On 7 February 2018, a new specialist International Chamber within the Paris Court of Appeal was launched by the French Ministry of Justice together with the Paris Bar Association. The chamber is intended to deal with international commercial matters governed by French as well as foreign law, and the use of English as well as certain common law procedures will be permitted ...
On February 13, 2018, Mexico’s Federal Electricity Commission (“CFE”) announced the bidding process for its Ixtepec Potencia – Yautepec Potencia Transmission Line in Oaxaca (“Project”). The transmission lines will cross the following states: State of Mexico, Morelos, Puebla, Oaxaca, Mexico City and Veracruz. The estimated investment is US$1.7 billion and it will have a transmission capacity of 3,000 MW at a voltage level of 500 kV ...
Earlier this year, and five years after being presented before the National Congress, Law 21,064 that “Introduces modifications to the regulatory framework that rules water on inspection and sanctions matters”, was enacted and published in the Official Gazette (Bulletin 8149-09) (the Law). The main modifications introduced by the Law to the current regulatory framework are the following: 1 ...
As described in our earlierclient alert, dated September 13, 2016, under certain specific circumstances, section 1129 of title 11 of the United States Code (the “Bankruptcy Code”) permits a bankruptcy court to confirm a Chapter 11 plan and rewrite the terms of a debt instrument (including mortgage debt or mezzanine debt), including the interest, amortization, and maturity ...
On February 9, 2018, the Ministry of Energy (“SENER”) published in the Official Federal Gazette the “Guidelines for Interconnection of Power Plants and Connection of Load Centers” (Manual para la Interconexión de Centrales Eléctricas y Conexión de Centros de Carga) ...
On February 7, 2018 the SEC Office of Compliance Inspections and Examinations (OCIE) issued the 2018 National Exam Program Examination Priorities. In introducing the examination priorities for 2018, OCIE describes the four pillars upon which the work of OCIE is based: promoting compliance; preventing fraud; identifying and monitoring risk; and informing policy. OCIE includes in the examination priorities factual data relating to the increase in examinations of investment advisers ...
SECTION 1: Market Overview 1.1 Please provide an overview of the project finance market in your jurisdiction. Project financing is a well-established finance scheme in Israel, widely implemented in the last 15-20 years. It is used for debt financing in a variety of sectors, particularly where public private partnership (PPP) projects are involved ...
Last year the Colombian Congress issued Law 1841, which incorporated the Free Trade Agreement (“FTA”) between Colombia and Israel into the Colombian legal system. Currently, the law approving the Treaty is under review by the Colombian Constitutional Court for its definitive entry into force ...
On January 31, 2018 the National Hydrocarbons Commission (“CNH”) conducted the long-awaited event for submission and opening of bids for the Deep Water “Round 2.4” E&P license contracts. The bid round comprised 29 offshore deep waters blocks and the overall result was very successful for Mexico ...
The National Hydrocarbons Commission (CNH) published the call for the second bid of Round 3 on January 25, 2018. This new bid round (Round 3 ...
Country overview 1. Give an overview of the country’s economy, its structure and main characteristics, and prevailing government economic policy, particularly as regards foreign investment. The Philippines is an archipelago composed of more than 7,000 islands with 82 provinces divided in 18 regions. Rich in natural resources, it has a total land area of about 300,000 square kilometres. It is divided into three major island groups: Luzon, Visayas and Mindanao ...
Companies looking to purchase non-operating working interests will review longstanding operating agreements, or negotiate the terms of new operating agreements, to ensure that appropriate non-operator rights are present and enforceable ...
One of the many unresolved issues relating to Brexit is the issue of cross-border retailing. While there are certainly issues relating to online cross-border shopping (e.g., the imposition of VAT, additional charges for checks as well as delays caused by possible border/customs delays), there are certainly plenty of issues relating to cross-border bricks and mortar retailing as well. The border between Ireland and Northern Ireland ("NI") is a neat case study ...
On January 4, 2018, the U.S. Department of the Interior ("Department") announced its draft proposal of the 2019-2024 Outer Continental Shelf ("OCS") Oil and Gas Leasing Program that would reopen nearly all federal waters to offshore leasing for new oil and gas operations ...
In January 2018, Mexico’s Ministry of Energy (“SENER”) published several Guidelines as part of the applicable rules for the Wholesale Power Market (“WEM”) in the Federal Gazette. This Haynes and Boone alert is important to all participants of the WEM, including qualified users, suppliers, marketers, non-suppliers and generators. 1 ...
The end of 2017 saw a number of changes in the regulatory framework of the Rwandan financial sector, the most significant of which included a change in the law governing the regulator of the financial sector (the National Bank of Rwanda) and the enactment of the New Banking Act governing the organisation of banking, both of which were gazetted in October 2017 ...
MoneyGram International Inc. (MGI) and Ant Financial, a subsidiary of Alibaba Group Holding Ltd. (BABA), announced last week the Committee on Foreign Investment in the United States (CFIUS or the Committee) failed to approve their proposed merger. CFIUS is an inter-executive agency committee which reviews, and has the authority to reject, certain transactions that may affect the national security of the United States ...
Sen. Cornyn (R-TX), along with co-sponsors Sen. Feinstein (D-CA), Sen. Burr (R-NC), Sen. Peters (D-MI), Sen. Rubio (R-FL), and Sen. Klobuchar (D-MN), introduced the “Foreign Investment Risk Review Modernization Act of 2017” (FIRRMA) November 8, 2017. This proposed bill, and a companion bill of the same name introduced in the House of Representatives by Rep ...
The Serbian Competition Commission (the "Commission") recently fined four undertakings for bid rigging in the public procurement for the maintenance of train wagons. The contracting authority, the "Nikola Tesla" power plant, which represents the largest electricity-producing complex in Serbia, informed the Commission about possible collusion in public procurement for repair services for the train wagons it uses in coal transportation ...
As seen in Bank Director The process of establishing a de novo bank always has been complicated and time-consuming, and occasionally even painful. But since the beginning of the financial crisis, it seems that obtaining deposit insurance for a de novo bank has become a nearly impossible task. The Federal Deposit Insurance Corp. received 1,738 applications for deposit insurance from 2000 through 2008, and approved 1,258 of those applications—an approval rate of 72 percent ...
Earlier this week, the European Supervisory Authorities (ESAs) published draft amendments to EMIR-related regulatory technical standards (RTS) that align the treatment of variation margin (VM) for FX forwards with the supervisory guidance applicable in other key jurisdictions. More specifically the draft amendments propose that the requirement to exchange VM for physically settled FX forwards shall only target transactions between institutions (credit institutions and investment firms) ...
As of late this year [1], the Agency of Natural Resources and Energy announced that it has issued deadlines for the submission of renewable energy application documents, etc. based on the FIT Act in FY 2017. Upon submission of these applications, etc. they will be reviewed by the Ministry of Economy, Trade and Industry (METI), however, every year, the review process tends to be stalled because of the large number of applications submitted at the end of the fiscal year ...
Mexico maintains a minimum strategic storage inventory of crude oil and refined oil products, such as gasoline, diesel, and jet fuel, to guarantee market supply for a determined period of time. Under Article 80 Section II of the Hydrocarbons Law, the Ministry of Energy (“SENER”) has the authority to issue public policies to determine the required strategic storage volumes ...
On December 7, 2017, the Ministry of Energy (“SENER”) announced the first bidding process for the financing, installation, maintenance, management, and operation of the Baja California Electric System interconnection with the National Grid (“National Grid”). This is the first power transmission project allowing private participation in power transmission lines in Mexico. The estimated investment will be US$1.1 billion ...
