FERC's Policy Statement On Compliance

Law360, New York (October 21, 2008, 12:00 AM EDT) -- On Oct. 16, 2008, the Federal Energy Regulatory Commission (FERC) issued a supplemental Policy Statement on Compliance with its rules and regulations (Docket No. PL09 - 1 - 000) (Policy Statement).

The Policy Statement states that if a company acts "aggressively to adopt, foster, and maintain" an effective culture of compliance, and has in place “rigorous procedures and processes that provide effective accountability for compliance,” FERC may reduce–or even eliminate–the civil penalty that would otherwise be imposed if a violation occurs.

In supplementing its May 2008...
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