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Securities Energy & Utilities

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

Second Circuit Rejects First Circuit’s “Extreme Departure” Test for Assessing Materiality of an Alleged Omission of Interim...

In Stadnick v. Vivint Solar, Inc., 2017 WL 2661597 (2d Cir. June 21, 2017), the United States Court of Appeals for the Second Circuit affirmed the dismissal of claims for violations of Section 11 of the Securities Act of...more

Stadnick v. Vivint Solar: The Second Circuit Rejects Shaw's "Extreme Departure Test"

Last week in Stadnick v. Vivint Solar, the Second Circuit provided important guidance for determining when an omission in a registration statement is material for purposes of a Section 11 claim. The decision holds that the...more

How Technology Is Changing the Market For Energy Commodities

by Steptoe & Johnson PLLC on

An experiment performed by a startup in Brooklyn, New York, in 2016 could be a harbinger of the future of the energy industry. In the experiment, individuals were able to trade energy generated by solar panels between each...more

An Overview of the CFTC’s Modernized Recordkeeping Requirements

by Reed Smith on

On May 23, 2017, the U.S. Commodity Futures Trading Commission unanimously approved a revamped CFTC Rule 1.31, which specifies the form and manner that records must be kept by commodities market participants, and a slight...more

West Coast Real Estate Update - June 2017

by Holland & Knight LLP on

Google's New Office Space Could Have Huge Impact on Downtown San Jose - San Jose is the largest city in California's Silicon Valley, yet some of the tech industry's largest employers maintain their biggest offices...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Uber CEO Travis Kalanick’s indefinite leave of absence just got a whole lot more definite with news late yesterday that, bowing to pressure from shareholders, Kalanick has resigned from his post altogether....more

Projects and Energy Weekly Snippets

by Hogan Lovells on

Weekly projects and energy updates in South Africa - EDF signs 420 MW hydro construction deal with Cameroon - On Tuesday, an agreement was signed between the French power utility Électricité de France (EDF) and the...more

Exxon Mobil Shareholders Push for Climate Policy Risk Disclosure

A new trend is emerging among the country’s most influential fossil fuel investors: a demand for climate change accountability and progress towards a low-carbon economy. On May 31, 2017, a vote among Exxon Mobil’s...more

Supreme Court Decision on Statute of Limitations Governing SEC’s Recovery of Disgorgement Also Applies to FERC (but Practical...

On June 5, 2017, the U.S. Supreme Court, in Kokesh v. SEC, unanimously held that the Securities and Exchange Commission (SEC) cannot seek disgorgement of unjust profits obtained outside of the five-year statute of limitations...more

Despite U.S. Retreat from Paris Agreement, Shareholders Require Climate Change Assessments

In the midst of President Trump’s decision to withdraw from the Paris Agreement, shareholders are demanding greater transparency regarding climate change risks. While publicly-traded companies are often adept at disclosing...more

Shareholders at ExxonMobil Vote in Favor of Climate Change Reporting

On May 31, shareholders at Exxon Mobil Corp. (“ExxonMobil”) voted in favor of a climate change resolution asking the company to publish an annual report on the business impact of measures designed to limit global temperature...more

What Happens in Vegas Doesn’t Always Stay in Vegas: Considerations When Discovery of Privileged Communications Is Sought in a...

In most instances, discovery disputes over applicability of a privilege are litigated in the same jurisdiction where the privileged relationship arose, and the availability of that privilege is clear. But what happens when a...more

Reforms Lead to New Opportunities in Saudi Arabia - Transformative changes in Saudi Arabia are opening up new opportunities in...

Saudi Arabia has recently adopted new policies aimed at transforming its economy, including plans to sell shares in the state oil company, Saudi Aramco, and to expand its Public Investment Fund (PIF) to diversify its...more

Senators Send SEC, EPA, Letter On Renewable Fuel Credit Market

by Bergeson & Campbell, P.C. on

On May 9, 2017, Senator Elizabeth Warren (D-MA), along with seven additional Democratic Senators, sent a letter to the Securities and Exchange Commission (SEC), the U.S. Environmental Protection Agency (EPA), and the...more

White Certificates - New regulation on incentive scheme in Italy

by Hogan Lovells on

White certificates (dubbed “certificati bianchi” or “titoli di efficienza energetica”) have proven to be quite a successful incentive scheme in Italy in the past few years, generating significant returns on investments...more

Transparency Initiatives in the Extractive Sector: ESTMA Reporting Deadline Approaching in Canada and Setbacks in the United...

by Bennett Jones LLP on

The May 30, 2017, reporting deadline under the Extractive Sector Transparency Measures Act (ESTMA) is fast approaching. This annual reporting deadline under ESTMA applies to entities that...more

South Africa’s Junk Status Downgrade

On 3 April, 2017, S&P Global led the way in downgrading South Africa’s Sovereign Credit Rating to non-investment-grade ‘Junk’ status. This following President Zuma’s purging of his Cabinet on 31 March, 2017, in which a total...more

Funds Talk: May 2017 - The ‘Commercially Reasonable Efforts’ Standard as Defined by the Delaware Supreme Court

In its recent decision in The Williams Cos., Inc. v. Energy Transfer Equity, L.P., et al., the Delaware Supreme Court offered guidance on the interpretation of the “commercially reasonable efforts” standard in a merger...more

Compliance Into the Weeds-Episode 37- House financial regulatory reform

by Thomas Fox on

In this episode, Matt Kelly and I take a deep dive into the weeds of the soon-to-be-released the House Financial Services Committee, the Financial Choice 2.0 Act. We consider some of the ideas in the legislation which Matt...more

In Affirming Dismissal Of Shareholder Suit, The Fifth Circuit Confirms The Bar For Adequately Pleading Scienter

by Shearman & Sterling LLP on

On April 21, 2017, the United States Court of Appeals for the Fifth Circuit affirmed the dismissal of a shareholder class action lawsuit against certain officers and directors of ATP Oil & Gas Corporation (“ATP”). Neiman et...more

"Southern District Decision Highlights Challenges for Private Litigants Pursuing Manipulation Claims Under the CEA"

The U.S. District Court in the Southern District of New York recently dismissed a class action lawsuit alleging that Total, S.A., Total Gas & Power North America, Inc., and Total Gas & Power Limited (collectively, “Total”)...more

Conflict Minerals Update – SEC Releases Guidance Following District Court Decision

by White & Case LLP on

On April 3, 2017, the US District Court for the District of Columbia (the "Court") entered a final judgment in National Association of Manufacturers, et al. v. Securities and Exchange Commission,1 ruling that Section 1502 of...more

SEC Will Not Enforce Part of the Conflict Minerals Disclosure Rule

by Bracewell LLP on

On Friday, April 7, 2017, the acting Chief of the Securities and Exchange Commission (the “Commission”) Michael Piwowar released a statement that the Commission will not recommend enforcement of certain parts of its Conflict...more

"SEC Staff Provides Relief From Conflict Minerals Rule"

In statements released on April 7, 2017, the acting chairman of the Securities and Exchange Commission (SEC), Michael S. Piwowar, and the SEC's Division of Corporation Finance provided welcome news to companies concerning the...more

New Indonesian Regulation on Mining Divestment Process

by White & Case LLP on

The Indonesian Minister of Energy and Mineral Resources ("MEMR") recently issued further regulations to reflect changes to the divestment process introduced under Government Regulation No. 1 of 20171 ("GR 1/2017"). This...more

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