Commissioner Michael V. Dunn, of the Commodity Futures Trading Commission, addressed the annual meeting of the American Public Gas Association on August 7. His topic was alleged market manipulation in the energy derivative markets. Noting that “in the absence of a regulatory structure based on accountability and transparency, manipulative behavior may go undetected,” Commissioner Dunn stated that Congress “needs to revisit energy regulation in light of the core objectives of the [Commodity Exchange Act]: protecting price discovery, guarding against fraud and manipulation, and preserving the effectiveness of futures and options markets as hedging tools.” In Commissioner Dunn’s view, Congress should consider (i) removing the section 2(h)(3) exemption, relied upon by markets such as IntercontinentalExchange, from the Commodity Exchange Act; (ii) providing explicit authority for the CFTC to approve foreign boards of trade (FBOTs) that wish to provide direct access to US customers, thereby allowing the CFTC to codify the no-action process for FBOTs; and (iii) directing the CFTC to harmonize its definition of manipulation with that of the Securities and Exchange Commission and the Federal Energy Regulatory Commission.