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Special Alert! Federally Mandated Changes Impact Energy Trading & Hedging: Dodd-Frank Act Implementation and Compliance For The Energy Industry
What Every Energy Company Should Know (And Do Today) To Minimize Regulatory and Financial Exposure to the Dodd-Frank Act

A Two-Day Classroom Seminar (CPE Approved)

Register Soon to get Early Bird Pricing.

Energy market participants are facing one of the most sweeping regulatory developments in recent history - The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act"). The CFTC has already begun releasing its rules for energy markets and more critical rules are expected to be announced by early December. Since the implementation of the Act has begun, it is imperative for energy professionals to understand the ramifications of this new regulatory and enforcement structure.

The Commodity Futures Trading Commission recently finalized several important rules under the Dodd-Frank Act. These final rules create significant administrative and operational requirements for all energy market participants, especially for those that do not have a robust risk management or credit risk infrastructure. This Seminar will provide an in-depth analysis of the most critical final rules as well as practical steps to identify and manage various risk aspects of the Dodd-Frank Act, as well as creating a robust compliance program to demonstrate a culture of compliance consistent with the Act's requirements.

What You Will Learn
Untitled Document

Definition of “Swap Dealer,” “Major Swap Participant,” and “Eligible Contract Participant.”

  • What constitutes “dealing activity”?
  • What does “making market in swaps” mean in the energy arena?
  • When can a market participant enter into swaps on regular basis without having to register as a dealer?
  • What is a substantial swap position for Major Swap Participants?
  • What does it mean to be an “Eligible Contract Participant” under the Dodd-Frank Act?
  • Will the final definition of “Swap Dealer” and “Major Swap Participant” affect liquidity in physical energy markets?

Commodity Options

  • What effects will the designation of options as swaps have on the energy trading activities?
  • What is a trade-option exemption?
  • What consequences will the commodity option rule have on hedging strategies?

Swap Data Recordkeeping and Reporting Requirements Rule and Real-Time Public Reporting of Swap Transaction Data Rule

  • Who must report and what needs to be reported?
  • What does an end-user need to know, and do, to comply with both rules?
  • What obligations do swap dealers and major swap participants have under both rules?
  • Who do swaps need to be reported to and when?
  • What implementation steps should be taken now to comply with both rules.

Business Conduct Standards for Swap Dealers and Major Swap Participants with Counterparties

  • What duties do swap dealers and major swap participants owe to all counterparties?
  • Duties of swap dealers and major swap participants as counterparties to Special Entities.
  • The means of compliance with business conduct standards.
  • What must end-users do in order to satisfy the suitability test under this rule?
  • The effects of this rule on liquidity and cost of hedging.

Position Limits for Futures and Swaps:

  • What is a bona-fide hedge under the Dodd-Frank Act?
  • How to determine position limits for energy products?
  • Can market participants shift from financial to physical hedging without violating the anti-evasion provisions of the Dodd-Frank Act?
  • Does the final rule on position limits allow for proxy or dynamic hedging?
  • How to ensure that an over-hedge or under-hedge does not become a speculative position (and lose its bona fide hedge status).
  • How to comply with the affiliate position aggregation?
  • What are enumerated hedging strategies as mandated by the CFTC?
  • Is hedging going to be too risky under the Dodd-Frank Act?
  • Can a load serving utility hedge its wholesale needs under the new definition of bona fide hedge?

Prohibition on the Employment, or Attempted Employment, of Manipulative and Deceptive Devices - Prohibition on Price Manipulation

  • What constitutes market manipulation under the Dodd-Frank Act?
  • Practical steps that risk managers must take in order to minimize exposure to market manipulation.
  • What approach can the front office personnel utilize to ensure proactive compliance?
  • What trading strategies can be modified or created in order to minimize exposure.
  • What is the different standard of proof for market manipulation and price manipulation?
  • What constitutes attempted manipulation?
  • How to implement and maintain comprehensive trading compliance training?

Reporting Certain Post-Enactment Swap Transactions

  • What reporting obligations do market participants have?
  • Effective dates for reporting transition swaps.
  • What information should be reported and how?
  • What is the document retention mandate under this rule?

