The decision Mrs X v. Rothschild, rendered on 26 September 2012 by the French Cour de cassation1. called into question the practice of asymmetrical jurisdiction clauses, frequently included in international financial contracts ...
Total Maximum Daily Loads, or TMDLs, serve a profoundly important function under the federal Clean Water Act. They provide regulators with a systematic and comprehensive mechanism for identifying all sources and causes of water quality impairment, and then calculating the reductions needed to address the impairment in an equitable manner. But for TMDLs to be effective, they must be derived in a legally and technically defensible manner ...
On December 5, 2012, EPA issued revised enforcement guidance to assist agency personnel in exercising enforcement discretion regarding the treatment of tenants under Superfund’s bona fide prospective purchaser (BFPP) defense. (See here.) The revised guidance supersedes guidance the agency had issued on January 14, 2009 and expands some of the protections ...
On January 17, 2013, the Treasury Department ("Treasury") and the Internal Revenue Service ("IRS") issued final regulations with respect to the Foreign Account Tax Compliance Act ("FATCA"). The legislation applies to payments to foreign financial institutions ("FFIs") and nonfinancial foreign entities ("NFFEs"). In general, FATCA requires certain persons making payments to FFIs and NFFEs to withhold 30 percent of any payment (a "Withholdable Payment") consisting of either (1) U.S ...
On January 6, 2013, the Basel Committee on Banking Supervision announced that it was relaxing the liquidity rules that will be applied to banks beginning in 2015. The Group of Central Bank Governors and Heads of Supervision (“GHOS”), the oversight body of the Basel Committee, then unanimously adopted the last changes made by the Basel Committee to the liquidity coverage ratio (“LCR”), which were presented in the version published in December 2010 ...
In 2007, companies completed more than 12,000 M&A deals globally, with values totaling over $3.5 trillion.1 Butthose volume and dollar records have since been buried under years of bad news. Dykema’s 2012 Mergers &Acquisitions Outlook Survey indicates that the mortgage meltdown, the recession, the European debt crisis, theaftereffects of the presidential election and now the “fiscal cliff” have pushed expectations for 2013 to a near recordlow ...
On December 27th, 2012, the Court of Appeal for Yukon released its decision in Ross River Dena Council v. Government of Yukon, 2012 YKCA 14. The case dealt with the Yukon Government’s duty to consult with First Nations when allowing mineral claims to be recorded on land with asserted Aboriginal rights and title claims. The case arose as a result of the “open entry” claim staking system and in particular, as a result of the Yukon Quartz Mining Act, S.Y. 2003, s. 14 (the Act) ...
The Finance Bill 2013 makes changes to the rules applying entrepreneurs' relief (ER) to the disposal by an employee or officer of a company, on or after 6 April 2013, of shares meeting the requirements of the enterprise management incentive (EMI) scheme. Details ER enables shareholders of companies to sell their shares at a capital gains tax rate of only 10% for lifetime gains of up to £10m ...
On January 7, 2013 there was published in the Federal Official Gazette a Ruling where by the Energy Regulatory Commission makes an invitation to bid under the open international tender LIC-GAS-019-2012 covering the first permit for natural gas distribution in the western geographical area, formed by the municipalities of Sayula, Tuxpan and Zapotlán el Grande, in the state of Jalisco, and the municipalities of Amería, Colima, Manzanillo, Tecomán and Villa de Alvarez, in the state o
Earlier this year, I wrote an article entitled “Why you should choose the BVI for your next Fund.” Since then new regulations ushering in an “Approved Managers” regime have been published and as of December 10, 2012 are now in force. The effect of these new regulations is to make the BVI an attractive option for setting up as an investment manager ...
It is estimated that there are more than 450,000 active companies incorporated in the British Virgin Islands (BVI) and that more than half of those companies are used in China, Hong Kong and other parts of Asia. While, traditionally, many of these companies have been used as asset holding vehicles, the robust Chinese economy has led to the increased use of BVI companies in China and Hong Kong as hedge funds and other types of investment vehicles. This is no surprise ...
On January 1, 2013, the Senate and the House of Representatives passed the American Taxpayer Relief Act of 2012 (the "Act") to avert the "fiscal cliff." The Act includes a number of extensions and modifications relating to energy tax provisions ...
