Inflation Reduction Act
Environmental Audit Opportunities to Consider for Return-to-Work in the Wake of COVID-19
As regulated companies and facilities around the country consider their approaches to partially or even fully returning to the workplace – even essential facilities that have remained open but with limited staffing – it seems inevitable that they will discover...
Class Actions Begin: Plaintiffs Target Banks for PPP Loan Processing
A number of class-action lawsuits have been filed targeting national and community banks for their processing of loans under the Small Business Administration’s Paycheck Protection Program (PPP). It is not surprising that disputes have already arisen, given the swift creation...
Clean Water Act News: Final Rulemaking Defining Waters of the United States Released
On April 21, EPA published the revised definition of “Waters of the United States,” or “WOTUS,” in the Federal Register . WOTUS is a lynchpin phrase in the Clean Water Act that determines the jurisdictional reach of multiple agencies. The...
Despite COVID-19, SEC and FINRA Maintain Regulation BI Compliance Date
Although the SEC has been granting regulatory relief in a number of areas as a result of the COVID-19 outbreak, its Office of Compliance, Inspections and Exams (OCIE) confirmed in a recent Risk Alert that Regulation Best Interest (“Regulation BI”)...
Montana District Court Vacates and Remands Clean Water Act Nationwide Permit 12
In a surprisingly broad decision, the District of Montana vacated the U.S. Army Corps of Engineers (“Corps”) Nationwide Permit (“NWP”) 12 on April 15, 2020. NWP 12 authorizes impacts from “utility line activities” to jurisdictional waters that have minimal individual...
IRS Extends Due Date for First Quarter Form 8038 Filings
Summary As a result of the COVID-19 pandemic, in Notice 2020-23 the IRS extended the due date for issuers of tax-exempt obligations to file Forms 8038 or 8038-G for transactions that closed during the first quarter of 2020. Specifically, the...
EHS Self-Auditing: Effectively Utilizing Privileges to Protect Your Findings
Assessing compliance with EHS-related requirements is fundamental for industry, not only to validate compliance assurance efforts, but to help prevent, or at least minimize, enforcement exposure. At the same time, however, candid evaluations give rise to other risks in the...
Nigeria considers changes to Nigerian content requirements in the oil and gas sector
What has happened? The Nigerian government has prepared new legislation – the Nigerian Content Development and Enforcement Bill (“ Bill ”) – to revise the country’s regulatory approach to mandatory Nigerian content in the oil and gas sector and beyond...
COVID-19 Impact on US Renewable Energy Projects
The COVID-19 pandemic is raising numerous concerns for renewable energy projects under development in the United States. First, will Congress address renewable energy industry concerns in the coming round of the COVID-19 legislative debate, or soon thereafter, by extending renewable...
Are the financial markets ready to weather the COVID-19 Storm?
The current COVID-19 pandemic is causing significant concern in the financial markets, reviving memories of the 2008 financial crisis. The sudden and almost complete shutdown of many non-essential businesses due to the mandatory ‘social distancing’ requirements has resulted in a...
Creating a Roadmap for Banks to Mitigate Risk Under the SBA Paycheck Protection Program
On April 2, the Small Business Administration (“SBA”) issued the long-anticipated Interim Final Rule that sets out the current agency guidance regarding requirements that borrowers and lenders must follow in order to apply for and process loans, respectively, under the...
Expanded CISA Guidelines Broadens the Scope of “Essential Business” for Manufacturing and Construction Operations
As states and other jurisdictions continue to implement, amend, and clarify their stay-at-home orders, many continue to define Essential Businesses through the guidelines issued by the Cybersecurity and Infrastructure Security Agency (CISA). Approximately twenty states have referenced the Guidelines, including...
FERC Issues Notice of Proposed Rulemaking Aimed At Increasing Incentives for Transmission Investment
After a 2-1 vote, on March 20, 2020, the Federal Energy Regulatory Commission (“FERC” or the “Commission”) issued a Notice of Proposed Rulemaking (“NOPR”), proposing to revise its existing electric transmission incentives policy and corresponding regulations to enhance opportunities for...
CARES Act – Bracewell Employment and Tax Lawyers Weigh In
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. The CARES Act , an emergency relief bill providing roughly $2 trillion to businesses and individuals, aims to provide relief to the American...
Force Majeure and Material Adverse Change in Reserve Based Lending (RBL): When Two Black Swans Collide
A “black swan event” is an unpredictable event that is beyond what is normally expected and which has potentially severe consequences. Black swan events are characterised by their rareness and severity. Independent exploration and production oil and gas companies (“...