Process for Review of Swaps for Mandatory Clearing

Final Rules for Implementing the Whistleblower Provisions of Section 23 of the Commodity Exchange Act

Your Instructor
Mr. Miki Kolobara, Esq.
Mr. Miki Kolobara, Esq. is the managing attorney at Kolobara Law Firm, LLC. He practices primarily in commodities and derivatives trading law with particular emphasis on energy trading, risk management, and compliance. Prior to founding Kolobara Law Firm, Mr. Kolobara spent 15 years working for several large energy companies where he assisted in creating and implementing trading policies and procedures, drafting standard trading and credit documentation, and training front and middle office personnel about legal and contractual aspects of energy trading. He has negotiated hundreds of master agreements and documentation for physical and financial transactions, as well as structured transactions for natural gas, electricity, coal, LNG, crude oil, and emissions allowances. Mr. Kolobara serves on the Futures and Derivatives Law Committee of the American Bar Association, as well as the North American Energy Standards Board's contracting committee where he participated in drafting the NAESB standard master agreement for natural gas trading. Additionally, Mr. Kolobara is active in the International Energy Credit Associations' Contracts and Legal committee and its Dodd-Frank Act working group. As a member of the WSPP contracting committee, Mr. Kolobara participated in drafting of the WSPP standard master agreement for electricity trading. Mr. Kolobara is a frequent speaker on topics related to energy trading, hedging, risk management, and compliance.
Hotel and Seminar Information
This two-day seminar will be held at the hotels listed below or can be conducted on-site at your facilities. The seminar will start promptly at 8:00 AM and will finish at 4:30 PM on the first day. On the second day, the seminar will resume at 8:00 AM and will finish at 12:00 PM (noon). The program includes continental breakfast, lunch, and coffee/cookie breaks. Attendees also receive a professionally produced seminar manual that can serve as a valuable office reference. Dress is casual for all seminars.
COVID 19 Information: Please click here for the PGS Covid-19 policy. You can confirm each hotel's specific COVID 19 policy using the link(s) provided below.
Registration Fee and Discounts
The price for this comprehensive two-day seminar is $1,595 (USD).
Register online or Call (440) 853-1038.
  • Additional attendees and government employees receive a 10% discount.
  • Register 4 or more attendees and receive 20% Off. Special pricing is available for groups of 5 or more.
    If you want attendees to pay with separate credit cards or have other questions, please call (440) 853-1038 for assistance.
Payments and Cancellations
Payment is due prior to the start of the seminar by Visa, Master Card, American Express, or corporate check. Seminar fees will be charged to your credit card at the time of registration unless other arrangements have been made. Please make checks payable to "PGS Energy Training" 26 Teal Lane • Hilton Head Island, SC 29926. Cancellations will result in a credit that is good for 2 years which can be transferred to a colleague. Substitutions may be made at any time. For more information on PGS policies regarding administrative matters and complaint resolution, please contact our offices at (440) 853-1038.
CPE Credits in Specialized Knowledge

This live group seminar is eligible for 11.0 CPE credits. Be aware that state boards of accountancy have final authority on the acceptance of individual courses for CPE credit. As of January 1, 2002, sponsored learning activities are measured by program length, with one 50-minute period equal to one CPE credit. One-half CPE credit increments (equal to 25 minutes) are permitted after the first credit has been earned in a given learning activity. You may want to verify that the state board from which your participants will be receiving credit accept one-half credits.

PGS Energy Training 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 submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. CPAs interested in attending any seminars should contact our offices for details on CPE credits granted and any prerequisite requirements.
PGS Energy Training is registered with GARP as an Approved Provider of Continuing Professional Development (CPD) credits. If you are a Certified FRM or ERP, please record this activity in your Credit Tracker at http://www.garp.org/cpd. Please inform PGS Energy Training that you are a GARP CPE participant upon seminar registration.

The Global Association of Risk Professionals (GARP) is a not-for-profit membership association dedicated to preparing professionals and organizations for making better-informed risk decisions. GARP's membership represents more than 150,000 risk management practitioners and researchers at academic institutions, banks, corporations, government agencies, and investment management firms in 195 countries and territories. GARP administers the Financial Risk Manager (FRM) and Energy Risk Professional (ERP) Exams – certifications recognized by risk professionals worldwide. Visit www.garp.org/cpd.
Who Should Attend

This Seminar will benefit a wide variety of organizations and professionals in both physical and financial energy markets. Energy producers, utilities, energy marketers, commercial and industrial energy users, merchant generators, clearing brokers, and hedge funds, will gain valuable insights. This seminar will also be highly beneficial for energy executives, traders, originators, risk and credit managers, auditors, contracts managers, government regulators, attorneys, and asset operators. Anyone who wants a solid understanding of what can be done now to minimize the legal and financial exposure under the Act while, at same time, ensuring their companies' compliance, will benefit.

Prerequisites and Advance Preparation

This fundamental level seminar has no prerequisites. No advance preparation is required before the seminar.

Why Choose PGS?

PGS seminars are known for their clear explanations and in-depth content. Register for a PGS class today, and join the over 10,000 energy professionals who have already attended one of PGS's proven programs.

Program Level & Delivery Method
Basic level. This fundamental course begins with basic material and then proceeds to the intermediate level. Delivery method is "Group-Live.”