Page:United States Statutes at Large Volume 119.djvu/1000

 119 STAT. 982

PUBLIC LAW 109–58—AUG. 8, 2005

(d) RULEMAKING.—The Federal Trade Commission shall proceed in accordance with section 553 of title 5, United States Code, when prescribing a rule under this section. (e) STATE AUTHORITY.—If the Federal Trade Commission determines that a State’s regulations provide equivalent or greater protection than the provisions of this section, such State regulations shall apply in that State in lieu of the regulations issued by the Commission under this section. (f) DEFINITIONS.—For purposes of this section: (1) STATE REGULATORY AUTHORITY.—The term ‘‘State regulatory authority’’ has the meaning given that term in section 3(21) of the Federal Power Act (16 U.S.C. 796(21)). (2) ELECTRIC CONSUMER AND ELECTRIC UTILITY.—The terms ‘‘electric consumer’’ and ‘‘electric utility’’ have the meanings given those terms in section 3 of the Public Utility Regulatory Policies Act of 1978 (16 U.S.C. 2602). SEC. 1288. AUTHORITY OF COURT TO PROHIBIT INDIVIDUALS FROM SERVING AS OFFICERS, DIRECTORS, AND ENERGY TRADERS.

Section 314 of the Federal Power Act (16 U.S.C. 825m) is amended by adding at the end the following: ‘‘(d) In any proceedings under subsection (a), the court may prohibit, conditionally or unconditionally, and permanently or for such period of time as the court determines, any individual who is engaged or has engaged in practices constituting a violation of section 221 (and related rules and regulations) from— ‘‘(1) acting as an officer or director of an electric utility; or ‘‘(2) engaging in the business of purchasing or selling— ‘‘(A) electric energy; or ‘‘(B) transmission services subject to the jurisdiction of the Commission.’’. SEC. 1289. MERGER REVIEW REFORM.

(a) IN GENERAL.—Section 203(a) of the Federal Power Act (16 U.S.C. 824b(a)) is amended to read as follows: ‘‘(a)(1) No public utility shall, without first having secured an order of the Commission authorizing it to do so— ‘‘(A) sell, lease, or otherwise dispose of the whole of its facilities subject to the jurisdiction of the Commission, or any part thereof of a value in excess of $10,000,000; ‘‘(B) merge or consolidate, directly or indirectly, such facilities or any part thereof with those of any other person, by any means whatsoever; ‘‘(C) purchase, acquire, or take any security with a value in excess of $10,000,000 of any other public utility; or ‘‘(D) purchase, lease, or otherwise acquire an existing generation facility— ‘‘(i) that has a value in excess of $10,000,000; and ‘‘(ii) that is used for interstate wholesale sales and over which the Commission has jurisdiction for ratemaking purposes. ‘‘(2) No holding company in a holding company system that includes a transmitting utility or an electric utility shall purchase, acquire, or take any security with a value in excess

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