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Inflation Reduction Act
MLP Qualifying Income "“ IRS May Reconsider Position on the "Processing or Refining" of NGLs into Olefins
An IRS official indicated that the government may reconsider its position in the recently issued proposed regulations under Section 7704(d)(1)(E) of the Internal Revenue Code regarding the production of olefins derived from natural gas liquids (NGLs). According to press reports...
MLP Qualifying Income "“ IRS Releases First PLRs Since Issuance of Proposed Regulations
On September 11, 2015, the Internal Revenue Service (IRS) released two private letter rulings (PLRs) addressing MLP qualifying income. These are the first PLRs relating to MLP qualifying income to be released since the issuance of the proposed regulations under...
Monthly Futures Exchange Issuance Report: August 2015
August's Highlight This past month, the NYMEX Business Conduct Committee ("Panel") entered into a settlement with an entity to resolve alleged violations of Exchange Rule 526- Block Trades and two Market Regulation Advisory Notices, RA1326-4 and RA-1327-4, related to pre-hedging...
DOJ: Companies, Serve Up Your Executives!
On September 9, 2015, the Department of Justice (“DOJ”) issued an internal memorandum regarding individual accountability for corporate wrongdoing. The memo, authored by Deputy Attorney General Sally Quillian Yates, is aimed at leveraging DOJ “resources to identify culpable individuals at...
UK Government Continues The Fight for Shale
Introduction Despite facing opposition on numerous fronts, the development of a regulatory regime to promote the exploration of shale gas in the UK has continued apace following David Cameron's comments earlier this year that the UK was " going all...
Delaware Court Holds Interested Directors Liable for "Fairer Price" In Going Private Transaction
In one of the largest ever M&A-related recoveries for shareholders, Vice Chancellor J. Travis Laster ordered Dole Food Company, Inc.’s Chairman and CEO, David Murdock, and Dole’s former President, COO and General Counsel, C. Michael Carter, to pay $148 million...
Know Them Before They are Famous (or at least final): The Latest USPTO Proposed Rule Changes
On August 19, 2015, the United States Patent and Trademark Office (USPTO) released proposed rule changes for trials before the Patent Trial and Appeal Board (PTAB). The proposed rule changes were made in response to input solicited by the USPTO...
BP Initial Decision: The Significance of Change
On August 13, 2015, the administrative law judge ("ALJ") assigned to hear evidence in BP America Inc. et. Al (Docket No. IN13-15) issued an Initial Decision in which she found that BP America Inc., and certain of its affiliates (collectively...
EPA Hits Oil and Gas Industry With a Flurry of Proposed Methane Regulations
EPA took major steps on August 18, 2015 to curtail methane emissions from the oil and gas industry by simultaneously releasing four new proposed rules. These actions are part of the Obama Administration’s larger climate action plan, which focuses primarily...
BP Initial Decision Adopts FERC Staff's Positions
Seven years after the Federal Energy Regulatory Commission ("FERC" or the "Commission") first opened an investigation into the trading practices of BP America Inc. and certain of its affiliates (collectively "BP"), on August, 13, 2015, Administrative Law Judge Carmen Cintron...
Federal Circuit Strengthens ITC's Authority to Police Importation
On August 10, 2015, the Federal Circuit, acting en banc , ruled that the International Trade Commission (ITC) has the authority to prevent importation of products based on claims for induced infringement where the predicate act of direct infringement occurs...
FY 2016 Sequestration Reduction Percentage for Direct Pay Tax Credit Bonds Set at 6.8 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 2016 will be 6.8 percent. This percentage will apply...
What You Need to Know About the SEC's New Pay Ratio Disclosure Rules
On August 5, 2015, the Securities and Exchange Commission voted to approve final rules to implement pay ratio disclosure pursuant to Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. As required by Dodd-Frank, the new rules...
New Citywide Construction Fraud Task Force Promises Tough Enforcement
On August 5th, the Manhattan District Attorney (the "DA’s Office") announced the formation of a multi-agency Citywide Construction Fraud Task Force that will be spearheaded by prosecutors from the office. 1 Its mission is simple: identify and root out corruption...
Monthly Futures Exchange Issuance Report: July 2015
July's Highlight Exchange for related positions ("EFRPs") involve an off-Exchange execution of an Exchange contract and, on the opposite side of the market, the simultaneous execution of an equivalent quantity of the corresponding cash or physical position (Exchange for Physical-...