As anticipated, on May 29, 2013, the Consumer Financial Protection Bureau delivered the final version of amendments to its January 2013 Ability-to-Repay/Qualified Mortgage rules (the bureau released an early draft of the amendments when the original rule was published). For more information about the Ability-to-Pay/Qualified Mortgage rules, see our prior alerts.1 The rules, as well as the amendments, take effect on January 10, 2014 ...
In the last legislative session (2011–12), bills that would have imposed severe restrictions or even an outright moratorium on hydraulic fracturing (HF) were narrowly defeated in the California legislature. Earlier this year, we issued an alert regarding draft regulations that had been issued by the Division of Oil, Gas, and Geothermal Resources ...
An intermediate appellate court in New York recently affirmed that a local government has the authority to enact zoning ordinances banning all oil and natural gas activities within municipal limits. In 2011, the Town of Dryden amended its zoning ordinance to ban “all activities related to the exploration for, and the production or storage of, natural gas and petroleum within its borders ...
On April 12, 2013, the West Virginia Legislature passed Senate Bill 243 which contained, among other West Virginia Department of Environmental Protection (“DEP”) rules, the Rules Governing Horizontal Well Development 35-8 (“Rule”). The Rule was developed to provide further direction in the implementation and administration of the Natural Gas Horizontal Well Control Act that became effective on December 14, 2011 (“Act”) ...
On May 1, 2013, Spilman Thomas & Battle, PLLC, in conjunction with the North Carolina Bankers Association, held The Future of Community Banking Symposium in Greensboro, N.C. It was a day-long discussion of the issues facing and opportunities for community banking. Our day was highlighted by a keynote address from Congresswoman Shelley Moore Capito (R-W.Va.), who chairs the House Subcommittee on Financial Institutions and Consumer Credit ...
This is the first in a recurring series of articles examining the Dodd-Frank Act and its implications for community banks. This quarter’s selection takes a closer look at reforms related to corporate governance issues.In addition to extensive provisions affecting large and small institutions, the Dodd-Frank Act set forth certain corporate governance reforms all businesses, including community banks, need to keep in mind ...
The draft law governs the organization and functioning of the natural gas sector, rules and conditions for carrying out energy activities in this sector, planning and development of the natural gas market, market regulation, "unbundling" of activities, third party access to natural gas systems ...
On April 12, 2013, the N.C. Supreme Court stepped into the ongoing dispute regarding the 7.2 percent rate increase sought by Duke Energy and approved by the North Carolina Utilities Commission (NCUC) in January 2012. Duke initially sought a 12 percent rate increase, but eventually entered into a settlement with the North Carolina Public Staff, setting the rate at 7.2 percent. Duke contended that it needed the higher rates to cover $4 ...
On March 28, 2013, the Commodity Futures Trading Commission (“CFTC”) issued a final order exempting specified transactions by certain regional transmission organizations (“RTO”) and independent system operators (“ISO”) from all but the general anti-fraud and anti-manipulation prohibitions of the Commodity Exchange Act (“CEA”) and related CFTC regulations promulgated thereunder (“Exemptive Order”).1 This alert outlines the Exemptive Order ...
On April 1, 2013, the U.S. Commodity Futures Trading Commission (“CFTC”) issued a final rule exempting swaps between certain affiliated entities from the clearing requirement under section 2(h)(1)(A) of the Commodity Exchange Act (“CEA”) and CFTC regulations (“Final Rule”).1 This alert outlines the rule and raises some questions as to its conditions and impact. I ...
The hacker group Anonymous announced that it, in concert with Middle East- and North Africa-based criminal hackers and cyber actors, will conduct a coordinated online attack labeled "OpUSA" against banking and government websites today, May 7. Anonymous stated that OpUSA will be a distributed denial of service (DDoS) in which websites may be defaced and legitimate users may be unable to access websites ...
Chapter 43 Philippines Rafael A Morales1 I INTRODUCTION Banks in the Philippines are classified into (1) universal banks, (2) commercial banks, (3) thrift banks, (4) rural banks, (5) cooperative banks, (6) Islamic banks, (7) government-owned banks, and (8) other banks as may be classified by the Bangko Sentral ng Pilipinas (‘BSP’) ...
