On October 15, 2012, Spilman Thomas & Battle, PLLC filed suit in the D.C. Circuit Court of Appeals on behalf of the Independent Petroleum Association of America (“IPAA”) and six other state-level oil and gas associations (PA, WV, OH, KY, IL, IN), (referred to herein as “the Associations”) challenging the U. S. Environmental Protection Agency’s (“EPA”) New Source Performance Standards (“NSPS”) promulgated for the oil and natural gas industry on August 16, 2012 ...
Two recent decisions of the Court of Appeal Remind us of the duty on Investment Advisors and Financial Securities Advisors to know their client and the correlative duty of the information. In both cases, the Court of Appeal held that the Advisor has breached his duty to know his client, assess the Client's needs, and inform and advise the Client. Both cases also dealt with the Client's possible contributory negligence ...
On October 24, 2012, the Harper government announced its intentions to enact new regulations to protect consumers who use prepaid credit cards in order to broaden their options regarding the forms of payment that best suit their needs. Such prepaid payment products allow consumers to make purchases or cash withdrawals through a payment network like American Express, MasterCard or Visa, with funds that have been paid in advance to a financial institution ...
North Carolina’s banking laws have been comprehensively updated for the first time in 80 years and provide the state with one of one of the most modern banking systems in the country. Effective October 1, 2012, the bipartisan legislation is a product of compromise and joint effort on the part of legislators, banks and consumer advocates ...
In a time when foreclosures are all too common, many secured lenders end up taking title to the real properties securing their loans. One of the questions, then, is should a lender obtain an owner’s title insurance policy or is the loan title insurance policy sufficient?As we all know, title insurance reduces the risk of the insured owner or lender by insuring one or both against loss or damage arising out of defects to or liens on title ...
Is your community bank or holding company still a public company? Are you making periodic filings — 10-K's, 10-Q's, 8-K's, Proxy Statements — to the SEC or your primary federal bank regulator? Are you still subject to Sarbannes-Oxley (SOX)? Why? A large number of community bank holding companies have filed to deregister from reporting to the Securities and Exchange Commission (SEC) ...
A federal court recently held that two investment funds are not jointly and severally liable for a bankrupt portfolio company’s withdrawal liability to a multiemployer pension plan disagreeing with a 2007 opinion by the Appeals Board of the Pension Benefit Guaranty Corporation (the “PBGC”). The Massachusetts U.S. District Court ruled there was no liability because the investment funds are not “trades or businesses” for purposes of ERISA’s joint and several liability rules ...
On October 15, 2012, IOGA-WV, the Independent Petroleum Association of America (“IPAA”) and five other state-level oil and gas associations filed suit in the D.C. Circuit Court of Appeals challenging the U. S. Environmental Protection Agency’s (“EPA”) New Source Performance Standards (“NSPS”) promulgated for the oil and natural gas industry on August 16, 2012 ...
As Denmark is situated between the North Sea and the Baltic Sea, the prevailing weather conditions suggest that wind power should constitute a major part of the country's total power production. While onshore wind turbines have dominated the Danish landscape for decades, offshore wind turbine parks have been erected in Danish waters in recent years ...
If you a trader, financial analyst or other financial technocrat and are thinking of setting up a fund, then the British Virgins Islands is probably your best bet. In today’s financial environment, investor capital for a start up fund can be hard to come by ...
On May 14, 2012, the Honourable Normand Gosselin, J.S.C., ruled on an amended motion seeking the sanction of a plan of arrangement concerning a debtor, Norgate Metal Inc. ("Norgate").1 The judgment is special in that Norgate asked the court to annul some of the votes that had been cast against the plan of arrangement. Norgate submitted that the only reason why the creditors who cast those votes had voted against the plan was that they wished to eliminate a competitor from their industry ...
On August 30, 2011, Hart Stores Inc./Magasins Hart inc. ( hereinafter “Hart”), filed for protection under the Companies’ Creditors Arrangement Act (hereinafter the “CCAA”). As part of the restructuring, Hart closed down 32 out of 92 points of sale and laid off 640 out of 1,600 employees. Included in the lay off are five executives, who are the subject of this bulletin.The executives were all laid off by means of a simple notice of termination ...
