Securities Law, Energy & Utilities Law, Commercial Law & Contracts

European Union Pending Legislation Requiring Additional Transparency from Extractive Industries

by Raymond Banoun | Cadwalader, Wickersham & Taft LLP on 5/20/2013

On April 9, 2013, the European Union agreed to a preliminary deal requiring oil, gas, mining and forestry companies to report in greater detail any payments at or above €100,000 (approximately $130,000) they make to foreign...more

Conflict Minerals Disclosure Compliance

by Ruben Chuquimia, Robert Wexler | Polsinelli on 5/3/2013

The SEC has adopted a rule requiring SEC reporting companies to provide disclosures about conflict minerals that are "necessary to the functionality or production of a product manufactured by the company." Conflict minerals...more

From The Compact Model To The Luxury Model – Managing Your Third Party Risk

by Thomas Fox on 5/1/2013

I am currently attending the Hanson Wade Oil and Gas Supply Chain Compliance conference in Houston. The event is excellent and the presentations have been ‘spot on’ for the nuts and bolts of how to do compliance. As the...more

Appeals Court Dismisses Challenge To SEC Resource Extraction Rules

by Ethan Mark | Leonard, Street and Deinard - Dodd-Frank and... on 4/30/2013

In 2012 ,the SEC adopted final rules requiring public companies engaged in certain oil and gas activities to disclose payments made to domestic and foreign governments as required by the Dodd-Frank Act. The rules were...more

Anti-Corruption Law And The Oil And Gas Industry: Evolutions In Both Demand Vigilance

by William Liess, Omar McNeill, Gregory Paw | Pepper Hamilton LLP on 4/16/2013

Businesses in the oil and gas industry are cautioned to pay careful attention to evolutions in anti-corruption law in the jurisdictions where they operate. The U.S. government has successfully enforced the Foreign Corrupt...more

SEC Files Initial Brief in Conflict Minerals Rule Case

by Edward Sarnowski | Holland & Knight LLP on 4/16/2013

The SEC recently filed its initial brief in the case pending in the United States Court of Appeals for the D.C. Circuit in which the National Association of Manufacturers, United States Chamber of Commerce, and Business...more

Financial Services Bulletin: Action At The CFTC, SEC, And Fed

by Perkins Coie on 4/12/2013

On Thursday, March 28, 2013, the Commodity Futures Trading Commission (the "CFTC") approved a final order that exempts certain non-financial energy derivative transactions between and amongst government-owned electric...more

CFTC’s Final Rule Exempting Certain RTO Transactions From CFTC Regulation Largely Affirms Earlier Order But Offers Helpful Changes...

by Robert Fallon | Leonard, Street and Deinard - Dodd-Frank and... on 4/8/2013

On March 28, 2013, the Commodity Futures Trading Commission issued a final rule that largely affirmed its earlier proposal to exempt certain FERC and Texas PUC regulated transactions from CFTC jurisdiction and provided...more

Japan Launches LNG Futures Contract

by Elan Mendel | Shipkevich PLLC on 4/1/2013

Japan plans to launch the world’s first futures contract for liquefied natural gas, also known as LNG. This marks the country’s latest step toward creating a global market for fuel....more

Court Rules FERC Does Not Have Authority to Fine Trader for Manipulation of Futures Contracts

by Kenneth M. Rosenzweig, Tanja Samardzija | Katten Muchin Rosenman LLP on 3/26/2013

Pursuant to the Energy Policy Act of 2005, the Federal Energy Regulatory Commission (FERC) fined a natural gas trader $30 million for manipulating the settlement price for natural gas futures contracts on the New York...more

Corporate and Financial Weekly Digest - March 22, 2013

by Katten Muchin Rosenman LLP on 3/25/2013

In this issue: - NASDAQ Proposes Internal Audit Function Requirement for Listed Issuers - FINRA’s Frequently Asked Questions on Electronic Blue Sheet Submissions Updated Regarding Order Execution Time -...more

D.C. Circuit Rules That CFTC – Not FERC – Has Authority To Regulate Futures Trades

by Pamela Anderson, Glenn Benson, Nidhi Thakar | Perkins Coie on 3/20/2013

On March 15, 2013, the U.S. Court of Appeals for the District of Columbia Circuit held that the Commodity Futures Trading Commission (CFTC) has exclusive jurisdiction over natural gas futures contracts and that the Federal...more

