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Inflation Reduction Act
Sales Tax Exemption for Manufacturing Held Inapplicable for Oil and Gas Equipment, but Questions Remain
Southwest Royalties, Inc. v. Hegar , No. 14-0743 (Tex. June 17, 2016)(“ Southwest ”), addresses the applicability of a sales tax exemption for property sold for use in manufacturing in the context of oil and gas production. Although the taxpayer...
OSHA Delays Enforcement of its New Anti-Retaliation Provisions until November 1, 2016
There have been significant developments impacting the portions of OSHA’s new work-related injury and illness rule scheduled to become effective on August 10. As our
U.S. Futures Exchanges Disciplinary Actions Report - June 2016
ICE 2015-058 Misc. Violation of Rule 6.15(a)- Reportable Positions and Daily Reports and Rule 4.01- Duty to Supervise. An entity allegedly failed, on multiple occasions from January 2015–April 2015 and September 2015–October 2015, to report large trader positions. The entity...
D.C. Circuit Overrules FERC on Partnership Pipeline’s Tax Recovery
In a July 1 decision with major rate implications for FERC-regulated oil and gas pipelines, the United States Court of Appeals for the District of Columbia Circuit (“D.C. Circuit” or the “Court”) sided with shippers in an appeal of a...
Does Your Company Have "Reasonable" Procedures for Employee Reporting of Work-Related Injuries and Illnesses Consistent with OSHA’s New Rule Effective August 10th?
OSHA’s May 12, 2016 final rule revising its recording and reporting regulations received a great deal of publicity, in large part, because of the new requirements beginning in 2017 for some employers to electronically submit on-the-job injury and illness information...
District Court Denies Kraft’s Motion to Dismiss Claims of Market Manipulation
On June 27, 2016, a federal judge denied Kraft Foods Group Inc.’s (“Kraft”) motion to dismiss a proposed class action against the company for allegedly manipulating the wheat futures market. [1] Harry Ploss, on behalf of himself and a proposed...
Wyoming Federal Judge Sides With States and Industry, Strikes Down BLM Hydraulic Fracturing Rule
On June 21, 2016, the U.S. District Court for the District of Wyoming struck down the U.S. Bureau of Land Management’s (BLM’s) hydraulic fracturing regulations, finding that BLM “lacked Congressional authority to promulgate the regulations.” This decision is a win...
Modifications to Code Section 409A Regulations
On June 22, 2016, the Internal Revenue Service published proposed regulations under Internal Revenue Code Section 409A, which applies to non-qualified deferred compensation plans and arrangements. The proposed regulations are intended to clarify or modify specific provisions of the final...
Texas Supreme Court Narrows the Ability of General Contractors to Seek Chapter 82 Indemnity for Product Claims
On June 17, the Texas Supreme Court further clarified the definition of the word "seller" in Chapter 82 of the Texas Civil Practice and Remedies Code (known as the Texas Products Liability Act), which was intended to provide the innocent...
Keep Quiet and Carry On under the EU Trade Secrets Directive
Much as the recent U.S. Defend Trade Secrets Act establishes uniform federal trade secrets protections across the states, the EU Trade Secrets Directive (the “Directive”) harmonizes similar protections across its Member States to encourage cross-border investments. The Directive addresses hot...
CFTC Seeks Comments Regarding ICE Futures U.S. Rules Governing Trading on Non-Public Information After ICE and NYMEX Interpretations Differ on “Pre-Hedging” Block Trades
The Commodity Futures Trading Commission’s (“CFTC”) is seeking comments regarding an amendment (Submission No. 16-67) ICE Futures U.S. (“ICE”) has proposed to its Block Trade Frequently Asked Questions (“Block Trade FAQ”) to clarify “the extent to which parties may engage...
Willful Infringement: "If I could turn back time..."
Unlike Cher, the U.S. Supreme Court can turn back time. In Halo Electronics v. Pulse Electronics , 1 the Court unanimously upended the law on enhanced damages for willful patent infringement set forth in by the Federal Circuit in In...
DOJ Announces First Declinations After Implementing FCPA Pilot Program
The U.S. Department of Justice (DOJ) issued its first set of public declinations since its April unveiling of a new self-reporting Foreign Corrupt Practices Act (FCPA) pilot program. On June 7, 2016, Akamai Technologies, Inc., a Massachusetts-based internet services provider...
U.S. Futures Exchanges Disciplinary Actions Report - May 2016
NYMEX NYMEX 15-0150-BC-3 and NYMEX 15-0150-BC-4 EFRP Violation of Rule 538.C – Exchange for Related Positions – Related Position. On August 15, 2014, September 5, 2014 and September 24, 2014, a non-member entity allegedly executed three non-bona fide Exchange for...
FERC Accepts CAISO’s Proposed Tariff Amendments Addressing Inoperability of Aliso Canyon
On June 1, 2016, the Federal Energy Regulatory Commission (FERC) accepted revisions to the California Independent System Operator (CAISO) tariff to address market conditions associated with the limited operability of the Aliso Canyon natural gas storage facility. [1] Aliso Canyon...