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North Carolina Legislative Report

The General Assembly convened for the 2015 legislative session on January 14. Lawmakers returned to Raleigh on January 28 to begin the session in earnest. The MVA Public Affairs Legislative Report on North Carolina will be...more

Distressed Downloads - June 2015

A Battle in the Making in the Oil and Gas Sector: Second Lien vs. High Yield Debt - In the oil and gas industry, there is a storm brewing between holders of second lien debt and unsecured high yield bonds. These...more

Eletrobras Hires U.S. Law Firm to Conduct FCPA Investigation

On June 10, Eletrobras, Brazil’s state-run power company, announced that it had hired Hogan Lovells to investigate potential violations of the FCPA and other anti-corruption laws and corporate policies. The focus of the...more

Drilling Down on Transparency: Quebec Introduces Bill Requiring Reporting For Mining, Oil & Gas Industries

On June 11, 2015, Quebec’s Minister for Mines introduced a bill before the Quebec National Assembly that proposes to impose mandatory reporting requirements on businesses operating in the mining and oil and gas sectors. The...more

ESMA Guidelines on the application of Sections C6 and C7 of Annex I to MiFID I

EMSA has recently published Guidelines on which commodity derivatives fall within the definition of "financial instrument" for the purposes of MiFID I. The Guidelines give clarity on the status of forwards, and guidance on...more

CFTC Proposes Order to Exempt Southwest Power Pool Products

Recently, the CFTC issued a Proposed Order in response to a 2013 request by the Southwest Power Pool (SPP) for exemption of certain SPP electric energy products from CFTC regulation. Scope of Exemption - The...more

Canada's Resource Revenue Transparency Rules Now in Force

Canada's new Extractive Sector Transparency Measures Act was proclaimed in force today, in keeping with the federal Government's committed timeline. The Act imposes mandatory reporting requirements for each entity engaged in...more

Exercising Registration Rights Did Not Violate Fiduciary Duties

Molycorp, Inc. is a publically traded Delaware corporation engaged in a the production and sale of rare earth oxides. Private equity investors held 44% of Molycorp’s stock, appointed certain directors and had demand...more

Shining a Light on Payments to Governments: The Current State of “Publish What You Pay” Rulemaking Around the World

Over the last few years, a number of key jurisdictions have adopted regulations requiring companies engaged in natural resource extraction activities to disclose the payments they make to governments and state-owned...more

CFTC Proposes to Exempt Certain Southwest Power Pool Transactions

On May 18, the Commodity Futures Trading Commission issued a proposed order in response to an application submitted by Southwest Power Pool, Inc. (SPP) to exempt certain contracts, agreements and transactions for the purchase...more

Mercuria v Citigroup: The issues and implications for the commodities market

The judgment on the claim brought by Mercuria Energy Trading Pte Ltd and Mercuria Energy Group Ltd (Mercuria) against Citibank NA and Citigroup Capital Markets Ltd (Citi), has now been published by the English Commercial...more

How to Manage Credit and Collect Unpaid Bills in Today’s Oil Patch

Everybody from the well site to the board room has an opinion about when oil prices will “rebound”. Rather than an opinion, we have a question: How do I collect my money while we’re waiting? This post is a refresher for...more

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...more

Plans of Arrangement under CBCA: Lessons from Connacher Oil

In early 2015, 9171665 Canada Ltd. and Connacher Oil and Gas Ltd. (together Connacher) applied to the Alberta Court of Queen's Bench (Court) for a final order pursuant to section 192 of the Canada Business Corporations Act...more

Considerations and Consequences of a Bankruptcy Filing in the Oil and Gas Industry

A Chapter 11 bankruptcy filing of an oil and gas company will likely have broad implications for a wide range of parties. Certain pervasive agreements in today’s oil and gas industry generate substantial, high-dollar...more

CFTC Proposes Changes to Trade Option Rules for End Users

The CFTC has proposed several important changes that would alleviate the reporting and recordkeeping obligations of end users with respect to trade options (or provide by rule certain relief currently only available under...more

Schlumberger OFAC Enforcement Action – A New Threat?

I have been writing lately about the rise of OFAC sanctions enforcement. OFAC and the Justice Department have started to build a close working relationship similar to that between the SEC and the Justice Department relating...more

"Managing Related-Party Transactions With Yieldco and MLP Vehicles After El Paso Pipeline"

Sponsors generally form a yieldco or a master limited partnership (MLP) because the structure of these permanent capital vehicles allows for the issuance of equity to investors at a lower cost of capital, providing a...more

Miners Beware: Regulators Read Your Investor Presentations

On April 9, 2015, the Canadian Securities Administrators (CSA) published CSA Staff Notice 43-309 - Review of Website Investor Presentations by Mining Issuers (the Staff Notice), which summarizes the findings of a review of...more

It’s All About the Process: Lessons from Delaware Court on MLP’s Conflicts Committee Approval

On April 20, 2015, the Delaware Court of Chancery issued a post-trial opinion in the case In Re: El Paso Pipeline Partners L.P. (C.A. No. 7141-VCL), finding El Paso Pipeline GP Company LLC, the general partner (GP) of El Paso...more

Kaisa and Others Hope for a Miracle but Learn that Magic Does Not Exist

Kaisa Developments - The recent financial crisis of Kaisa Group Holdings Ltd. (“Kaisa”), a large-scale Chinese property developer listed on the Hong Kong Stock Exchange (“SEHK”), continues to be in the headlines. The...more

Are You an E&P Company Facing a Liquidity Crunch and Considering Restructuring?

In this lw.com interview, Latham & Watkins partner Michael Chambers looks at the impact of borrowing base redeterminations on exploration and production (E&P) companies. He also discusses additional debt capacity under high...more

Indonesia’s New Draft Oil & Gas Law

Legislators in Indonesia have recently suggested that all petroleum production operations should effectively be state controlled, making many foreign investors in south east Asia’s largest country fear that their assets could...more

Hedging Oil & Gas Production

The recent, dramatic decline in the price of oil illustrates the risk that every oil and gas producer has to declining energy commodity prices. This paper discusses various methods for “hedging” or reducing price risk. In...more

Mexico’s Energy Revolution Series: A Liberalized Electricity Sector - April 2015

In This Issue: - Introduction - A Revamped Institutional Architecture - New Makeup of the Electricity Supply Chain .. Generation .. T&D Network .. Retailing - A note of...more

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