ILPA’s Paper Earlier this year the International Limited Partner's Association (ILPA) published its paper "Subscription Lines of Credit and Alignment of Interests: Considerations and Best Practices for Limited and General Partners." Since then there''s been a lack of on the record industry commentary from general partners (GPs) on this paper, but it has not gone unnoticed and has triggered much discussion behind closed doors ...
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 ...
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 ...
The UAE has issued substantive law on Value Added Tax (VAT) and Excise Tax. Federal decree law No.8 of 2017 deals with VAT. The imposition of VAT will commence in the UAE from 1 January 2018 at a rate of 5%. The VAT law provides a framework for implementation of VAT in the UAE ...
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 final Default Regulations, issued in terms of section 36 of the Pension Funds Act, were recently issued by the South African Minister of Finance. They aim to provide retirement funds with greater discretion and flexibility in relation to their default investment portfolios and annuity strategies. To comply with the regulations, many funds will need to amend their rules and investment policy statement ...
Earlier this year the Borgarting Court of Appeal rendered its judgment in Gassled, a case of major importance for the upstream Norwegian Continental Shelf (NCS) industry, natural gas buyers in Europe; and the Norwegian government, as resource owner and NCS regulator. If the judgment becomes final and binding, it will benefit the European gas supply. However, it may be a rude awakening for institutional investors in NCS infrastructure ...
On August 29, 2017, the Mexican Ministry of Finance and Public Credit (Secretaría de Hacienda y Crédito Público) grantedCentral de Corretajes(“CENCOR”) a new concession to operate a new stock exchange in Mexico. This new stock exchange will be calledBolsa Institucional de Valores(“BIVA”). It is anticipated that BIVA will initiate operations in early 2018 ...
Benefit corporation legislation created a new kind of corporation that is required to pursue a social and environmental mission in addition to creating economic benefits for its shareholders. California pioneered the model benefit corporation legislation with its passage in 2011, and Delaware passed its own form of benefit corporation legislation in 2013 ...
The Ministry of Energy has announced that before the end of the Peña Nieto Administration on December, 2018, the National Hydrocarbons Commission (CNH) will call the fifth bid of Round 2 (commonly known as Bid 2.5) for the award of exploration and production contracts for onshore blocks, which will include unconventional or shale blocks ...
By August 23, 2017 Proclamation, the Governor of the State of Texas declared that Tropical Depression (now Hurricane) Harvey poses a threat of imminent disaster in 30 counties in and around the Texas coast beginning August 23, 2017. In response, the Executive Director of the Texas Commission on Environmental Quality (TCEQ), in a press release, directed regulated entities to its guidance at https://www.tceq.texas.gov/response/hurricanes ...
For the first time in ASTM E1527-13 (E1527-13),1 ASTM required the environmental professional (ENV Pro) to actively conduct a vapor survey.2 But it is difficult to explain how an ENV Pro should conduct a vapor survey, resulting in potentially deficient Phase I Environmental Site Assessments (Phase I ESAs) being provided to entities purchasing and investing in real property ...
Local authorities will welcome a decision by the Court of Appeal that Powys County Council is not liable for contamination caused by a former landfill site operated by its predecessor. However, the decision is not such good news for landowners. Background Mr Price and Mrs Hardwick own a farm near Builth Wells in mid-Wales ...
The Kentucky Division of Waste Management (DWM) has proposed regulatory requirements for the disposal of technologically enhanced naturally occurring radioactive material (TENORM) waste generated from oil and gas development activities containing combined Radium 226 and Radium 228 in concentrations exceeding regulatory limits. The proposed regulations provide criteria for TENORM to be disposed in a permitted contained landfill ...
We previously reported on recent efforts to rescind the Obama Administration’s rule amending the Clean Water Act’s “waters of the United States” (“WOTUS”) definition. This followed, as we also reported, the Sixth Circuit’s nationwide stay of the Obama Administration’s WOTUS rule ...
The Mexican government announced, on July 19, 2017, the fourth bid of Round Two. This will be the 14th upstream bid round in Mexico since passage of the energy reform in mid-2014. The new bid round (named Round 2.4) comprises 30 offshore blocks for exploration in the Perdido Belt, the Salina Basin, the Mexican Ranges (Cordilleras Mexicanas), and the Yucatán Platform in the Gulf of Mexico, covering collectively 70,844 km2, with prospective resources of approximately 4 ...
Two and a half years after the expiry of the deadline for the implementation of the Third Energy Package, the Macedonian authorities seem eager to finalise this process in the near future. The new draft legislation has been in the pipeline for quite some time, but until now its adoption was postponed due to different reasons ...
A successful appeal against a remediation notice has highlighted the difficulties faced by local authorities when trying to secure the remediation of contaminated land. The appeal is only the second appeal to the Secretary of State for Environment, Food and Rural Affairs (SoS) since the contaminated land regime in Part 2A of the Environmental Protection Act 1990 was implemented in 2000 ...
Recent proposed amendments to the rules of Strate, South Africa’s central securities depository (the “Strate Rules”) will effect a significant change to how uncertificated securities are pledged, but will not solve all of the problems that market participants hoped would be addressed ...
On 30 June 2017, after an initial round of public commentary undertaken by the JSE Limited (“JSE”) on the proposed amendments to the JSE Debt Listings Requirements (“DLRs”), the South African Registrar of Securities Services announced that “Part 2” of the 2016 amendments are available on the Financial Services Board’s website for further public comment. The deadline to review and comment on the proposals is 14 July 2017 ...
Two years ago, Mexico began a process to completely change the legal framework regulating anti-corruption in the country. On May 27, 2015, a Constitutional amendment was published in the Official Gazette of the Federation to create the new framework against corruption ...
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 May and June 2017. These are of particular importance to oil and gas producers, midstream companies, power generators, traders and others looking to invest or expand operations in Mexico’s dynamic energy sector. I. Hydrocarbons May 2, 2017 ...
Contractors who are managing to continue to operate in the offshore oil and gas sector have had some time to adjust their business models and modes of operation to the new commercial realities resulting from the lower oil price. However, the radically different economic circumstances of recent years continue to manifest themselves in challenging commercial scenarios quite unlike those experienced in the better times when the oil price was significantly higher ...
