Even a cursory review of relevant news stories today reveals that hydraulic fracturing (“fracking”) is one of the most hotly debated subjects in the energy sector. Both environmentalists and regulators are keeping concerns about fracking at the forefront of their agendas. Since late May of this year, there have been a number of key legal developments related to the issue that merit the attention of the oil and gas industry ...
Quebec Law has for a long time distinguished the personal guarantor from the real guarantor: a personal guanrantor is personally bound to repay a creditor should the principal debtor fail to perform its obligations; a real guarantor does no more than give some of its assets as collateral to a creditor, and unlike a personal guarantor, is not personally bound to repay the loan granted to the principal debtor ...
The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act" or the "Act") attempts to sort through the energy trading and hedging market to protect "commercial end users" from new regulatory burdens intended for trading firms and financial institutions ...
As of January 1, 2013, Quebec and California will emerge as the first two Western Climate Initiative (WCI) Partners to create a carbon market that imposes binding targets on businesses identified as major greenhouse gas (GHG) emitters ...
Contents: The Application for Rectification by the Court Is Not a Cure for all Ills: Prevention is Better than (Attempting!) a CureRegister your Trade-marks!; The Importance of Having a Detailed Power of Attorney in the Event of a Person’s IncapacityEffect of a Unanimous Shareholders’ Agreement on CCPC Status THE APPLICATION FOR RECTIFICATION BY THE COURT IS NOT A CURE FOR ALL ILLS: PREVENTION IS BETTER THAN (ATTEMPTING!) A CURELast June 19, the Superio
Outsourcing has for years been gaining popularity. Together with an increase in the number of businesses, their branches, subsidiaries as well as capital groups, increasing attention is drawn to the costs of their operations. Such activities as personal, payroll, procurement, IT, or back office in the case of financial institutions are unnecessarily duplicated in the case of companies in a capital group or generate greater costs than if carried out by an external specialized firm ...
Insurance allows someone who suffers a loss or accident to be compensated for the effects of their misfortune. It lets you protect yourself against everyday risks to your health, home, business and financial situation. Concepts of insurance have been extended beyond the coverage of tangible assets. Now the risk of losses due to sudden changes in currency exchange rates, political disturbance, negligence and liability for the damages can also be covered ...
Parallel debt is a legal concept applied in international financing transactions that involve multiple lenders. In order to simplify the administration of security (for example, to avoid the need for retaking or reregistering security for a fluctuating group of lenders) and to reduce costs, the banks select a single entity from among them to administer the security ...
Managing General Agent (“MGA”) Agreements are unique and can be exceedingly complex. They often include detailed underwriting guidelines and strict limits on an MGA’s authority. After all, an MGA is authorized to bind an insurer on substantial risks often with little direct supervision by the insurer. While no two MGA Agreements are the same, all must incorporate certain required provisions. The NAIC has promulgated the Managing General Agents’ Act (NAIC Model No ...
The Hong Kong Monetary Authority (HKMA) and the Hong Kong Securities and Futures Commission (SFC) are currently consulting on changes to the definition of type 9 regulated activity that will affect all Hong Kong asset managers who use over-the-counter (OTC) derivatives in their portfolios. The consultation ends on 31 August. We encourage you to read the consultation paper ...
On August 2, 2012, the Court of Appeal rendered a major decision on professional liability insurance1. As a result of this ruling, insureds and insurers alike should review the wording of such policies, especially gross fault exclusions and the definition of "professional activities". The ruling is also noteworthy for its treatment of apportionment of liability between the professional and the client ...
There have been two important developments in British Columbia’s wind energy sector in June. The first was the release of BC Hydro’s Draft Integrated Resource Plan (Draft IRP) for public consultation. The Draft IRP recommends building new clean generation resources to ensure sufficient future capacity within the system ...
Pursuant to statutory changes enacted in its 2011 Sunset Review, the TCEQ has created a website that allows companies and persons subject to its regulations to review the agency’s proposed compliance history rating, for a 30-day period prior to that rating being made available to the public ...
