Financial Protections Including Ring Fencing

17.	Some states have a formal set of rules commonly called "ring fencing". By ring fencing we mean formal provisions that wall off certain assets and liabilities between the holding company, various affiliates and the utility. Which one of the following describe the nature of your ring fencing authorities?
	(Check one.)
	1.		Specific statutory requirement to enact protections
	2.		Specific statutory authority to enact protections
	3.		Specific regulatory authority to enact protections
	4.		General authority to enact protections
	5.		No ring fencing authority (Click here to skip to question 20.)

18.	(If you have ring fencing authority) What proportion of utilities does your ring fencing authority cover?
	(Check one.)
	1.		Provisions cover all utilities
	2.		Provisions cover select utilities
	3.		Provisions do not cover any utilities (Click here to skip to question 20.)

19.	(If the provisions cover some or all utilities) How many of the utilities that your commission oversees have some form of ring fencing?

20.	What is the status of your authority to require each of the following provisions?
	(Check one for each row.)

		Commission currently uses this authority	Commission has this authority but does not currently use it	Commission has no authority for such provision
	a. Dividend restrictions
	b. Equity ratio requirements
	c. Unregulated investment restrictions
	d. Maintenance of stand-alone bond ratings
	e. Use of utility assets as collateral
	f. Working capital restrictions
	g. Prohibitions on inter-company loans
	h. Prohibitions on utility asset sales
	i. Independence of board members

21.	Which of the following forms of monitoring does your commission use to monitor companies' adherence to specific financial protections required by your commission?
	(Check all that apply.)
	1.		Formal annual analysis by commission staff
	2.		Formal annual submissions by utility that delineate specific compliance with each
	3.		Periodic analysis by commission staff
	4.		Event-driven analysis by commission staff (e.g. company disclosures, press stories, etc.)
	5.		Considered as part of ratemaking procedures
	6.		Not formally reviewed

22.	Can your commission require that utilities, holding companies, or affiliates provide compensation information, such as salaries, incentives, benefits and various equity holdings, for each of the following?
	Check one for each row.

		Yes, but only for regulated utility	Yes, for utility and holding company	Yes, for utility, holding company, and affiliates	No
	a. All employees
	b. Executive officers
	c. Other select employees

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Full Report: GAO-08-289

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