David Applebaum's practice focuses on energy industry enforcement, compliance, internal investigations, audits, litigation, regulatory, and policy matters. He regularly advises on proposed energy market transactions to mitigate enforcement risk from FERC (Federal Energy Regulatory Commission), CFTC (Commodity Futures Trading Commission), NERC (North American Electric Reliability Corporation), state public utility commissions (PUCs), antitrust enforcers, and RTO (Regional Transmission Organization) market monitors. David has successfully represented clients on a broad range of enforcement investigations and surveillance inquiries alleging market manipulation.
David is the former head of FERC's Division of Investigations, where he managed all aspects of the Division, including decisions on opening, conducting, and resolving investigations, settlements, enforcement actions, trials, and electric reliability inquiries. He also led the Division in coordination efforts with the CFTC on market manipulation investigations. During his government service, David was a member of the Office of Enforcement senior management team and was a key advisor to Commissioners' Offices and senior staff on enforcement matters.
Before FERC, David was in private practice, focusing on antitrust, class action, and financial services litigation for corporate clients.
David chairs the Energy Bar Association's Compliance and Enforcement Committee and frequently presents on enforcement topics at major industry conferences sponsored by the Energy Bar Association, Securities Industry and Financial Markets Association (SIFMA), S&P Global Platts, Futures Industry Association (FIA), Edison Electric Institute, the ABA, Energy Risk USA, and Society of Corporate Compliance and Ethics (SCCE).
David also actively participates in Jones Day's VetLex program, providing pro bono legal services to veterans.
Experience
The following represents experience acquired prior to joining Jones Day.
Represented natural gas traders, power traders, and other market participants in FERC market manipulation investigations.
Represented market participants in inquiries led by FERC Enforcement's Division of Analytics and Surveillance.
Represented energy sector clients in antitrust and energy-related litigation.
Provided anti-market manipulation and FERC compliance training to natural gas and power traders, generators, and natural gas pipelines.
Represented natural gas and power market participants in connection with FERC self-reports.
Conducted due diligence in connection with client investments in energy firms.
Additional Publications
Publications Prior to Jones Day
October 3, 2018
FERC Market Manipulation Win Leaves Questions Unresolved, Law360
April 6, 2018
Another Court Upholds FERC Theory Of Market Gaming, Law360
March 13, 2018
FERC Practice and Procedure, Global Competition Review
June 16, 2017
FERC At 40: How It Became An Enforcement, Law360
May 2017
FERC Should Rescind Its Notice of Alleged Violations, George Washington Journal Energy & Environmental Law
February 22, 2017
Big Settlement Shows FERC's Pursuit Of Market Gaming, Law360
October 6, 2016
Maxim Settlement Reflects Expansive View Of FERC Rule, Law360
September 8, 2016
FERC's Continued Pursuit Of Individual Trader Liability, Law360
2009
Contributor, ABA Section of Antitrust Law, State Antitrust Practice and Statutes (4th ed.)
June 2008
Contributor, Joint Comments of the ABA on the Commission of the European Communities' White Paper on Damages Actions for Breach of the EC Antitrust Rules
2007
Contributor, Annual Review of Antitrust Law Developments (update)
Spring 2004
Coauthor, "Safer than a Known Way? A Critique of the FTC's Report on Competition and Patent Law and Policy,18 Antitrust 39
2004
Contributor, ABA Section of Antitrust Law, Mergers & Acquisitions: Understanding the Antitrust Issues
Speaking Engagements
- May 12, 2023
Moderator, Energy Bar Association Annual Meeting, "FERC Enforcement: What Market Participants Ought to Know." - March 9, 2023
Panelist, Energy Bar Association, Annual Enforcers & Defenders Forum. - February 24, 2023
Houston Bar Association Webinar: A Clash of Two Congressionally Constructed Titans: FERC v. Bankruptcy Court Jurisdiction, Speaker - October 27, 2022
Panelist, S&P Global Nodal Trader Conference, Trends in Compliance and Enforcement in Nodal Trading - August 4, 2022
Panelist, FIA, Agency Deference No More? Lessons from West Virginia v. EPA - June 15, 2021
Panelist, Energy Bar Association, FERC Enforcement: Recent Developments & What Lies Ahead In A New Administration - September 15, 2020
Panelist, 19th Annual Compliance & Ethics Institute, Compliance in the Crosshairs: What the Courts Are Saying About Effective Compliance Practices in Compliance Officer Liability Cases - December 2019
Panelist, Energy Bar Association Event, FERC Enforcement Roundtable - September 18, 2019
Panelist, 18th Annual Compliance & Ethics Institute, What Do Regulators and Enforcement Staff Understand and Misunderstand About Compliance Programs and Compliance Culture. - July 2019
Speaker, American Gas Association Legal Forum, FERC Investigations & Enforcement Post Energy Policy Act of 2005. - June 2019
Panelist, FIA Commodities Symposium, Best Practices for CFTC and FERC Compliance Programs. - April 2019
Edison Electric Institute (EEI) Webinar: What You Need to Know about the FERC Enforcement Process, Speaker
Speaking Engagements Prior to Jones Day
January 2019
Panelist, FERC, CFTC and Private Compliance, Surveillance Enforcement Update, EUCI Financial Transmission, Congestion and Auction Revenue Rights Conference
Baltimore, Maryland
October 2018
Moderator, S&P Global Platts Nodal Trader Conference, Market Manipulation: A New Era in FERC Enforcement? Lessons Learned from Recent Cases
New York, New York
May 2018
Panelist, Energy Bar Association, Annual Meeting, FERC Enforcement 2018 and Beyond: Update, Analysis and Perspectives
Washington, D.C.
