Collapse to view only § 16454. Exemption authority
- § 16451. Definitions
- § 16452. Federal access to books and records
- § 16453. State access to books and records
- § 16454. Exemption authority
- § 16455. Affiliate transactions
- § 16456. Applicability
- § 16457. Effect on other regulations
- § 16458. Enforcement
- § 16459. Savings provisions
- § 16460. Implementation
- § 16461. Transfer of resources
- § 16462. Service allocation
- § 16463. Authorization of appropriations
§ 16451. DefinitionsFor purposes of this part:
(1) Affiliate
(2) Associate company
(3) Commission
(4) Company
(5) Electric utility company
(6) Exempt wholesale generator and foreign utility company
(7) Gas utility company
(8) Holding company
(A) In generalThe term “holding company” means—
(i) any company that directly or indirectly owns, controls, or holds, with power to vote, 10 percent or more of the outstanding voting securities of a public-utility company or of a holding company of any public-utility company; and
(ii) any person, determined by the Commission, after notice and opportunity for hearing, to exercise directly or indirectly (either alone or pursuant to an arrangement or understanding with one or more persons) such a controlling influence over the management or policies of any public-utility company or holding company as to make it necessary or appropriate for the rate protection of utility customers with respect to rates that such person be subject to the obligations, duties, and liabilities imposed by this part upon holding companies.
(B) ExclusionsThe term “holding company” shall not include—
(i) a bank, savings association, or trust company, or their operating subsidiaries that own, control, or hold, with the power to vote, public utility or public utility holding company securities so long as the securities are—(I) held as collateral for a loan;(II) held in the ordinary course of business as a fiduciary; or(III) acquired solely for purposes of liquidation and in connection with a loan previously contracted for and owned beneficially for a period of not more than two years; or
(ii) a broker or dealer that owns, controls, or holds with the power to vote public utility or public utility holding company securities so long as the securities are—(I) not beneficially owned by the broker or dealer and are subject to any voting instructions which may be given by customers or their assigns; or(II) acquired within 12 months in the ordinary course of business as a broker, dealer, or underwriter with the bona fide intention of effecting distribution of the specific securities so acquired.
(9) Holding company system
(10) Jurisdictional rates
(11) Natural gas company
(12) Person
(13) Public utility
(14) Public-utility company
(15) State commission
(16) Subsidiary companyThe term “subsidiary company” of a holding company means—
(A) any company, 10 percent or more of the outstanding voting securities of which are directly or indirectly owned, controlled, or held with power to vote, by such holding company; and
(B) any person, the management or policies of which the Commission, after notice and opportunity for hearing, determines to be subject to a controlling influence, directly or indirectly, by such holding company (either alone or pursuant to an arrangement or understanding with one or more other persons) so as to make it necessary for the rate protection of utility customers with respect to rates that such person be subject to the obligations, duties, and liabilities imposed by this part upon subsidiary companies of holding companies.
(17) Voting security
(Pub. L. 109–58, title XII, § 1262, Aug. 8, 2005, 119 Stat. 972.)
§ 16452. Federal access to books and records
(a) In general
(b) Affiliate companies
(c) Holding company systems
(d) Confidentiality
(Pub. L. 109–58, title XII, § 1264, Aug. 8, 2005, 119 Stat. 974.)
§ 16453. State access to books and records
(a) In general
Upon the written request of a State commission having jurisdiction to regulate a public-utility company in a holding company system, the holding company or any associate company or affiliate thereof, other than such public-utility company, wherever located, shall produce for inspection books, accounts, memoranda, and other records that—
(1) have been identified in reasonable detail in a proceeding before the State commission;
(2) the State commission determines are relevant to costs incurred by such public-utility company; and
(3) are necessary for the effective discharge of the responsibilities of the State commission with respect to such proceeding.
(b) Limitation
(c) Confidentiality of information
(d) Effect on State law
(e) Court jurisdiction
(Pub. L. 109–58, title XII, § 1265, Aug. 8, 2005, 119 Stat. 975.)
§ 16454. Exemption authority
(a) Rulemaking
Not later than 90 days after the effective date of this part, the Commission shall issue a final rule to exempt from the requirements of section 16452 of this title (relating to Federal access to books and records) any person that is a holding company, solely with respect to one or more—
(1) qualifying facilities under the Public Utility Regulatory Policies Act of 1978 (16 U.S.C. 2601 et seq.);
(2) exempt wholesale generators; or
(3) foreign utility companies.
(b) Other authority
The Commission shall exempt a person or transaction from the requirements of section 16452 of this title (relating to Federal access to books and records) if, upon application or upon the motion of the Commission—
(1) the Commission finds that the books, accounts, memoranda, and other records of any person are not relevant to the jurisdictional rates of a public utility or natural gas company; or
(2) the Commission finds that any class of transactions is not relevant to the jurisdictional rates of a public utility or natural gas company.
(Pub. L. 109–58, title XII, § 1266, Aug. 8, 2005, 119 Stat. 975.)
§ 16455. Affiliate transactions
(a) Commission authority unaffected
(b) Recovery of costs
(Pub. L. 109–58, title XII, § 1267, Aug. 8, 2005, 119 Stat. 976.)
§ 16456. Applicability
Except as otherwise specifically provided in this part, no provision of this part shall apply to, or be deemed to include—
(1) the United States;
(2) a State or any political subdivision of a State;
(3) any foreign governmental authority not operating in the United States;
(4) any agency, authority, or instrumentality of any entity referred to in paragraph (1), (2), or (3); or
(5) any officer, agent, or employee of any entity referred to in paragraph (1), (2), (3), or (4) acting as such in the course of his or her official duty.
(Pub. L. 109–58, title XII, § 1268, Aug. 8, 2005, 119 Stat. 976.)
§ 16457. Effect on other regulations
Nothing in this part precludes the Commission or a State commission from exercising its jurisdiction under otherwise applicable law to protect utility customers.
(Pub. L. 109–58, title XII, § 1269, Aug. 8, 2005, 119 Stat. 976.)
§ 16458. Enforcement
The Commission shall have the same powers as set forth in sections 825e through 825p of title 16 to enforce the provisions of this part.
(Pub. L. 109–58, title XII, § 1270, Aug. 8, 2005, 119 Stat. 976.)
§ 16459. Savings provisions
(a) In general
(b) Effect on other Commission authority
(c) Tax treatment
(Pub. L. 109–58, title XII, § 1271, Aug. 8, 2005, 119 Stat. 976.)
§ 16460. Implementation
Not later than 4 months after August 8, 2005, the Commission shall—
(1) issue such regulations as may be necessary or appropriate to implement this part (other than section 16453 of this title, relating to State access to books and records); and
(2) submit to Congress detailed recommendations on technical and conforming amendments to Federal law necessary to carry out this part and the amendments made by this part.
(Pub. L. 109–58, title XII, § 1272, Aug. 8, 2005, 119 Stat. 977.)
§ 16461. Transfer of resources
All books and records that relate primarily to the functions transferred to the Commission under this part shall be transferred from the Securities and Exchange Commission to the Commission.
(Pub. L. 109–58, title XII, § 1273, Aug. 8, 2005, 119 Stat. 977.)
§ 16462. Service allocation
(a) Definition of public utility
(b) FERC review
(c) Effect on Federal and State law
(d) Rules
(Pub. L. 109–58, title XII, § 1275, Aug. 8, 2005, 119 Stat. 977.)
§ 16463. Authorization of appropriations
There are authorized to be appropriated such funds as may be necessary to carry out this part.
(Pub. L. 109–58, title XII, § 1276, Aug. 8, 2005, 119 Stat. 978.)