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Compliance Reponses to Economic Downturns: A Focus On The Energy Sector

I. The Problem - As I write, oil is hovering around $50 per barrel. The price will inevitably rebound, but all compliance officers need to be prepared for responding to economic downturns in their respective industries...more

Extensive Knowledge of Target’s Operations Always Essential in Energy Sector Investment

What steps should investors seeking opportunities in the energy sector take to conduct due diligence? RK: It’s imperative that anyone looking to make a significant investment in today’s energy sector has a painstaking...more

Quality of Assets Driving Distressed Energy Sector Dynamics

It seems the price of oil has stabilized, moving slightly up or down rather than taking dramatic shifts. If this pattern holds, how will this impact the challenges companies will face in the next few months or for the rest of...more

CFTC Advisory Committee Reviews Position Limits Proposal, Reopens Public Comments until March 28, 2015

On February 25, 2015, the Commodity Futures Trading Commission (CFTC or Commission) published a notice that it would reopen the comment period for its previously proposed rule to establish speculative position limits for 28...more

CFTC Reopens Comment Period for Position Limits Proposals

The Commodity Futures Trading Commission has re-opened the comment period on (1) its proposed rules establishing position limits on certain exempt and agricultural commodities and (2) its proposed amendments to its...more

Welcome Tax Measures Announced at the PDAC 2015 Convention

On Sunday March 1, 2015, the Honourable Joe Oliver, Federal Minister of Finance addressed the Prospectors & Developers Association of Canada (“PDAC”) at the annual PDAC Convention in Toronto and announced certain proposals...more

CFTC Reopens Comment Periods

On February 24, the CFTC submitted for publication in the Federal Register a notice reopening the comment periods for the two Position Limit rulemakings, in anticipation of questions and comments that may arise from the...more

Global Mining and Metals Industry Group: Kazakhstan push for reform

Kazakhstan’s new legal and regulatory changes are part of a push for progress and are a step in the right direction in creating a simpler, more transparent and attractive environment for international investment in the mining...more

What Lenders and Investors in E&P Companies Need To Know As Oil Prices Drop

“In 2008, the United States produced on average approximately 5 million barrels of oil a day. By the end of 2014, that number had increased to more than 9 million barrels and the Energy Information Agency predicts production...more

The New EU Accounting Directive and (Non-) Financial Reporting Obligations

On 15 November 2014, Directive 2014/95/EU of the European Parliament and of the Council of 22 October 2014, amending Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large...more

Mexico’s Energy Reforms – Round 1 Update: More Participating Companies

As an additional update to the bulletin published on 2 February 2015, we are sending this follow up regarding additional companies participating in Mexico’s Licensing Round 1 shallow water oil and gas tender. ...more

Sound Bites from Infocast Wind Finance 2015

The Infocast Wind Power Finance & Investment Summit 2015 was held from February 10 to 12 in San Diego. Below are selected sound bites regarding the tax equity market and other finance related matters....more

MD&A Lessons Learned from Broadwind Energy

On February 5, 2015, the Securities and Exchange Commission charged Broadwind Energy, Inc. (Broadwind), its former Chief Executive Officer and its Chief Financial Officer for accounting and disclosure violations that, as the...more

Court Finds CFTC RTO/ISO Exemptive Order Bars CEA § 22 Private Right of Action, but More to Come from the CFTC

Can private litigants bring claims under the Commodity Exchange Act alleging manipulation in ERCOT’s energy markets? On February 3, the U.S. District Court for the Southern District of Texas answered “no,” granting...more

Asset Manager Hedging Results Fined for Failing to Register as a Commodity Trading Advisor

On January 16, 2015, the Commodity Futures Trading Commission (CFTC) fined an asset manager, using financial instruments to hedge its clients’ risk, for failing to register as a Commodity Trading Advisor (CTA). See Summit...more

The President’s Groundhog’s Day Budget Casts a Shadow on Some but Offers Sunshine for Others

On February 2nd, President Obama released his Fiscal Year (FY) 2016 budget request to Congress. Along with the budget, the Department of the Treasury (Treasury) released a volume called “General Explanations of the...more

Continuity of supply of essential services to be guaranteed during business recovery (UK update)

Following a consultation on the issues last year, an Order was laid before the UK Parliament on Monday (9 February 2015) to prevent suppliers of water, gas, electricity, communications services and IT from cutting off supply...more

Plunging Oil Prices: Options for Long-term Project Participants affected by the Price Collapse

Plunging oil prices over the past six months have left many participants in long-term energy projects looking at very different deals from the ones they signed. Having hovered around US$115 per barrel in June 2014, prices...more

Unregistered CTA Summit Energy Services: Choose Your Words Wisely

A recent case highlights the importance of periodically reviewing an energy company's marketing materials and related activities (including statements made on websites) to ensure that the company is not holding itself out --...more

The Bureau of Economic Analysis Reporting Requirements for Foreign Direct Investment: Still Time for Timely Filing

In September of 2014, new foreign investment reporting requirements from the Department of Commerce’s Bureau of Economic Analysis (BEA) became effective. The new regulations require the BEA to collect data on the acquisition...more

"The 'Law 42' Arbitrations Against Ecuador and the Importance of BIT Language"

Bilateral Investment Treaties (BITs) afford investors a series of guarantees against expropriation or unfair treatment of investments in foreign jurisdictions. They also typically allow investors to enforce those rights...more

Mexico Energy Law – Round 1 Update

Update regarding Mexico’s Licensing Round 1 shallow water oil and gas tender - According to the Comisión Nacional de Hidrocarburos (e.g., the National Hydrocarbons Commission; “CNH”), as of Thursday, January 28th,...more

"Sectoral Sanctions Add New Layer of Complexity to OFAC Sanctions"

In response to the protracted crisis in Ukraine, the Obama administration authorized traditional and innovative economic sanctions against Russian and Ukrainian persons through Executive Orders 13660, 13661, 13662 and 13685....more

Quarterly Investment Update – 4th Quarter 2014

Welcome 2015! We are coming off a solid economic performance in 2014 marked by improvements in hiring, wages and corporate investments. It has been a magnificent year for both the stock and bond markets, even with a...more

Mozambique’s Decree Law: Worth the Wait

The much anticipated Decree Law for Offshore Areas 1 and 4 was published on 2 December 2014 (Decree Law No. 2/2014). It provides a clear and comprehensive legal framework for their development and includes significant...more

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