Proposed Rule Would Allow e-Filing of Interlocking Directorates, 20 Largest Utility Purchasers Information

 Amid a flurry of rulemaking activity at the end of May, FERC issued a Notice of Proposed Rulemaking (NOPR) on May 27, 2005, seeking comments on whether it should provide for the electronic filing of required information on interlocking positions (FERC Form 520 and Form 561) and a public utility's annual report of its twenty largest energy purchasers (FERC Form 566).  Without advance FERC approval, Federal Power Act (FPA) § 305(b) prohibits individuals from holding positions as an officer or director at more than one public utility, or from holding officer or director positions simultaneously at a public utility and either an entity authorized to underwrite or market public utility securities or an entity supplying electrical equipment.  FERC approval is initially obtained by filing Form 520.  Once FERC approves the holding of interlocking positions, the officer or director must file Form 561 annually by April 30 of each year.  In addition, FPA § 305(c) requires a public utility to file a report identifying its twenty largest utility customers each year by January 31, which helps FERC identify possible conflicts of interest.  If adopted, the proposed rule would allow the filing of these forms electronically, as suggested by the FERC's Information Assessment Team (FIAT).  Comments on the NOPR are due 60 days following the publication of notice in the Federal Register.  [Electronic Filing of Interlocking Positions and Twenty Largest Purchase Information, 111 FERC ¶ 61,278 (2005)] [NEW MATTER]