An increased number of corporate transactions and mergers have been observed in the oil and gas sector on the Norwegian Continental Shelf (NCS) in recent years. Several oil majors and traditional utilities and downstream companies have reduced their presence and, to some extent, been replaced by smaller companies, including start-ups backed by private equity ...
“Belarus will become the first government in the world that opens wide opportunities for the use of blockchain technology”, said in a statement on the official website of the President of Belarus. Alexander Lukashenko, who signed the new law of the land, believes that his county “has every chance of becoming a regional center in this area.” The Presidential Decree of the Republic of Belarus No ...
UAE Federal Law 20 of 2016 (Regarding the Pledge of Movables as Security for a Debt) (the Pledge Law) introduced a new regime for registering a pledge over moveable assets which are pledged as security for the repayment of a debt. We reported on this law in our inBrief of January 2017, New UAE Pledge Law Over Moveable Assets, and our Legal Alert of 19 February 2018, The New UAE Pledge Law – Security Registration ...
When a half-mile from the nearest body of water, must you obtain a federal permit when discharging treated wastewater to groundwater? According to a recent Ninth Circuit decision, the answer may be yes.[1] This alarmed many because the Clean Water Act regulates discharges to navigable waters from "point sources" like pipes or ditches ...
BackgroundThe Bank of Uganda recently released the Financial Institutions (Islamic Banking) Regulations (the “Regulations”), which were gazetted on 2 February 2018. The Regulations seek to operationalise Islamic banking in the country, which was introduced by The Financial Institutions (Amendment) Act, 2016 as part of its wider efforts to boost financial inclusion ...
The Report of the Financial Services Ombudsman (FSO) was issued earlier this year. As always, it contains interesting insights on trends and outcomes in FSO complaints. Complaints Received The FSO received 4,538 eligible complaints in 2017, broadly similar to the number in 2016. The FSO closed 3867 complaints during 2017 compared to 4,323 in 2016 ...
Population growth has become the be-all and end-all for economic prosperity, but how on Earth can we cope with the extra billions of people? While “leafing” – or should I instead say “scrolling” in today’s need to sound tech savvy – through the news websites, the two subjects seemed to have captured the media’s attention: immigration and plastic ...
H.B. 4270 Passed - March 10, 2018 Signed by Governor - March 27, 2018 Effective - June 8, 2018 The Information Reporting and Payments to Owners bill (H.B. 4270) is a companion bill to the Cotenancy Modernization bill ...
The 2018 West Virginia legislative session was a busy one regarding consumer finance law. Legislators focused on the West Virginia Consumer Credit and Protection Act and the West Virginia Safe Mortgage Licensing Act. The West Virginia Legislature passed at least three bills this past session that affect consumers or financial transactions ...
On March 15, 2018, the National Center for Energy Control (“CENACE”) announced the fourth long-term auction for the purchase and sale of power, capacity, and clean energy certificates. The term of the contracts for power and capacity will be 15 years while the term for clean energy certificate contracts will be 20 years. The standard commercial operation date of the power generation projects awarded under the auction is scheduled for January 1, 2021 ...
Following an extensive consultation process over a two-year period with relevant stakeholders in the project finance market, the South African Registrar of Securities Services (the “Registrar”) has announced that the Johannesburg Stock Exchange (“JSE”) Debt Listings Requirements (“DLRs”) have been amended with effect from 1 March 2018 to include a new section 10, which will now specifically cater for so-called “project bonds” ...
On February 12, 2018 the Mexican Secretariat of Communications and Transportation (“SCT”) published the draft of Mexican Environmental Standard PROY-NOM-036-SCT3-2017 in the Official Daily Gazette, which sets forth the maximum allowable limits of noise generated by aircraft. Within the next 60 calendar days, any interested party may provide comments to the National Consultation Committee of Air Transportation Standardization ...
Congress recently enacted comprehensive tax reform (the “Act”). This memorandum highlights some of the provisions of the Act that are particularly relevant to U.S. multinational groups, with a focus on the provisions relating to income associated with intangible property, as defined for applicable U.S. federal income tax purposes. New Corporate Tax Rate The Act significantly changes the U.S ...
As the Commission for the Financial Market (the “Commission”) came into full force this January (read previous news alert here), the regulation of the Chilean financial market took a step forward in terms of institutionalism and modernization. In this context, one of the changes introduced by Law No. 21,000 (the “Law”), that created the Commission, is the self-regulation of entities in the financial market ...
The recent decision of the Ugandan Court of Appeal to uphold a 12-year custodial sentence against a former managing director of the National Social Security Fund (“NSSF”) has sparked much debate among finance and legal professionals. Speculation is rife on the impact the decision will have on fund managers (falling within the scope of the Anti-Corruption Act, 2009), as they trade on the secondary bond market ...
On February 22, 2018, the Center for Biological Diversity (CBD) sent the Environmental Protection Agency (EPA) a notice of intent to sue letter for failure to approve Kentucky’s air quality plan for limiting fine particulate (PM2.5) emissions in the Louisville, Kentucky area. Kentucky’s Energy and Environment Cabinet submitted a revision to the Jefferson County portion of the Kentucky State Implementation Plan (SIP) to EPA December 21, 2016 ...
Insolvency that stems from the obligations assumed by a joint venture may concern any of the associates. Such proceeding, especially when it has an international dimension, requires a broader perspective on some of the requirements set forth by law with respect to the initiation and application of the proceeding. Through its effects on the debtor, creditors and on the socioeconomic environment in general, insolvency is more than a mere legal procedure ...
On February 27, 2018, the Supreme Court resolved a split between the Second, Third, Sixth, Eighth, and Tenth Circuit, and the Seventh and Eleventh Circuit in its ruling inMerit Management Group, L.P. v. FTI Consulting, Inc. (“Merit Management”)583 U. S. ____ (U.S. Feb. 27, 2018) ...
With the Paradise papers leak in 2017 and the infamous Panama papers leak the year before, it has become increasingly more important to choose the right destination for offshore investment. It will require careful consideration, planning and skilful professional advice. It will also no doubt require a jurisdiction with a politically and economically stable environment, sound legislation, low tax (or zero tax), a solid banking framework and a discreet environment ...
Best-known for its stunning natural beauty—jewel-colored waters, soft sandy beaches, and lush mountain ridges—the British Virgin Islands also excels among her peers in the international financial services industry. Notably, the Territory is relentless in its pursuit of refining and advancing its financial services legal structures and complying with worldwide regulatory regimes ...
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 ...