If you have ever had a project on land on which wetlands or other “waters of the U.S.” were present, you know that project was more expensive because of the costs of permitting and mitigation for wetland losses, or the presence of wetlands may have resulted in abandonment or significant revision of the project to minimize losses of wetlands or other waters of the U.S. In their prior two “waters of the U.S.” decisions, Solid Waste Agency of Northern Cook Cty. v. Army Corps of Engineers, 531 U ...
Grid Code amended In December of last year, the Serbian Transmission System Operator amended the Grid Code. These amendments did not substantially change the code, but did introduce changes in: - technical conditions for connecting to the grid, including specific conditions for connecting generating units, and - access to the grid. The amendments are published in the Official Gazette of the Republic of Serbia no. 02/12 ...
The Australian Food and Grocery Council (AFGC) recently released its Sustainability Commitment report for 2010-11 (Report). The Report sets out the AFCG's key objectives and efficiency targets, described as its 'Sustainability Commitment', for improving sustainability in the food & beverage and grocery industry ...
With regard to our In Fact and In Law Express newsletter of July 2012, entitled ‘‘AMF Investigations: The duty to answer an investigator and his jurisdiction to rule on objections’’, please be informed that, on December 20, 2012, the Supreme Court dismissed Fournier’s application for leave1 to appeal a Court of Appeal decision2, which convicted Fournier of an offence under section 195(4) SA because of his refusal to testify whereas lower courts acquitted him ...
On Oct. 22, 2012, the U.S. Court of Appeals for the Ninth Circuit ruled that the Bureau of Land Management and the U.S. Fish and Wildlife Service (FWS) violated the Endangered Species Act (ESA) by granting a right of way for the Ruby Pipeline project. Center for Biological Diversity v. Bureau of Land Management, No. 10-72356 (9th Cir. Oct. 22, 2012) ...
End users will be relieved to know that compliance dates for business conduct and documentation rules related to the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”), which had been driving the request by swap dealers and major swap participants for end users to enter into the ISDA August 2012 DF Protocol or otherwise amend their swap documents by the end of the year, have now been delayed until May 1, 2013 ...
Half a billion people living in Sub-Saharan Africa lack access to electricity. Ryan Ketchum a partner in Hunton & Williams’ Energy and Infrastructure practice, explains how Uganda and Rwanda are working to turn themselves into places where electricity investors want to be. Uganda Uganda provides a compelling example. For several years it has suffered from a shortage of generationcapacity ...
On November 20 and 27, 2012, the International Swaps and Derivatives Association, Inc. (“ISDA”) filed two letters with the Commodity Futures Trading Commission (“CFTC”) requesting an extension of compliance dates for certain new business conduct, portfolio reconciliation and swap trading relationship documentation requirements issued by the CFTC pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) ...
The new regulation of the Polish Minister of Economy on electricity and heat generated from renewable sources of energy goes into effect at the beginning of 2013. The new regulation will increase the share of renewables in the production of electricity and heat ...
In a recent decision1, the Superior Court ruled in favour of GE, Commercial Distribution Finance Canada ("GE") in a dispute against the national Bank of Canada ("NBC"). Both institutions had a common client, New World Zanotti Transblock Inc. ("Zanotti"), which had granted each of them a hypothec specifically charging its receivables. NBC had agreed to grant GE's hypothec a prior rant to its own ...
On October 15, 2012, Spilman Thomas & Battle, PLLC filed suit in the D.C. Circuit Court of Appeals on behalf of the Independent Petroleum Association of America (“IPAA”) and six other state-level oil and gas associations (PA, WV, OH, KY, IL, IN), (referred to herein as “the Associations”) challenging the U. S. Environmental Protection Agency’s (“EPA”) New Source Performance Standards (“NSPS”) promulgated for the oil and natural gas industry on August 16, 2012 ...
In Martin v. Hamblet, decided November 21, 2012, the West Virginia Supreme Court of Appeals determined that a surface owner may not appeal issuance of a well work permit by the Department of Environmental Protection for a shallow well targeting the Marcellus formation with a horizontal leg into the Marcellus ...
Enrique Peña Nieto, President-elect of Mexico, and his transition team, have stated in various forums the necessity of promoting a second generation energy reform (the “Reform”) that would have a direct impact on the manner in which the national oil industry operates, specifically “Petroleos Mexicanos” and its subsidiaries (“Pemex”) ...
