Resource Extraction

News & Analysis as of

In Case You Missed It - Interesting Items for Corporate Counsel - September 2015

As foreshadowed by the recent publication of supplemental analysis on the effect of its proposed rules, the SEC adopted final pay ratio rules, here. The first covered reporting period starts in the first full fiscal year...more

Governance & Securities Law Focus: Latin America Edition, October 2015

This newsletter provides a snapshot of the principal US and selected global governance and securities law developments during the third quarter of 2015 that may be of interest to Latin American corporations and financial...more

SEC Proposes Schedule for Disclosure Rules Regarding Payments by Resource Extraction Issuers – Final Rules by June 27, 2016

On September 2, a federal judge held that the SEC had “unlawfully withheld” agency action by failing to promulgate final rules requiring disclosure of government payments by resource extraction issuers and gave the SEC 30...more

Now This Is Truly Discomfiting – The SEC Proposes To Give Itself A 270 Day Extension!

In July 2010, Congress ordered the Securities and Exchange Commission to adopt a resource extraction rule within 270 days (i.e., by April 17, 2011).  The SEC missed that deadline by 1 year, 4 months and 2 days (or a total of...more

SEC Tells Court It Will Implement Resource Extraction Rules in 270 Days

As previously noted, a Federal court held that the delay in implementing the resource extraction rules violated the Administrative Procedures Act. The court ordered the SEC to file with the court in 30 days an expedited...more

EPA Seeks Comment on National Enforcement Initiatives

On September 15, 2015, EPA solicited public comment on its upcoming cycle of National Enforcement Initiatives (NEI) for fiscal years (FY) 2017-2019. EPA is proposing to adopt three new enforcement initiatives and is...more

Preliminary Planning for the 2016 Proxy Season

Some will want to start preliminary planning for the 2016 proxy season. It has been a bewildering year of developments, but most will be thankful that there are relatively few new rules that must be implemented at this time....more

EPA Requests Comment On Fiscal Year 2017 – 2019 Enforcement Priorities

EPA on September 15, 2015, announced its National Enforcement Initiatives (NEIs) for its Fiscal Years (FY) 2017 – 2019 and requested comment on them. 80 Fed. Reg. 55352. EPA selects enforcement initiatives every three years...more

Corporate and Financial Weekly Digest - Volume X, Issue 35

SEC/CORPORATE - 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...more

U.S. District Court Rules that SEC Must File Expedited Schedule for Issuing Rule on Resource Extraction Reporting

In an unusual case, a U.S. district court in Massachusetts ruled on September 2, 2015, that the Securities and Exchange Commission (SEC) must file with the Court an “expedited schedule” for promulgating the final “resource...more

SEC Enjoined For Failing To Timely Issue Mineral Disclosure Rule

The Dodd-Frank Wall Street Reform Act imposed a requirement on the SEC in Section 1504 to promulgate a disclosure rule regarding certain extraction payments involving resource issuers within 270 days of passage or by April...more

Blog: District Court Compels SEC To Provide “Expedited Schedule” For Issuing Dodd-Frank Resource Extraction Rule — Will Other Rule...

A U.S. District Court has handed a victory to Oxfam America in its efforts to compel the SEC to complete rulemaking on the Dodd-Frank mandate regarding resource extraction disclosures (Section 1504). ...more

Court Orders SEC to Implement Resource Extraction Rule

To review: On July 2, 2013, the United States District Court for the District of Columbia vacated the SEC’s resource extraction rules which were mandated by the Dodd-Frank Act. Oxfam America then brought a suit against the...more

Canada’s New Extractive Sector Transparency Measures Act and its Implications for Companies Subject to the U.S. Foreign Corrupt...

On June 1, 2015, Canada’s Extractive Sector Transparency Measures Act (“ESTMA” or “the Act”) came into force. Approved in December 2014, but not in force until this month, the Act requires companies in the extractive sector...more

News from Second and State

Week two of the budget stalemate is behind us, and there’s very little news to report. While news of a potential stop-gap budget and possible agreement on the imposition of a natural gas extraction tax might seem encouraging,...more

Promise Delivered, Details to Follow...

The Extractive Sector Transparency Measures Act (the Act) was proclaimed in force by the Government of Canada on June 1, 2015. As a result, Canada has joined the ranks of the EU, UK and US in promoting transparency and...more

Recent Settlement Under EPA’s Energy Extraction Initiative Provides Insight For Future Enforcement in the Oil and Gas Industry

Given its patchwork of regulatory authority over operations in the oil and natural gas industry, the U.S. Environmental Protection Agency (EPA) has adopted a national enforcement initiative to focus its efforts. Through its...more

Are Groundwater Extraction Fees Property Related or Regulatory Fees? It Depends

Two new Proposition 218-related cases published in March come to opposite conclusions in determining whether groundwater extraction and replenishment fees are “property-related” fees subject to Article XIII D of the...more

The Financial Report - Volume 4, No. 7 • April 2015 (Global)

Discussion and Analysis - Last week, the Securities and Exchange Commission proposed to amend SEC Rule 15b9-1 under the Securities Exchange Act of 1934, which exempts certain broker-dealers from membership in a...more

California Groundwater Users Face Unpredictable Legal Frontier

In 2014, for the first time in its 164-year history, California enacted a law that comprehensively regulates the extraction and use of the state’s groundwater. This legislative action came against the dramatic backdrop of...more

Commonwealth Court Rejects Constitutional Challenge to Natural Gas Production on State-Owned Lands and Use of Lease Funds in...

The Commonwealth Court of Pennsylvania has dismissed a lawsuit filed by the Pennsylvania Environmental Defense Foundation (PEDF) to declare unconstitutional and enjoin natural gas extraction from State park and forest land....more

Congress Passes Major Public Lands Package

For the first time in nearly six years, Congress passed a major package of public lands and natural resource bills, which was signed into law by President Obama on December 19, 2014. The package combined dozens of bills...more

Focus on Pennsylvania Corporate Taxes

With the November 4th election of Democrat Tom Wolf as Pennsylvania’s next Governor, Pennsylvania corporate taxpayers face an interesting budget season in 2015. During the campaign, Wolf advocated for a severance or...more

Terms & Conditions under Texas Law: A Potential Liability Trap for Oilfield Operators

A common misconception exists that pre-printed terms and conditions on a job ticket do not rise to the level of a legal contract. This view is not correct. Terms and conditions can and will be enforced by Texas courts. Such...more

SEC Sued to Implement Resource Extraction Rules

On July 2, 2013, the United States District Court for the District of Columbia vacated the SEC’s resource extraction rules which were mandated by the Dodd-Frank Act. Since that time, industry players have asked the SEC to...more

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