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Inflation Reduction Act
FERC Proposes Clarifications to EQR Requirements
In its September 22 Open Meeting, the Federal Energy Regulatory Commission (Commission) issued a Notice Seeking Comments on Proposed Revisions to Electric Quarterly Report Reporting Requirements (in Docket No. RM01-8-000, et al. ) as part of an ongoing effort to...
U.S. Futures Exchanges Disciplinary Actions Report - August 2016
ICE 2015-051 Block Trades Violation of Rule 6.08(b)(i) - Order Ticket Requirements, Rule 4.07(c) - Block Trading, and Rule 4.01 - Duty to Supervise. On multiple occasions, an entity allegedly failed to comply with the recordkeeping requirements when handling customer...
Negotiating PSCs - The Dangers of Using Intermediaries
In Monde Petroleum SA v WesternZagros Ltd [2016] EWHC 1472 (Comm), the English Commercial Court has found that a party to a consultancy agreement can become liable for the misrepresentations made by a third party intermediary. Parties negotiating production sharing...
SEC Announces 71 Issuer MCDC Settlements
On August 24, 2016, the SEC announced that it had entered into settlement orders with 71 municipal issuers and other obligated persons for violations of federal securities laws in municipal bond offerings. 1 The issuers and obligated persons 2 settled...
EPA Proposes Revisions to Public Petition Process for Title V Permits
On August 24, 2016, the U.S. Environmental Protection Agency (EPA) published proposed revisions to the federal Title V operating permit rules, which govern pollutants at major sources under the Clean Air Act. The proposed revisions aim to streamline and clarify...
Management Contracts & Private Business Use–IRS Releases Favorable Guidance
Coming as welcome news to those involved in the municipal bond market, Revenue Procedure 2016-44 (scheduled to be published on September 6, 2016 and available here ) provides helpful guidance for governmental issuers and 501(c)(3) borrowers entering into long-term contracts...
U.S. Futures Exchanges Disciplinary Actions Report - July 2016
ICE 2014-033 & 2015-085 Disruptive Trading; Spoofing Violation of Rule 4.02(e)(i), 4.02(e)(iv) [Current Rule 4.02(l)(2)], Rule 4.02(h) [Current Rule 4.02(l)(1)(C), and 4.02(k)(2)(C) – Trade Practice Violations and Rule 4.01 – Duty to Supervise. On January 23, 2014, a trader allegedly...
FY 2017 Sequestration Reduction Percentage for Direct Pay Tax Credit Bonds Set at 6.9 Percent
According to an update released by The IRS Office of Tax Exempt Bonds (TEB), the sequester reduction percentage applied to the payments made to issuers of direct pay bonds in FY 2017 will be 6.9 percent. This percentage will apply...
U.S. Fish and Wildlife Service Proposes to List Texas Hornshell Mussel as Endangered
On August 10, 2016, the U.S. Fish and Wildlife Service (Service) will publish its proposal to list the Texas hornshell, a freshwater mussel species from New Mexico and Texas, as an endangered species under the Endangered Species Act (ESA). The...
U.S. Drops $562 Million Alternative Fines Act Allegation Against PG&E
Today, the United States requested permission to dismiss its Alternative Fines Act sentencing allegation against PG&E. Under the AFA, a court can impose a criminal fine equal to twice the pecuniary gain to the defendant or twice the pecuniary loss...
Court Rejects FERC’s Attempt to Limit Defendant’s Rights
On July 21, 2016, the U.S. District Court for the District of Massachusetts issued an order finding that Maxim Power Corp. and several affiliates and an employee (collectively, the “Maxim Respondents”) were entitled to a full trial on the merits...
FERC Alters Proposal to Enhance Reporting in Support of Enforcement
At the Federal Energy Regulatory Commission’s (“FERC” or “Commission”) July 21, 2016 meeting, FERC issued a Notice of Proposed Rulemaking (“NOPR”) proposing to establish a new reporting regime that would require market-based rate (“MBR”) sellers and entities only trading virtual...
The Proposed Code Section 457 Regulations Have Arrived
On June 22, 2016, the IRS finally issued the long-awaited proposed regulations under Internal Revenue Code (“Code”) Section 457. Code Section 457 applies to deferred compensation plans or arrangements of tax-exempt entities and state and local governments. While the proposed...
Municipal Advisor, School Consultant, and Associated Individuals Enter Settlement Offers with SEC after First-of-Its-Kind Municipal Advisor Antifraud Enforcement Action
On June 13, 2016, the Securities and Exchange Commission (SEC) accepted the settlement offers made by two firms and three executives charged with using deceptive business practices in dealing with five school districts. 1 As part of their settlements, School...
Investment Firm to Pay Record $11 Million Fine for Violation of HSR Act
On July 12, 2016, the Department of Justice (“DOJ”) announced that investment firm ValueAct Capital (“ValueAct”) agreed to pay a record $11 million fine to settle charges that it and its affiliates violated the reporting and waiting period requirements of...