The Securities Act [SA] allows the Autorité des marchés financiers [the “AMF”] to order investigations to ensure compliance with the SA and to repress contraventions which may be committed1. This is the context in which the Court of Appeal handed down a decision2 on June 22, 2012 going to the very heart of the role played by the AMF’s investigators and the scope of their powers during examinations conducted in connection with an investigation ...
In what has been described as a “sweeping victory” for the U.S. Environmental Protection Agency the United States Court of Appeals for the District of Columbia Circuit issued a decision on June 26, 2012 in lawsuits that challenged various aspects of the Agency’s regulatory scheme for greenhouse gases (GHGs). EPA’s challenged actions stem from a decision by the U. S. Supreme Court in 2007 in the case of Massachusetts v ...
On April 20, 2012, Justice Mongeon of the Quebec Superior Court rendered an important decision in the restructuring of the White Birch Paper Company ("White Birch")1. The judgment could have a lasting effect on CCAA Jurisprudence in Quebec since it deals with issues relating to the pension plans of insolvent companies and the applicability of an important decision of the Ontario Court of Appeal in Quebec ...
In a unanimous decision rendered on June 22nd , the Supreme Court of Canada confirms the principles previously established by the Court of Appeal: Quebec’s Automobile Insurance Act1 (“Act”) must be given a large and liberal interpretation. In this case, the Court confirms that the mere use of a vehicle as a means of transportation will be sufficient for the Act to apply even if the vehicle is not the cause of the accident ...
The LA CAPITALE Ruling has been expected since 2009, when the Superior Court authorized a Class Action against an insureer who had unilateraly modified the Waiver of Premiums Clause in a group insurance contract in 2001 ...
The Securities and Futures Commission (SFC) issued its conclusions on its proposals in relation to the establishment of a financial dispute resolution centre and to amend the Code of Conduct (Code) on 21 May 2012 and the conclusions are available on the SFC website: http://www.sfc.hk/sfc/doc/EN/speeches/consult/Conclusions_Paper_FDRC_21May2012_EN.pdf On 19 June 2012 the SFC released the revised version of the Code which can be accessed here: http://www.sfc ...
On April 16, 2012 the Swedish government submitted the 2012 spring budget to parliament. On the same day, the Ministry of Finance released a memorandum with proposed changes to tax legislation, which was sent for consideration. It is proposed that most of the changes come into effect on January 1, 2013. Below you will find a short summary of the key changes in the memorandum ...
The Supreme Court makes clear that a party that has started to clean up contamination caused by another party is also deemed to be a business operator. This gives rise to joint and several liability for the original contamination. The fact that remedial work was intended to reduce the environmental impact is of no importance. Background A company which was later incorporated into JM Värmdöstrand (“JM”) operated a casting works from the 1940s to the 1980s on a site in Oxelösund ...
LAST JUNE WE DISCUSSED THE COURT OF APPEAL DECISION IN STONEHAVEN COUNTY CLUB1, WHICH DEALT WITH THE APPLICATION OF SECTION 139 BIA TO A CLAIM BY INVESTISSEMENT QUEBEC.2 THE COURT OF APPEAL HAS RULED ON THE SCOPE OF THIS SECTION ONCE AGAIN ...
If you are in the oil and gas industry and you’ve experienced the recent onslaught of enforcement actions, particularly in the Appalachian basin, by the U. S. Environmental Protection Agency (“EPA”) you may take comfort in the aphorism: “You’re not paranoid if they really are out to get you!” A simple Google search of “EPA III Enforcement” and a click on the “Natural Gas Extraction/Marcellus Shale” link at the EPA Region III website should cause any company concern ...
In recent public speeches and correspondence, senior officials at the Securities and Exchange Commission (the “SEC”) have provided details regarding an examination strategy that will be applied to newly-registered investment advisers.1 Under this strategy, a new registrant may be subject to examination by the SEC as early as this coming fall. Accordingly, newly-registered advisers should be proactive and prepare to respond to SEC document and information requests ...
On 6 June 2012, the European Commission announced new crisis management measures to deal effectively on a cross border basis and in a harmonised manner with any future bank crisis ...