On October 17, 2012, there was published in the Federal Official Gazette an executive order issuing the Federal Act to Prevent and Identify Illegally-Funded Transactions. The purpose of the Act is to track and investigate activities and transactions involving resources illegally obtained ...
The Information Commissioner's Office (ICO) recently fined an organisation £250,000 fter its outsourcing vendor carelessly dumped confidential financial data in ublic recycling bins. This incident provides a stark reminder to organisationsthat they remain legally responsible for personal data, even where they utsource data processing activities to third parties ...
B.C. Environment Minister Terry Lake and Energy, Mines and Natural Gas Minister Rich Coleman refused to issue an Environmental Assessment Certificate (“EAC”) to Pacific Booker Minerals Inc. for its proposed Morrison Copper/Gold Mine project near Smithers, at the headwaters of the Skeena River ...
BackgroundIndustrial activities are of great importance to Europe’s financial wealth. Industrial emissions, however, cause environmental pollution and industrial emissions constitute a major part of Europe’s total emissions to air, water and soil. Consequently, there is a need for regulation of industrial operations at an EU level.In view hereof the so-called IPPC Directive (Integrated Pollution Prevention Control) was adopted in 1996 ...
Even a cursory review of relevant news stories today reveals that hydraulic fracturing (“fracking”) is one of the most hotly debated subjects in the energy sector. Both environmentalists and regulators are keeping concerns about fracking at the forefront of their agendas. Since late May of this year, there have been a number of key legal developments related to the issue that merit the attention of the oil and gas industry ...
Quebec Law has for a long time distinguished the personal guarantor from the real guarantor: a personal guanrantor is personally bound to repay a creditor should the principal debtor fail to perform its obligations; a real guarantor does no more than give some of its assets as collateral to a creditor, and unlike a personal guarantor, is not personally bound to repay the loan granted to the principal debtor ...
The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act" or the "Act") attempts to sort through the energy trading and hedging market to protect "commercial end users" from new regulatory burdens intended for trading firms and financial institutions ...
As of January 1, 2013, Quebec and California will emerge as the first two Western Climate Initiative (WCI) Partners to create a carbon market that imposes binding targets on businesses identified as major greenhouse gas (GHG) emitters ...
Contents: The Application for Rectification by the Court Is Not a Cure for all Ills: Prevention is Better than (Attempting!) a CureRegister your Trade-marks!; The Importance of Having a Detailed Power of Attorney in the Event of a Person’s IncapacityEffect of a Unanimous Shareholders’ Agreement on CCPC Status THE APPLICATION FOR RECTIFICATION BY THE COURT IS NOT A CURE FOR ALL ILLS: PREVENTION IS BETTER THAN (ATTEMPTING!) A CURELast June 19, the Superio
Outsourcing has for years been gaining popularity. Together with an increase in the number of businesses, their branches, subsidiaries as well as capital groups, increasing attention is drawn to the costs of their operations. Such activities as personal, payroll, procurement, IT, or back office in the case of financial institutions are unnecessarily duplicated in the case of companies in a capital group or generate greater costs than if carried out by an external specialized firm ...
The Hong Kong Monetary Authority (HKMA) and the Hong Kong Securities and Futures Commission (SFC) are currently consulting on changes to the definition of type 9 regulated activity that will affect all Hong Kong asset managers who use over-the-counter (OTC) derivatives in their portfolios. The consultation ends on 31 August. We encourage you to read the consultation paper ...
There have been two important developments in British Columbia’s wind energy sector in June. The first was the release of BC Hydro’s Draft Integrated Resource Plan (Draft IRP) for public consultation. The Draft IRP recommends building new clean generation resources to ensure sufficient future capacity within the system ...
Pursuant to statutory changes enacted in its 2011 Sunset Review, the TCEQ has created a website that allows companies and persons subject to its regulations to review the agency’s proposed compliance history rating, for a 30-day period prior to that rating being made available to the public ...
