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Inflation Reduction Act
CFTC Regulation of Hedge Funds to Increase - Final Rules Adopted
On February 9, 2012, the Commodity Futures Trading Commission (CFTC) issued final rules rescinding and revising certain key exemptions to its registration requirements that have been routinely relied upon by the advisors and sponsors of private funds and investment companies...
A Private Foreign Issuer Who Issues US Notes Shielded by Sovereign Immunity??
Imagine an international issuer with US branch offices selling private placement notes in the US to US institutional investors, with the notes governed by NY law and the issuer submitting irrevocably to NY jurisdiction. Now imagine that the issuer’s common...
Adviser Performance Fee Rule Amended by the SEC
Introduction On February 15, 2012, the U.S. Securities and Exchange Commission (SEC) amended the “qualified client” standard of Rule 205-3 under the Investment Advisers Act of 1940, as amended (Advisers Act). Under the Advisers Act, and the rules promulgated thereunder...
FERC Decides to Retain Existing Merger Review Policies
On February 16, 2012, FERC issued an order ( February 16 Order ) reaffirming its existing merger review policies under Section 203 of the Federal Power Act (FPA) and its current framework for analyzing requests for market-based rate authority under...
FERC Orders Prior Authorization for a Subcategory of Locational Exchanges of Power
On February 16, 2012, FERC issued two orders regarding locational exchanges of wholesale electric power, the implications of which will require prior authorization for a subset of future locational exchanges. FERC also indicated that its decisions might result in modifications...
Pipeline Q&A: New Liquids Production, Shale Plays and Regulatory Challenges
Mark Lewis , an oil & gas attorney and Managing Partner of Bracewell & Giuliani's Washington, D.C. office, discussed some of the latest issues affecting the oil and gas industry with Pipeline & Gas Journal editor Jeff Share. On the...
Here We Go Again: Another Attempt at Recovery for Ratepayers Resulting from KeySpan-Morgan Stanley Swap
Another class action lawsuit has been filed against KeySpan Corporation (KeySpan) and Morgan Stanley Capital Group Inc. (Morgan Stanley), claiming damages for antitrust violations resulting from an allegedly illegal swap agreement that allowed KeySpan to manipulate energy prices in the...
Top 12 Energy Issues for '12
With the 2012 election year upon us, it promises to be an interesting year in energy politics and policy. Here are 12 (really 13 because of some creative headline writing) issues that will keep the sector hopping this year. 1...
Court Finds FERC Overstepped Jurisdictional Boundaries with Order 720
A panel of the United States Court of Appeals for the Fifth Circuit has vacated the Federal Energy Regulatory Commission's (FERC) Order Nos. 720 and 720-A , which imposed new requirements on non-interstate pipelines not normally subject to FERC's jurisdiction...
Big Brother Is Watching: FERC Proposes to Increase Market Surveillance
Citing the ever-increasing volume and complexity of physical and financial trading in the regional transmission organizations (RTO) and independent system operators (ISO), the Federal Energy Regulatory Commission (Commission) issued a Notice of Proposed Rulemaking (NOPR) on October 20, 2011. If...
Offshore Winds Blowing in New Directions
In the aftermath of the offshore wind industry's recently completed annual get-together in Baltimore last week, there are many signs of success on the ocean blue's horizon. While those possibilities shine brightly in a number of key areas, the industry...
New York DEC Issues Draft Hydraulic Fracturing Regulations
Last week, the New York Department of Environmental Conservation released its draft regulations for hydraulic fracturing. These are based on the agency's revised draft Supplemental Generic Environmental Impact Statement issued last month. The proposed regulations include a prohibition on drilling...
Despite Delay, EPA Still Set to Release GHG Draft Rule
As has been well reported, EPA will miss its September 30 deadline for releasing its draft rule on utility-focused greenhouse gas emissions. While a new deadline has not yet been announced for the rule, which focuses on reducing emissions from...
Luminant to Close Coal Plants Due to EPA Rule
Despite facing clear reliability problems because of record temperatures in Texas, Luminant said today they will close facilities to comply with EPA's Cross-State Air Pollution Rule, which will cause the loss of approximately 500 jobs. The rule, which EPA released...
Interior Department Proposes Guidelines for Protecting Wildlife from Wind Energy Development
Fossil fuels are under fire from opponents of hydraulic fracturing in the gas drilling process or, in coal's case, everything from mountaintop mining to mercury emissions. And now with the crisis in Japan, nuclear power is facing new challenges. Of...