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Securities Energy & Utilities

Read need-to-know updates, commentary, and analysis on Securities issues written by leading professionals.

Blurry Boundaries of Oil & Gas Joint Ventures Under the Securities Act and the Exchange Act

by Locke Lord LLP on

In Sec. & Exch. Comm’n v. Sethi Petroleum, LLC, 4:15-CV-00338, 2017 WL 192666, at *1 (E.D. Tex. Jan. 17, 2017), the Eastern District of Texas, Sherman Division, issued an opinion that clarifies the often-blurry boundaries...more

Resource Extraction Disclosure Requirements are Dumped

by Dorsey & Whitney LLP on

Canadian miners and oil & gas companies should be aware that on February 14, 2017, President Trump approved a joint resolution of Congress that disapproved a recent SEC rule requiring specific disclosure by resource...more

A Long and Winding Road Ends for Resource Extraction Disclosure

by Dorsey & Whitney LLP on

On February 14, 2017, President Trump approved a joint resolution of Congress that disapproves the SEC’s rule requiring specific disclosures by resource extraction issuers, effectively repealing the rule. The rules required...more

Security interests in the UK Capacity Market: new rules

by Dentons on

Lenders and capacity providers in the UK’s Capacity Market will want to take note of new procedures introduced by National Grid in its role as the Capacity Market’s Delivery Body. The Capacity Market aims to incentivise...more

President Signs Repeal of the SEC's Extraction Payment Disclosure Rule

by Bracewell LLP on

Further to our February 2, 2017 Update, on February 14 the President signed legislation to annul the SEC’s Extraction Payment Disclosure Rule. The rule would have required public oil and gas companies to disclose in annual...more

The Resource Extraction Disclosure Rules are Dead

by Locke Lord LLP on

On January 31, 2017, Republican lawmakers in the House introduced a resolution (“HJ Resolution 41”), relying on the Congressional Review Act, intended to kill the SEC’s disclosure rules for payments made by resource...more

Reconsider the Ratio: SEC Acting Chair Calls Pay Ratio Rule into Question

Acting Chairman of the Securities and Exchange Commission Michael Piwowar recently told Bloomberg in an interview that, pending confirmation of President Trump’s successor for chair of the SEC, the commission was “not going...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The FHLB Boston’s $5.9 billion MBS case against Morgan Stanley, UBS, and Credit Suisse, is back in Massachusetts state court—a result of the Supreme Court’s Lightfoot v. Cendant Mortgage case that held that Fannie Mae’s...more

Congress Votes to Disapprove SEC’s Resource Extraction Disclosure Rule

by McGuireWoods LLP on

In previous posts, we discussed the potential impact of the SEC’s Resource Extraction Payment Disclosure (Rule 13q-1), including possible FCPA implications and the development of an appropriate compliance plan. After the...more

"SEC Acting Chairman Directs Reconsideration of Conflict Minerals Rule"

The acting chairman of the U.S. Securities and Exchange Commission (SEC), Michael S. Piwowar, recently released two public statements concerning the conflict minerals rule applicable to companies that file Exchange Act...more

Bridging Valuation Gaps and Other Barriers to M&A in the UK North Sea

Chrysoar, a little known oil company, backed by U.S. private equity (PE) firm EIG Partners, made headlines this week when it purchased $3.8 billion of North Sea assets from Shell. The sale comprises more than half of Shell’s...more

The Fall of Section 1504: Congress Votes to Repeal the Revenue Transparency Rule

Congress passed a joint resolution this week expressing its disapproval of the revenue transparency rule issued last June by the Securities and Exchange Commission. The rule, issued pursuant to Section 1504 of the Dodd-Frank...more

What’s Next Under the Congressional Review Act?

As we reported, the House and Senate have passed a joint resolution under the Congressional Review Act disapproving the SEC Resource Extraction Rule and that President Trump was expected to sign the legislation that...more

SEC Resource Extraction Rule to be Eliminated Under Congressional Review Act

As we previously noted, the House was set to vote on the disapproval of the SEC Resource Extraction Rule under the Congressional Review Act. The joint resolution passed the House by a vote of 235 in favor and 187 against. ...more

Congress Approves Resolution to Rescind SEC’s Resource Extraction Payments Disclosure Rule

Key Points - - Congress acts to repeal the SEC’s Resource Extraction Payments Disclosure Rule. - Full repeal is subject to President Trump’s signature. - Once enacted, all future administrations...more

House Votes to Invalidate Extraction Payment Disclosure Rule

by Bracewell LLP on

On February 1, 2017, the U.S. House of Representatives passed House Joint Resolution 41 to annul the Extraction Payment Disclosure Rule. The rule would require oil and gas companies to disclose in annual reports for fiscal...more

Saudi Arabia Update - January 2017

by Dentons on

Legal developments - Government's payments of the remaining dues to the private sector - As a result of the crash in oil prices in mid-2014, the Saudi government was forced to cancel projects and delay payments to...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Unfortunately enough for Deutsche Bank, 2017 isn’t starting off much better than the previous year. The German banking giant has agreed to pay a $425 million fine to NY state authorities (and another $204 million to the UK’s...more

Blog: Time to say goodbye to the Dodd-Frank Resource Extraction Disclosure Rules?

by Cooley LLP on

In an opinion piece in the WSJ, House Majority Leader, Kevin McCarthy, said that the House will soon be taking “the ax” to the SEC’s rules on Disclosure of Payments by Resource Extraction Issuers, mandated under Dodd-Frank,...more

2016 – A Bad Year For Bad Guys in Energy

by Gray Reed & McGraw on

Let’s look back at a cavalcade of crooks, criminals and miscreants who met up with justice in 2016. We do it to be reminded of the others who will be lurking in the 2017 shadows....more

The Supreme Court May Review Whether Regulatory Enforcement Actions Seeking Disgorgement are Subject to a Five-Year Statute of...

Federal regulatory agencies, such as the Securities and Exchange Commission (“SEC”), the Commodity Futures Trading Commission (“CFTC”), and the Federal Energy Regulatory Commission (“FERC”), have the authority to impose...more

TechConnect - Your Law Firm Link to Industry News - December 2016

by Mintz Levin on

Letter from the Editors - Dear Readers, Our client, Benji Cohen, was running an Energy Markets Division at Macquarie when he had a lightbulb moment. Everywhere he looked valuation models were being put together in...more

Renewable Energy Investor Group Asks FERC to Designate Certain Passive Equity Interests in Public Utilities as “Non-Voting...

On December 9, 2016, a group of investors in renewable energy projects (“Petitioners”) asked the Federal Energy Regulatory Commission (FERC) to find that certain non-managing (i.e., passive) “tax equity” interests in public...more

Green Finance Growth Set to Continue

by Latham & Watkins LLP on

The Vice-President of the European Investment Bank, Jonathan Taylor called for “a renewed effort from the world’s financial institutions to make the Paris Agreement a reality” at the COP 22 Conference, held last month in...more

There’s Still Time For Congress To Void The SEC’s Resource Extraction Rule

by Allen Matkins on

Last June, the Securities and Exchange Commission belatedly adopted a rule requiring disclosure of resource extraction payments by issuers. As I wrote at the time...more

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