Regulatory framework- 1 What are the principal governmental and regulatory policies that govern the banking sector? The government recognises the vital role of banks in providing an environment conducive to the sustained development of the country’s economy ...
Traditionally the Spanish business sector has financed its growth primarily through bank loans. However, the current restrictions on credit (derived not only from the crisis but of growing capital constraints of banks themselves) have to seek funding alternative or complementary to the bank ...
As discussed in Part I, the North Carolina Mining and Energy Commission (“N.C. MEC”) will present its report on hydraulic fracturing to the Joint Legislative Commission on Energy Policy and the Environmental Review Commission by October 1, 2013. One of the many issues up for debate is whether the state will permit forced pooling and if so, what approach the state will adopt for nonconsenting landowners ...
On 20 March 2013, the Finnish government issued its much-awaited proposal for a new Electricity Market Act and an amended Natural Gas Market Act. It also sent to the parliament a separate supervision act. The proposal implements the European Union’s third Electricity and Natural gas Directives to the Finnish legislation. It also includes numerous nationally prepared amendments and changes ...
On April 24, 2013, the Pennsylvania Supreme Court issued its highly anticipated decision in the Butler v. Charles Powers Estate case. The Supreme Court decided to maintain the status quo in Pennsylvania by reaffirming the application of the Dunham Rule, meaning that there will not be a sea change in the Commonwealth regarding the interpretation of oil and gas conveyances ...
The County Commission in Doddridge County, West Virginia is currently considering amendments to its Floodplain Ordinance as a result of a December 17, 2012 decision by the Circuit Court of Doddridge County. (Comments to the amended floodplain ordinance were due by March 25, 2013.) The facts and procedural posture of the Doddridge County case are convoluted ...
By October 1, 2013, the North Carolina Mining and Energy Commission (“N.C. MEC”) must report its findings and recommendations for hydraulic fracturing to the Joint Legislative Commission on Energy Policy and the Environmental Review Commission. One of the issues being considered by the N.C. MEC is whether the state will permit forced pooling by oil and gas companies ...
On February 1, 2013, the Supreme Court overturned a controversial decision of the Ontario Court of Appeal which granted pension beneficiaries priority over dip lenders in the context of a restructuring under the Companies' Creditors Arrangement Act ("CCAA")1. The Court of Appeal's decision led many to worry that lenders would be reticent to advance funds to restructuring debtors for fear of not being able to secure charges which would outrank all other claims ...
Following the dissolution of BP Migas, SKK Migas has taken over all upstream oil and gas business activities until the new law on oil and gas is enacted. The Minister of Energy and Mineral Resources recently issued Regulation No. 9 of 2013 on the duties and organizational structure of SKK Migas ...
The primary issue in the three (3) consolidated cases involving San Roque Power, Taganito Mining and Philex Mining decided last February 12, 2013 revolves around the proper period for filing the judicial claim for refund or credit of creditable input tax ...
Recently, the Superior Court rendered a decision 1 which clarifies the extent of the discretion a court has when asked to ratify a hypothecary creditor's recommendation to appoint an employee of its legal counsel to act as the officer of the court entrusted with the sale by judiciary authority of the collateral secured in its favour. CONTEXT The Superior Court had to render judgment in five cases involving very similar facts ...
On March 26, 2013, the Office of the Superintendent of Financial Institutions (“OSFI”), the Canadian bank regulator, issued an Advisory in which it identified the banks considered to be systematically important for Canada in accordance with the framework set out by the Basel Committee on Banking Supervision. These banks are the Bank of Montreal, the Bank of Nova Scotia, the Canadian Imperial Bank of Commerce, the National Bank of Canada, the Royal Bank of Canada and the Toronto-Dominion Bank ...
On March 28, 2013, the Environmental Protection Agency (EPA) issued the final National Pollutant Discharge Elimination System (NPDES) Vessel General Permit (VGP). The 2013 VGP, issued under the Clean Water Act (CWA), replaces the 2008 VGP and regulates discharges incidental to the normal operation of commercial vessels greater than or equal to 79 feet in length.1 The 2013 VGP will be effective on December 19, 2013, when the current 2008 VGP expires ...
