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Evaluating the Health of Loan and Bond Markets for 2016

Corporate borrowers and issuers typically access the credit markets only for need or opportunity, so may not actively monitor loan market conditions. As a leading firm with a nationally ranked practice representing borrowers...more

Iran Sanctions Lifted? Implementation Day Creates Compliance Minefield

U.S.-Iranian relations took a major step forward on January 16, 2016, with the arrival of “Implementation Day” under the Joint Comprehensive Plan of Action (JCPOA). Although this may present new business opportunities in...more

SEC Extractive Industry Transparency Requirements Move Forward

On December 11, 2015, the Securities and Exchange Commission (“SEC”) issued a new proposed rule to implement a key provision of the Dodd-Frank Act that targets corruption and increases transparency requirements for payments...more

U.S. Government Licenses Certain Iran-Related Transactions Conducted by Foreign Subsidiaries of U.S. Companies

On January 16, 2016, the International Atomic Energy Agency verified that Iran had carried out its nuclear commitments under the Joint Comprehensive Plan of Action (“JCPOA”), triggering reciprocal obligations by the United...more

Public Utility Companies Look to Gobble up Municipal Systems through Private Sales

Large privately held, publicly regulated utility companies with a focus on rapid growth and expansion throughout the Commonwealth have a new target - municipally owned water and wastewater systems. Pennsylvania legislation...more

Break Fees in Private M&A

The speed of economic change in the energy sector has created legitimate concerns about volatility in the marketplace. This has caused both vendors and purchasers to be more cautious in deal making. One way to help the...more

FERC Proposes Rule Clarifying Requirements for Market-Based Rate Sellers to Identify Owners and Affiliates

The Federal Energy Regulatory Commission (FERC) proposed on December 17, 2015, to amend its regulations to clarify the obligations of certain companies that sell electric energy to identify their owners and affiliates. This...more

Lessons from the Suncor-Canadian Oil Sands Shareholder Rights Plan Decision

On December 14, 2015, the Alberta Securities Commission (ASC) released its much anticipated decision (the Decision, Re Suncor Energy Inc., 2015 ABASC 984) concerning the 120-day shareholder rights plan adopted by Canadian Oil...more

This Week In Securities Litigation

The New York AG may have launched a new trend this week. Using the Martin Act, he filed a settled action against the largest coal producer in the nation alleging false statements regarding the firm’s ability to project the...more

New Developments in Old Stratas: B.C. Proposes to Lower Threshold for Strata Termination

The British Columbia government recently introduced a bill that will, if passed, make it easier to cancel a strata plan and wind up a strata corporation under the Strata Property Act (Act). Currently, a unanimous resolution...more

Commenters Weigh in on Proposed Regulations for Determining MLP Qualifying Income

IRS’ proposed MLP regulations generate flurry of specific industry-related comments and spur public hearing. “I’m mad as Hell, and, frankly, I’m not going to take it anymore.” — Paraphrase of concerned citizen and...more

Blog: SEC To Issue Final Dodd-Frank Resource Extraction Disclosure Rule By June 2016 (Maybe)

As noted in this Law 360 article and in this thecorporatecounsel.net blog , on Friday, the SEC filed a Notice of Proposed Rulemaking in the U.S. District Court for the District of Massachusetts in connection with Oxfam...more

Tax Review - September 2015

We are proud to present the next edition of our “Tax Review” which contains a selection of rulings and interpretations that had been issued or published in August 2015. We hope you will find the information provided here...more

SEC Settles FCPA Action With Hitachi

The SEC filed a settled FCPA books and records and internal controls action centered on a firm which used a subsidiary partially owned by a foreign political party to influence the award of government contracts. Specifically,...more

US District Court Orders SEC To Revise Resource Extraction Issuer Rule

On September 2, the US District Court for the District of Massachusetts ordered the SEC to file with the District Court in 30 days an expedited schedule for promulgating a final resource extraction issuer disclosure rule as...more

The CSA’s Latest Continuous Disclosure Review: Two Key Takeaways for Material Contract and Mining Disclosure

The Canadian Securities Administrators (CSA) recently published their annual review of Canadian public companies’ continuous disclosure filings in CSA Staff Notice 51-344 - Continuous Disclosure Review Program Activities for...more

Corporate & Financial Weekly Digest - Volume X, Issue 27

In this issue: - Court of Appeals for Third Circuit Overturns District Court Ruling Regarding Exclusion of Shareholder Proposal From Proxy Statement - FINRA Updates Its Interpretation of the SEC's Financial...more

Master Limited Partnership Parity Act Reintroduced To House And Senate

On June 24, 2015, the Master Limited Partnership Parity Act (S. 1656) was reintroduced in the House and the Senate. The legislation would provide investors in renewable energy projects with tax breaks that are currently...more

Master Limited Partnerships: Proposed Tax Regulations Scale Back Activities Giving Rise to Qualifying Income

The Treasury Department (Treasury) and the Internal Revenue Service (Service) have issued proposed tax regulations (Proposed Regulations) that provide guidance on, and significantly scale back, the types of activities...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

Update: Extractive Sector Transparency Measures Act Now In Force

The Extractive Sector Transparency Measures Act (ESTMA) came into force on June 1, 2015. ESTMA is designed to reduce international corruption by enacting reporting obligations with respect to payments made to foreign and...more

Proposed Regulations on Publicly Traded Partnerships Affect Natural Resource Industry

The IRS proposed regulations [REG-132634-14] to provide guidance on what is “qualified income” from a publicly traded partnership’s (PTP) activities regarding minerals or natural resources, such as oil and gas fracturing...more

General partner to pay $171 million for special committee’s failure to act in good faith: 2 key takeaways

In In re El Paso Pipeline Partners, L.P. Derivative Litigation, 2015 WL 1815846 (Del. Ch. Apr. 20, 2015), the Delaware Court of Chancery (Vice Chancellor J. Travis Laster) issued a post-trial opinion finding that the general...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

In re El Paso Pipeline Partners, L.P. Deriv. Litig., C.A. No. 7141-VCL (Del. Ch. Apr. 20, 2015) (Laster, V.C.)

In this post-trial opinion, the Delaware Court of Chancery determined that a general partner breached a limited partnership agreement in connection with a “drop-down” transaction. The Court held that the partnership’s...more

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