ERAC Regulatory Compliance & Legal Framework

Question 1

Which agency is primarily responsible for regulating interstate electricity markets in the US?

Accepted Answer

FERC

Answer

EPA

Answer

OSHA

Answer

SEC

Question 2

What is the main purpose of the Sarbanes-Oxley Act (SOX) in the energy sector?

Accepted Answer

Improve corporate governance

Answer

Regulate environmental standards

Answer

Control energy prices

Answer

Enforce safety protocols

Question 3

Which law requires companies to disclose material risks to investors?

Accepted Answer

Securities Exchange Act

Answer

Clean Air Act

Answer

Energy Policy Act

Answer

Federal Power Act

Question 4

What is the role of compliance programs in energy companies?

Accepted Answer

Ensure legal and regulatory adherence

Answer

Increase profits only

Answer

Ignore regulatory changes

Answer

Reduce employee training

Question 5

Which regulatory framework governs greenhouse gas emissions reporting?

Accepted Answer

Greenhouse Gas Reporting Program

Answer

Clean Water Act

Answer

National Environmental Policy Act

Answer

Occupational Safety and Health Act

Question 6

What is the consequence of non-compliance with energy regulations?

Accepted Answer

Fines and legal penalties

Answer

Tax credits

Answer

Increased subsidies

Answer

Automatic license renewal

Question 7

Which law regulates workplace safety in the energy industry?

Accepted Answer

OSHA

Answer

FERC

Answer

EPA

Answer

SEC

Question 8

What is the purpose of internal audits in energy companies?

Accepted Answer

Evaluate compliance and controls

Answer

Reduce costs only

Answer

Increase production

Answer

Ignore risks

Question 9

Why is documentation important in regulatory compliance?

Accepted Answer

To provide proof of compliance

Answer

To confuse regulators

Answer

To hide non-compliance

Answer

To increase paperwork unnecessarily