On June 23rd, the Federal Energy Regulatory Commission (FERC) released a rule proposal that would amend a number of its financial reporting forms and related filing requirements. The proposed changes are designed to enhance transparency and ensure that the FERC’s financial forms remain accurate and suitable for use.
More specifically, the FERC is proposing to revise the following forms:
- FERC Annual Report Form Nos. 1, 1-F, 2, 2-A, 6, and 60
- FERC Quarterly Report Form Nos. 3-Q and 6-Q
Additionally, the FERC is proposing to eliminate certain schedules from FERC Form Nos. 3-Q and 6-Q. The FERC also is proposing to revise the regulation for FERC Form No. 6-Q to clarify that oil pipelines with annual jurisdictional operating revenues less than $500,000 are exempted from filing the quarterly form. The FERC notes that the updates to the quarterly forms would reduce the reporting burden for jurisdictional entities.
Finally, should the proposed revisions be approved, they would:
- modernize reporting and correct outdated references
- update instructions and streamline certain reporting elements
- align filing requirements with current statutory and operational practices
- improve the clarity and usability of financial data submitted by regulated entities
For more information on the Revisions to Financial Forms Reporting and Filing Requirements rule proposal, please visit the Federal Register’s site.
Interested parties may submit feedback during the public comment period, which will remain open for 60 days following its scheduled June 24th publication in the Federal Register.
Source:
Revisions to Financial Forms Reporting and Filing Requirements (federalregister.gov)