FERC Lacks Authority Over Commodity Futures Contracts

by George Billinson, Mark Haskell, Brett Snyder, Pamela C. Tsang | Morgan Lewis on 3/20/2013

The D.C. Circuit clarifies that FERC may prohibit manipulative trading only in markets outside of the CFTC's exclusive jurisdiction over commodity futures contracts. On March 15, the U.S. Court of Appeals for the...more

Energy Alert: Deadline Approaches For Energy Company Swap Reporting

by Nate Endrud | Leonard, Street and Deinard on 3/19/2013

The CFTC's Dodd-Frank swap reporting and recordkeeping requirements become mandatory on April 10, 2013, for all persons and companies engaging in swaps. These requirements include the agency's swap data reporting and...more

FERC Lacks Authority To Regulate Natural Gas Futures Contracts, D.C. Circuit Rules

by Jack N. Semrani, Dena E. Wiggins | Ballard Spahr LLP on 3/18/2013

The U.S. Court of Appeals for the D.C. Circuit decided today that the Commodity Futures Trading Commission (CFTC) has exclusive jurisdiction over all transactions involving commodity futures contracts and that the Federal...more

In Praise of the Mock Audit – Lessons from the Power Industry

by Thomas Fox on 3/5/2013

Last week I attended the Society for Corporate Compliance and Ethics (SCCE) Energy and Utilities Conference here in Houston. As usual, SCCE put on a great event, the speakers and topics were all first-rate. As you might...more

Doing Business In Italy - Step Up Your FCPA Compliance Now

by Thomas Fox on 2/18/2013

Former Italian Prime Minister Silvio Berlusconi is no stranger to scandal and controversial statements, but lately his words and actions seem to be providing cause for concern outside of the European Union....more

Happy Birthday FT and Welcome Hanson Wade

by Thomas Fox on 2/14/2013

Yesterday celebrated an auspicious anniversary as it was the 125th anniversary of the British newspaper, the Financial Times (FT), its first issue having been delivered on February 13, 1888. In England, and across the world,...more

EU Considers Extending Disclosure Obligations for Government Payments

by Andrea L. Hamilton, David J. Levine, Obiamaka P. Madubuko, Sabine Naugès, Raymond Paretzky | McDermott Will & Emery on 11/26/2012

On 18 September 2012, the European Parliament approved a package of proposals that impose on loggers of primary forests, and large companies that extract oil, gas and minerals, a new obligation to provide full details on...more

DISPUTE RESOLUTION: Oil & Gas Litigation: SEC Sued Over Dodd-Frank Extractive Industries Rule

by King & Spalding on 11/21/2012

A divided Securities and Exchange Commission (SEC) recently adopted a rule affecting publicly-traded oil, gas, and mining companies. The Commission promulgated these regulations pursuant to Section 1504 of the Dodd-Frank Act....more

CFTC Issues FAQ on Energy Agreements

by Kevin M. Foley, Adam J. Spector | Katten Muchin Rosenman LLP on 11/20/2012

The Commodity Futures Trading Commission has responded to questions raised by market participants regarding whether such participants must classify physical commercial agreements for energy supply and consumption as...more

SEC Rejects Motion to Stay Resource Extraction Disclosure Rules

by Robert L. Kohl, Daniel J. Silverthorn | Katten Muchin Rosenman LLP on 11/20/2012

On November 8, the Securities and Exchange Commission denied a motion to stay the effective date of the recently enacted resource extraction disclosure rules. These rules, adopted by the SEC on August 22, require public...more

Resource Extraction Issuers: Small Entity Compliance Guide

by Leonard, Street and Deinard - Dodd-Frank and... on 11/16/2012

The SEC has released a Small Entity Compliance Guide relating to the recently adopted rules relating to new disclosures required of “resource extraction issuers.” Compliance Guides like this one are required by 1996...more

A trend towards transparency – combating corruption in oil and gas

by James O. Green | K&L Gates LLP on 11/15/2012

Originally published in Drillers and Dealers: Expert's Insights - October 2012. Recent months have brought two important developments in the global trend towards transparency and accountability in the oil and gas...more

CFTC General Counsel Clarifies Application of “Swap” Definition to Energy Transportation and Storage Contracts

by Leonard, Street and Deinard - Dodd-Frank and... on 11/15/2012

The CFTC Office of General Counsel (“OGC”) issued an interpretation today regarding application of the “swap” definition (and forward contract exclusion thereunder) to energy transportation and storage contracts, in response...more

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Securities Law › Energy & Utilities Law › Commercial Law & Contracts