The proposed new Renewable Energy Sources Act would significantly change the system of support for electricity produced in Poland from renewable resources. If the bill is enacted, companies in the power industry in Poland will have to make major revisions to their business plans ...
In the 2012 regular session of the West Virginia Legislature, several resolutions were passed with potential future impact on the shale gas industry. Below is a summary of those significant resolutions. Senate Concurrent Resolution No. 52 This resolution requests the Joint Committee on Government and Finance to study the viability of increasing severance tax rates on shale gas ...
Bankers confront the bankruptcy world regularly. It can be a world of somewhat unfamiliar, if not confusing, concepts and terms. Unfortunately, it can also be a world fraught with risk associated with taking actions (or not taking actions) that run afoul of the rules or jeopardize the bank’s rights against the borrower. Here are a few of the “truths” that bankers need to keep in mind in the bankruptcy world. 1. The automatic stay is, well, automatic ...
A creation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. Law 111-203 (“Dodd-Frank Act”), the Consumer Financial Protection Bureau (“CFPB”) is charged with regulating consumer lending activities of financial institutions and, in partnership with state attorneys general, enforcing numerous federal consumer protection laws ...
At the end of 2011 the Polish utility sector received a present from the government in the form of a long-awaited package of proposed energy legislation. How could it change the rules of the market? February was the deadline for public comment on a legislative package including the proposed new Energy Law, Gas Law and Renewable Energy Sources Act ...
E-DISTRIBUTION OF INSURANCE PRODUCTS: THE AMF WANTS YOUR INPUT!On February 24, 2012, the Autorité des marchés financiers (the “AMF”) published, on its website, a notice of consultation entitled Notice and Request and Comment on Internet Insurance Offerings in Québec (the “Notice”). This process follows the AMF’s analysis, initiated a few years ago, on the issues relating to e-distribution of insurance products ...
On February 1, 2012, the West Virginia Department of Environmental Protection (“DEP”) and its Office of Oil and Gas (“OOG”) conducted what it named the “Natural Gas Horizontal Well Control Act Industry Workshop” at the Marriott Town Center in Charleston, West Virginia (“Workshop”). For those of you who may have missed all or a portion of the Workshop, the following is a summary of the presentations by the various DEP speakers ...
On December 20, 2011, President Barack Obama, Vice President Joe Biden, Deputy Defense Secretary Ashton B. Carter, and Army General Martin E. Dempsey, chairman of the Joint Chiefs of Staff, welcomed home the final group of United States troops from Iraq. After more than twenty years and two wars with Iraq, this long-awaited homecoming symbolized the end of an era for many ...
On 6 January 2012, Bank Indonesia issued Regulation No. 14/2/PBI/2012 on the Amendment to Bank Indonesia Regulation No. 11/11/PBI/2009 on Card-Based Payment Instrument Activities (“New Regulation”). The New Regulation is aimed at re-evaluating the role of credit cards as a means of payment and to promote consumer protection when using credit and debit cards as a method of payment. The New Regulation is also aimed at limiting the provision of loans through credit cards ...
Bank Indonesia has issued Regulation No. 13/25/PBI/2011 regarding The Precautionary Principle to Delegate Some Commercial Bank Work to Third Parties (“Regulation”). Under the Regulation, banks should be more selective in selecting outsourcing companies in order to maintain the level of service provided to customers ...
Among other matters, this law establishes the use limitation principle in the treatment of personal data. This law will supplement our legislation on this matter, in particular Law 19,628 on Data Protection. This law specifically focuses on the collection and treatment of personal data of an economic, financial, banking or commercial nature by data banks, distributors of personal records or personal data banks ...
The Energy Act 2011 deals with securing energy supplies and the regulation of renewable energy resources. It also sets out the framework to facilitate the "Green Deal" to be launched, with the support of secondary legislation this coming Spring. The Green Deal offers “no upfront cost” in respect of the installation of energy saving measures ...
Today, Google have made the very interesting (but arguably provocative) move of completely rejecting the French data protection regulator's request to put a hold on the implementation of proposed changes to its privacy policies. In doing so it has become the subject of a Europe-wide investigation. What has changed? Up until today, the information collected by Google on each of its platforms, such as Gmail and YouTube, was kept separate ...
On February 21, 2012, in Anshutz Exploration Corp. v. Town of Dryden, a New York court upheld a municipality’s effort to restrict production of oil and natural gas within city limits. The case arose from the Town of Dryden’s effort to ban horizontal-well fracking by amending a zoning ordinance to prohibit all activities related to exploration for, production and storage of oil and natural gas. Anshutz challenged Dryden’s ordinance, arguing that it was preempted by state law ...
The scope of additional hypothecs was examined by the Superior Court of September 6, 2011 in the case of Banque Nationale Du Canada v. Larouche. At issues in this case was whether the additional hypothec provision contained in the deed of hypothec granted by Mr ...
President Obama has renewed his proposal to cut over $40 billion in tax breaks for oil, gas and coal producers over the next decade in an attempt to spend more for alternate energy and conservation. The $3.8 trillion budget proposal represents a 29% increase in renewable energy funds in 2013, as compared to 2012 ...
On 6 February 2012 the Cabinet of Ministers of Ukraine amended its Resolutions No. 1297 and No. 1298, dated 30 November 2011 (the "PSA Resolutions"), which determine tender terms for conclusion of production sharing agreements ("PSA") on exploration and production of hydrocarbons, in particular non-conventional gas, in Oles'ka and Yuzivs'ka subsoil blocks. These amendments (the "Amendments") are apparently made to address some of the foreign investors' concerns ...
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The Supreme Court of Canada confirms that only those modern practices that maintain a reasonable degree of continuity with the practices, customs or traditions that were integral to an Aboriginal group’s pre-contact dist inctive culture will be protected as an Aboriginal right under section 35 of the Constitution Act, 1982. On November 10, 2011, in the case of Lax Kw’alaams Indian Band v ...
2011 saw steady increases of production throughout the Marcellus Shale play, a heavy emphasis on strengthening and expanding pipeline infrastructure, and a boom in the level of activity in the Utica Shale play ...
Bank Indonesia (BI) issued a new Bank Indonesia Regulation No. 13/2011 on 30 September 2011 on Receipt of Export Earnings in Foreign Exchange and Withdrawal of Offshore Loans in Foreign Exchange. The new regulation will be effective as of 2 January 2012 ...
The Law on the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) was passed by the House of Representatives on 27 October 2011 and has been ratified by the President. The Law establishes the OJK as a new independent financial institution, which will take over several regulatory and supervisory authorities presently held by Bank Indonesia and the Capital Market and Financial Institution Supervisory Body (Bapepam-LK) ...
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