Skip to main content
Insights
Inflation Reduction Act
Monthly Futures Exchange Issuance Report: May 2015
This report summarizes material notices from CME Group and ICE Futures, with a particular focus on energy. It is not intended to be a comprehensive review of each and every notice issued by these Exchanges. May's Highlight This past month...
FERC Finds Manipulation Violations by Company and Trader that Complied with Tariff but did not Act to Further Market Design Goals
On May 29, 2015, the Federal Energy Regulatory Commission (FERC) issued an Order Assessing Civil Penalties against Powhatan Energy Fund and its affiliates as well as against Houlian Chen, Powhatan's chief trader, for violating FERC's anti-manipulation rule. FERC ordered Powhatan...
Major Air Enforcement Action Against New Plant Owner Suggests the Value of EPA's "New Owner Audit Policy"
A new $1.3 million Clean Air Act penalty action by U.S. EPA and the Michigan Department of Environmental Quality against AK Steel Corporation has received significant public and media attention this week. The proposed consent decree, filed with the court...
A $6 Million Reminder to Observe Corporate Formalities: Environmental Prosecutors Pierce Another Corporate Veil with Ohio Decision
With ever-growing concern about environmental liability exposures, many shareholders rely on corporate structures – both simple and complex – to help insulate themselves from direct responsibility for the acts and omissions of the companies they own. Establishing that structure is...
Federal District Court Denies Barclays Motion to Dismiss FERC Petition Which Alleges Manipulation and Assesses Significant Penalties
For the past two years we have been tracking and reporting on an enforcement proceeding brought by the Federal Energy Regulatory Commission ("FERC") against Barclays Bank PLC ("Barclays"), Daniel Brin, Scott Connelly, Karen Levine, and Ryan Smith (collectively, the "Traders"...
Mexico’s National Hydrocarbons Commission (CNH) Issues Round One’s Third Bid For Onshore Fields
Mexico’s National Hydrocarbon Commission ( Comisión Nacional de Hidrocarburos ) (“CNH”) announced on May 11 the terms for the third bid of Round One. Unlike the two earlier bids which covered 19 shallow water areas, the third bid covers 26...
Mexico's National Hydrocarbons Commission Issues Round One's Third Bid For Onshore Fields
Mexico's National Hydrocarbon Commission ( Comisión Nacional de Hidrocarburos ) ("CNH") announced on May 11 the terms for the third bid of Round One. Unlike the two earlier bids which covered 19 shallow water areas, the third bid covers 26...
Egypt: floating regasification to solve gas shortages
Facing shortages in its domestic gas supplies, the Egyptian Natural Gas Holding Company (EGAS), Egypt's state-owned gas company, has opted to install floating regasification facilities in the Ain Sokhna port and received its first LNG cargo in April 2015. This...
Progress Report: Shale Play in Algeria
Legal basis The 2013 amendments to Algeria's 2005 Hydrocarbon Law (the " Law ") provided a legislative framework for the exploration and production of unconventional hydrocarbons. In addition to wider changes to the Law designed to revive foreign investment in...
Regional Enforcement Snapshot: North Africa
Attorneys from our white collar, internal investigations and regulatory enforcement team profile recent enforcement actions in the North African states of Morocco, Algeria, Tunisia, Libya, Sudan and Egypt. The report illustrates the need for ongoing caution from investors in the...
Risk Analysis: Libya's Oil and Gas Market
Libya is reputed to hold the ninth largest proven oil reserves in the world (approximately 38% of Africa's total proven crude reserves) [1] making it a key player in the global energy market. Since 2011 however, the country and its...
Egypt: the race to get FiT
The Government of Egypt has said that it must invest US$12 billion in the electricity sector over the next five years in order to meet the country's urgent electricity demands. Renewable energy will be a key component, with investment in...
DOJ Sets its Sights on Antitrust Violations in the E-Commerce Marketplace
The Antitrust Division of the U.S. Department of Justice (Antitrust Division) continues to intensify and expand criminal enforcement of the antitrust laws. The results speak for themselves. In fiscal year 2014, the Antitrust Division collected $1.86 billion in fines and...
MLP Qualifying Income "“ Treasury and IRS Issue Proposed Regulations
On May 5, 2015, the Department of the Treasury and the Internal Revenue Service (IRS) issued proposed regulations that provide much-anticipated guidance on the scope of qualifying income under Section 7704(d)(1)(E) of the Internal Revenue Code (Code) for master limited...
MLP Qualifying Income – Treasury and IRS Issue Proposed Regulations
On May 5, 2015, the Department of the Treasury and the Internal Revenue Service (IRS) issued proposed regulations that provide much-anticipated guidance on the scope of qualifying income under Section 7704(d)(1)(E) of the Internal Revenue Code (Code) for master limited...