://www.ftc.gov/bcp/workshops/marketmanipulation/index.shtml.

The FTC will conduct the workshop as a moderated roundtable discussion among many of the panelists who submitted comments on the NPRM and requested to participate. The workshop will feature a morning and an afternoon session. The views expressed at the workshop, along with previously submitted comments, will be considered in determining whether a rule prohibiting market manipulation in the petroleum industry should be developed, and if so, what the format and content of the rule should be.

Panelists will discuss issues such as: 1) whether the FTC should use Securities and Exchange Commission (SEC) Rule 10b-5 as a model for its market manipulation rule; 2) the proper scienter standard for an FTC rule; 3) the appropriate reach of an FTC rule; 4) conduct that would violate an FTC rule; and 5) the desirability of including market or price effects as an element of a cause of action for an FTC rule.

The conference room will open at 8:45 am and the morning session will begin at 9:30 am. Following a lunch break, the afternoon session will begin at 2:00 pm, and the workshop will conclude at 5:00 pm. Time permitting, members of the general public who attend the workshop may have an opportunity to make brief oral statements presenting their views on issues raised in the NPRM at the conclusion of the afternoon session.

The FTC’s Market Manipulation Rulemaking Workshop is free and open to the public. No pre-registration is required, but all attendees must present a valid photo ID for admission to the Headquarters building, which is located at 6th Street and Pennsylvania Avenue, NW.

The workshop will be accessible to people with disabilities. Anyone needing a related accommodation should contact Carrie McGlothlin at the FTC at 202-326-3388 or cmcglothlin@ftc.gov. Such requests should include a detailed description of the accommodations needed and contact information if more information is needed. Please provide advance notice of accommodation needs.

The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 1,500 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC’s Web site provides free information on a variety of consumer topics.

(Petroleum NPR Workshop.final.wpd)