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Inflation Reduction Act
New PPP Rules Governing M&A Transactions
The Small Business Administration issued long-awaited rules governing lender and borrower obligations when there is a change in ownership of an entity that has received a Paycheck Protection Program (“PPP”) loan. The new guidance, issued on October 2, 2020, eliminates...
International Comparative Legal Guides: Renewable Energy 2021
Directive 2009/28/EC of the European Parliament and of the Council of 23 April 2009 (the Renewable Energy Directive) on the promotion of the use of energy from renewable non-fossil sources, namely wind, solar, aerothermal, geothermal, hydrothermal and ocean energy...
FY 2021 Sequestration Reduction Rate for Direct Pay Tax Credit Bonds Set at 5.7%
According to the IRS website , the sequester reduction rate applied to payments made to issuers of direct pay tax credit bonds in fiscal year 2021 will be 5.7 percent . This percentage will apply to all subsidy payments scheduled...
FERC Issues Landmark Order on Distributed Energy Resources
The Federal Energy Regulatory Commission (“FERC” or “Commission”) issued a landmark final rule, Order No. 2222 , at its September 17, 2020 open meeting that aims to remove barriers for distributed energy resources (“DER”) to participate in wholesale markets regulated...
DOJ Issues New Merger Remedies Manual, Emphasizes Structural Remedy Preference
On September 3, 2020, the U.S. Department of Justice Antitrust Division released a revised Merger Remedies Manual (“Manual”), providing a modernized framework to structure and implement remedies in merger cases where DOJ determines that the transaction would harm competition. DOJ...
Economic Substance Regulations in UAE: Changes and their impact
In response to a review of the UAE’s tax framework by the European Union and the UAE’s commitment to the Organisation for Economic Cooperation and Development (OECD) anti-Base Erosion and Profit shifting (BEPS) Action Plan, in 2019 the UAE Cabinet...
SEC Updates Statistical Disclosure Requirements for Banking Registrants
On September 11, 2020, the Securities and Exchange Commission announced that it has adopted final rules to update and expand the statistical disclosures that bank and savings and loan registrants provide to investors, in its on-going efforts to modernize and...
FERC Redefines QF Eligibility Requirements
On September 1, 2020, the Federal Energy Regulatory Commission (“FERC” or “Commission”) issued an order breaking with decades of precedent regarding how it will determine whether a renewable resource is eligible for certification as a qualifying small power production facility...
ESG - A Look Ahead
Environmental, social, and governance issues are mainstreaming. Where is it heading next? Join Partner Kevin Ewing for a short update on all things ESG – challenges, risks, standards, and strategies. Tuesday, September 8, 2020 8:30 - 9:00 a.m. CT
IRS Provides Guidance on Presidential Payroll Tax Deferral
On August 28, 2020, the IRS issued Notice 2020-65 (the “Notice”) to provide guidance with respect to the Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster , issued by President Trump to the Secretary of...
The COVID-19 Vaccine: Now Is Time for Employers to Plan for Whether They Can, and Should, Require Employees to Be Vaccinated
A Gallup survey released earlier this month indicates that more than one in three Americans, specifically 35 percent, intend to decline to have any COVID-19 vaccine that ultimately is approved by the FDA — even if offered free of cost...
Before the Storm: How to Use Insurance to Prepare for and Recover from Hurricane Laura
Hurricane Laura’s impact reaches across the Texas and Louisiana coasts. Aside from power outages, physical access issues, evacuations and curfews, COVID-19 adds a new dimension. A key step in recovering from this storm involves dealing with insurance. Many insureds have...
FERC Staff Report on High Voltage Transmission Development to Congress
On Friday, August 7, 2020, Federal Energy Regulatory Commission (“FERC”) Staff sent a report to Congress examining the “barriers and opportunities for high voltage transmission.” FERC Staff prepared this report in accordance with the Congressional directive contained in the 2020...
A New Era in the Middle East for Trade and Politics? Israel and United Arab Emirates Agree to Establish Full Diplomatic Relations
The substantive political and social upheaval that follows crises and disasters is a well-documented phenomenon. The worldwide coronavirus outbreak is likely to be no different, particularly when combined with an ensuing global recession. Arguably we may have already seen one...
Predictable unpredictability: stranded assets and the scope for disputes under PSCs
Summary In the current climate, many exploration and production companies are looking to reduce capital expenditure and to streamline their operations. They are also reassessing their demand and price forecasts and considering the impact on their balance sheets. In this...