January 2018
Panelist, ACI's 14 National Forum on Energy Trading Compliance and Regulatory Enforcement, A Guide to Relevant Agencies, Key Regulations, and Compliance Fundamentals
Houston, Texas
October 2017
Energy Bar Association CLE Program, FERC Enforcement: Effectively Defending Investigations, Recent Developments, and Key Issues Facing the New Commission
Houston, Texas
April 2017
Panelist, 30th Annual WSPP Joint Executive and Operating Committee Meeting, Enforcement in the Energy Industry
Austin, Texas
January 2017
EUCI Conference, Financial Transmission Rights, The Future of FERC Enforcement and Its Implications on Broader FTR/CRR Portfolio & Transaction Management
Washington, D.C.
November 2016
Guest Speaker, Deloitte Risk Council Meeting, FERC Enforcement: Updates and Trends
Chicago, Illinois
January 2016
Panelist, ABA, Derivatives and Futures Law Committee Winter Meeting, Trends in Enforcement and Related Litigation
Naples, Florida
January 2016
Speaker, Law Seminars International, Buying and Selling Electric Power in the West, FERC Anti-Market Manipulation Enforcement Trends
Seattle, Washington
July 2015
Panelist, EUCI Conference, Financial Transmission Rights, What Trading Organizations Can Do to Proactively Manage Swaps Manipulation Risks
Washington, D.C.
May 2015
Panelist, Energy Bar Association, 2015 Annual Meeting, Market Manipulation — Strategies and Trends in CFTC and FERC Enforcement
Washington, D.C.
March 2015
Panelist, SIFMA Compliance and Legal Society Annual Seminar, Commodities, Futures and Energy Issues
Phoenix, Arizona
January 2015
INGAA Compliance Forum, FERC Enforcement Developments
Washington, D.C.
June 2014
Speaker, European Union's Agency for the Cooperation of Energy Regulators (ACER) Annual Conference, FERC Enforcement
Ljubljana, Slovenia
March 2014
Panelist, SIFMA Compliance and Legal Society Annual Seminar, Commodities, Futures and Energy Issues
Orlando, Florida
October 2013
Panelist, Edison Electric Institute's Dodd-Frank Compliance Forum, CFTC and FERC Compliance Issues
Washington, D.C.
May 2013
Keynote Speaker, Energy Risk USA Conference, FERC Enforcement, Market Manipulation, Compliance, and Recent Developments
Houston, Texas
October 2012
Speaker, Platts Nodal Trader Conference, FERC Enforcement Developments
New York, New York
May 2011
Panelist, Edison Electric Institute's Dodd-Frank Compliance Forum, CFTC and FERC Compliance Issues
Washington, D.C.
April 2010
Session chair and moderator for ABA Antitrust Section Spring Meeting panel, Changing Class Certification Standards
Washington, D.C.
November 2009
Moderator, ABA Antitrust Section, Civil Practice and Procedure Committee's Brown Bag Program on E-Discovery
Minneapolis, Minnesota
2008 and 2009
CLE presenter and contributor for class action segment of Minnesota Business Torts Deskbook
Minneapolis, Minnesota
"Provides excellent counsel in complex, high-impact matters based on his extensive experience."Chambers USA
- Vanderbilt University (J.D. 1999; Editor-in-Chief, Vanderbilt Journal of Transnational Law); University of Pennsylvania (B.A. in History magna cum laude 1996; Phi Beta Kappa)
- Texas, District of Columbia, and New York
- Served with the Federal Energy Regulatory Commission, Division of Investigations, Office of Enforcement in the following positions: Director (2015-2016), Acting Director (April-September 2015), Deputy Director (2012-2015), Branch Chief (2011-2012), and Attorney-Advisor (2010-2011)
Chambers USA: America's Leading Lawyers for Business — electricity: regulatory and litigation (2019-2023)
Chambers Global (2022-2023)
Named as a Thomson Reuters Stand-out Lawyer (2022-2023)
Legal 500 United States — energy regulatory (2020-2022)
Member, Editorial Board, Energy Law Journal
Former vice chair, ABA Antitrust Section's Civil Practice & Procedure Committee
Fellow, Texas Bar Foundation
- Law Clerk to: Justice Frank F. Drowota III, Tennessee Supreme Court (2000-2001) and Senior Judge Thomas A. Wiseman Jr., U.S. District Court, Middle District of Tennessee (1999-2000)