Last month, the UK Financial Conduct Authority (FCA) published its "Regulatory Sandbox – Lessons Learned Report". In the Report, the FCA evaluated the progress of the UK financial regulatory sandbox during its first year of operation and tentatively concluded that the initiative has so far been a success ...
In August 2016, we reviewed publicly available data for a group of 58 E&P companies and predicted how they would fare under the leverage test that had, at the time, recently been introduced by the OCC.Based on that review, we predicted that, in 2016, over 91 percent of the companies reviewed would be non-passing credits under the OCC’s leverage test. The average leverage ratio of the E&P companies reviewed in 2016 was 6.0x ...
During the months of September and October 2017, new regulations and administrative guidelines in the Mexican energy sector were issued. These are of particular importance to oil and gas producers, midstream companies, power generators, traders, developers and others looking to invest or expand operations in Mexico’s dynamic energy sector. I. Hydrocarbons September 5, 2017. NOM-167-SEMARNAT-2017 ...
Simonsen Vogt Wiig and lead counsel Anders Thue represented Fosen-Linjen AS (a ferry operator) against AtB AS before the EFTA Court. AtB organises the public transportation in one of the Norwegian counties. In its judgment delivered earlier this year (in Case E-16/16), the EFTA Court replied to questions referred to it by the Frostating Court of Appeal (Frostating lagmannsrett) ...
A common question our Education Law Group receives is, “Can an employee rescind his or her written resignation that has been submitted to the superintendent and is waiting on approval from the board of education?” Unfortunately the question often arises frequently in situations where the employee is not the “best employee” and administration feels thankful upon receipt of the resignation ...
On Oct. 6, 2017, during a speech at New York University School of Law, Deputy Attorney General Rod Rosenstein explained the Department of Justice (DOJ) is reexamining current DOJ policy as part of an effort to streamline and centralize internal guidance. As of now, DOJ policies span multiple sources, including internal manuals, memoranda, speeches and articles interpreting policies ...
Contractual negotiations for ships and offshore units commonly involve commercial, legal, and technical teams negotiating different parts of the contract. It is however crucial that before the contract is signed, it is read as a whole to ensure consistency in a party’s obligations throughout the contract. The English Supreme Court’s judgment in MT Højgaard A/S v. E ...
The Slovenian National Assembly adopted the Class Action Law, which will implement an important institute to the Slovenian legal system, i.e. mechanism of class action. This mechanism is already applied in the UK, Belgium, Netherlands and Sweden, but is yet to be implemented in numerous EU member states. The new mechanism of class action will provide for the injured parties, both natural and legal persons, to file a compensation claim in case of mass harm situations ...
Following the collapse of oil prices – from their peak of an average of $112 per barrel to their lowest point of $28 per barrel - a significant number of developments became commercially unviable. During the lowest period, oil prices were substantially lower than the breakeven price of most new developments ...
On September 18, 2017, the National Hydrocarbons Commission (Comisión Nacional de Hidrocarburos) (“CNH”) called an international public bid for the selection of a partner for Pemex Exploración y Producción (“Pemex”) to pursue exploration and production activities in the Nobilis-Maximino field, located in deep waters in the Perdido Belt in the Gulf of Mexico ...
It has been almost two years since Republic Act No. 10667, otherwise known as the Philippine Competition Act (the PCA), took effect on August 8, 2015 ...
In less than 4 months the Priips-Kid regulation will come into force. The exercise of ensuring compliance with this regulation is not an easy one ...
The Mexican government announced on September 28, 2017 the first bid of Round 3. This will be the sixteenth upstream bid round in Mexico since the enactment of the energy reform in mid-2014. The new bid round (named Round 3 ...
Yesterday, U.S. Attorney General Jefferson Sessions issued new guidance reversing the federal government’s former position that gender identity is protected under Title VII. In a memo sent to the heads of all federal agencies and the U.S. attorneys, the attorney general stated that as a matter of law, “Title VII does not prohibit discrimination based on gender identity per se ...
Dubai is the fastest growing healthcare market within the GCC and is becoming an increasingly attractive sector for investors. In this inBrief article we explain the key drivers behind this growth and set out the options available to investors wishing to enter the Dubai healthcare market ...
Are bidders required to partner with a Taiwan company to participate in the bidding process? Foreign companies may participate in the bidding process on their own, so long as they meet the bidding qualifications. Most public engineering projects permit either bidding by a single company or by a joint bid. So long as a company is able to meet the qualifications for the procurement project, it may submit a bid on its own ...
Noble Group continues to draw fire from Iceberg Research more than two years after the short-selling firm first accused the listed commodities trader of questionable accounting practices. In August this year, Iceberg renewed its criticism of the group, but expanded its crosshairs to include Singapore's regulators ...
Earlier this year, the Tenth Circuit dismissed two appeals in connection with the Bureau of Land Management’s (“BLM”) Final Rule implementing its regulations imposing new standards and obligations on hydraulic fracturing on federal and Indian lands (“Fracking Rule”). The appeals had been filed challenging the district court’s prior ruling that struck down the rule in the face of industry, state, and tribal challenges ...
After weeks of headlines dominated by Equifax’s cyber breach affecting 143 million consumers and the breach of the SEC’s own EDGAR system, the SEC recently announced the creation of (i) a Cyber Unit to target cyber-related misconduct and (ii) a Retail Strategy Task Force to strengthen its protection of retail investors ...
On June 30, 2017, Governor Kasich signed the workers’ compensation budget bill. House Bill 27, which funds the Bureau of Workers’ Compensation, also made several important changes significant to Ohio employers. The changes are effective September 29, 2017. The most impactful portions of House Bill 27 involve a modification in the injury statute of limitations for filing a claim, reducing the filing from two years of the date of injury to one year ...
As part of the implementation of the Mexican energy reform of 2013, several new regulations and administrative guidelines affecting the hydrocarbons and power industries were issued during July-August 2017. These are of particular importance to oil and gas producers, midstream companies and power generators, traders and others looking to invest or expand operations in Mexico’s dynamic energy sector ...
The District Court for the Southern District of New York recently rejected the notion of a “holistic” approach to materiality, instead zeroing in on the government’s continued payment of claims despite knowledge of non-compliances as proof positive those non-compliances were not material. In United States ex rel. Kolchinsky v. Moody’s Corp ...
On Friday, September 22, 2017, the Department of Education, Office of Civil Rights (OCR) officially withdrew two guidance documents issued under the Obama administration regarding implementation of Title IX on school campuses. In place of these guidance documents, the OCR issued new interim guidance documents regarding how schools should handle sexual assaults. The OCR indicated official guidance and directives will be issued after a formal notice and comment period ...
