Rulemaking Process

News & Analysis as of

Significant SEC Rulemaking to Address Liquidity of Mutual Fund Portfolios

On September 22, 2015, a unanimous U.S. Securities and Exchange Commission proposed far-reaching rule reforms intended to address liquidity risks in the mutual fund industry. The agency’s preamble indicates it was prompted by...more

California Attorney General Targets Prop. 65 Plaintiffs’ Settlement Terms

The California Office of the Attorney General is seeking to limit certain payment provisions common in Prop. 65 plaintiffs’ settlements with defendants. The proposed rulemaking, published September 25, 2015, would limit the...more

Blog: SEC launches Rulemaking Database

The SEC has launched a new database, a Rulemaking Index, which collects on a single site information on rulemaking activity since 2008. The information is grouped together by file number, so that you can see the proposals,...more

Washington State Department of Ecology Starts Rulemaking Process for Regulating Carbon Emissions

The Washington State Department of Ecology (Ecology) has taken the first steps toward new rules for reducing emissions of carbon dioxide and other greenhouse gases by proposing to adopt a new Clean Air Rule and amend two...more

Miners and States take Notice, the EPA is Updating its CERCLA Financial Responsibility Requirements

The U.S. Environmental Protection Agency (“EPA”) has recently announced that it would take steps to finalize rules establishing financial responsibility requirements for hard rock mines under section 108(b) of the...more

FERC Meeting Agenda Summary - September 2015

In this issue: • Electric Items • Miscellaneous • Gas Items • Hydro Items • Certificates Below are brief summaries of the agenda items for the Federal Energy Regulatory Commission’s September 17, 2015...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

Long-Awaited FSMA Final Rules Published

On September 10, 2015, the U.S. Food and Drug Administration (FDA) made public two final Food Safety Modernization Act (FSMA) rules: Current Good Manufacturing Practice, Hazard Analysis, and Risk-Based Preventive Controls...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

Disclosure Rules Regarding Payments by Resource Extraction Issuers Have Been “Unlawfully Withheld” by the SEC – Court Orders...

Yesterday, a federal judge ordered the SEC to file with the court an expedited schedule for promulgating final rules requiring disclosure of government payments by resource extraction issuers. The SEC has 30 days to file the...more

Federal Judge Grants Preliminary Injunction Blocking the Obama Administration’s New Clean Water Rule From Taking Effect

On August 27, 2015, the US District Court for the District of North Dakota issued a preliminary injunction against implementation of the Clean Water Rule (the Final Rule). The Final Rule defines Waters of the United States...more

Reed Smith Instrumental in New Proposed Regulations Concerning the Sales Taxation of Shipping Charges in Illinois

On August 28, 2015, the Illinois Department of Revenue’s (the “Department”) proposed regulations clarifying the Department’s position on the sales taxation of shipping charges were posted to the Illinois Register, commencing...more

84 House members urge expedited CFPB action on small business lending data collection rules

84 House members recently wrote to the CFPB to urge it to expedite rulemaking to implement the small business lending data requirements of Dodd-Frank Section 1071. Section 1071 amended the ECOA to require financial...more

The American Bar Association Joins Growing Chorus Of Groups Raising Concerns About Fair Pay And Safe Workplaces Regulations

On August 26, 2015, the Section of Public Contract Law of the American Bar Association (“ABA”) submitted public comments to the General Services Administration (“GSA”) and the U.S. Department of Labor (“DOL”) on their...more

FCC Proposes Reform of Radiofrequency Equipment Authorization Rules

Faced with the rapid growth of increasingly complex wireless products, the FCC proposes to upgrade its equipment authorization program to prevent harmful interference without stifling innovation and product development....more

What is going on with STEM OPT?

A recent federal court ruling has created uncertainty and speculation about the STEM OPT program. This summary is provided to inform employers and F-1 STEM students of the facts about the effect of this decision....more

Change to FLSA Companionship Exemption Extends Minimum Wage and Overtime Protections to Home Health Care Aides

After almost fourteen months of legal challenges, the U.S. Department of Labor has emerged victorious in its attempt to modify the FLSA’s companionship exemption. On August 21, the U.S. Court of Appeals for the D.C. Circuit...more

More on Methane: Adjacency, Consistency, and a Major Source of Confusion

On Tuesday, August 18, 2015, the U.S. Environmental Protection Agency (“EPA”) issued a package of four proposals to control methane emissions from the oil and gas industry. By far, EPA’s proposed New Source Performance...more

Circuit Court Grants Writ of Mandamus Requiring EPA to Act on Petition to Ban Chlorpyrifos

In an opinion issued on August 10, 2015, the U.S. Court of Appeals for the Ninth Circuit granted a writ of mandamus requested by Pesticide Action Network North America and the Natural Resources Defense Council (Petitioners)...more

30-year Eagle Take Permit Term Remanded on Procedural Grounds

On August 11, 2015, the United States District Court for the Northern District of California found that the U.S. Fish and Wildlife Service ("Service") had inappropriately relied on a categorical exclusion under the National...more

Financial Services Weekly News - August 2015 #2

Regulatory Developments - SEC Revises 2014 Money Market Fund Reform FAQs: On Aug. 4, the SEC staff issued revised 2014 Money Market Fund Reform Frequently Asked Questions (FAQs), which were originally released...more

New York advocacy groups and tax-exempts face additional disclosure obligations

Recent judicial and administrative decisions in New York State should put not-for-profit organizations, advocacy groups and similar entities on notice about their disclosure and transparency obligations in New York....more

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