Under newly enacted Section 1400Z of the Internal Revenue Code of 1986 (the “Code”), beginning on December 22, 2017, taxpayers may defer, and in some cases partially eliminate, capital gains by making certain investments in “qualified opportunity zones.” A qualified opportunity zone is a “population census tract” in a state designated low-income community ...
CFTC Issues No-Action Relief to September 1, 2017 for Variation Margin Rule for Uncleared Swaps, But for Swap Dealers under Prudential Regulators’ VM Rule the March 1, 2017 Deadline Remains On February 13, 2017, the Staff of the U.S. Commodity Futures Trading Commission (“CFTC”) issued time-limited no-action relief (Letter No ...
On March 24, 2020, the Commodity Futures Trading Commission (“CFTC” or the “Commission”) unanimously approved its final interpretive guidance (“Final Guidance”) regarding retail commodity transactions involving certain digital assets ...
The CFTC recently published several no-action letters issuing temporary relief to certain market participants in response to the Coronavirus/COVID-19 outbreak, which was declared a pandemic by the World Health Organization on March 11, 2020 ...
The Consumer Financial Protection Bureau (“CFPB”) recently announced a settlement with Dwolla, Inc., an online payment processor, for allegedly deceptive statements Dwolla made to consumers regarding the company’s data security practices. In the settlement, Dwolla agreed to pay a $100,000 penalty and take specific actions to improve its data security ...
Legislation to update US controls on foreign investment has been signed by the President and enacted into law. The Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”) expands the scope of review by the Committee on Foreign Investment in the United States (“CFIUS”) of foreign investment in critical and foundational technologies that impact US national security, broadly defined ...
On April 29, 2016, the National Center for Energy Control (“CENACE”) announced the second auction for long-term supply and purchase contracts to satisfy the need of basic service suppliers (for the time being, the Federal Electricity Commission, perhaps better known for its acronym, “CFE”), for power, capacity, and clean energy certificates. The standard commercial operation date of the projects awarded under the auction is scheduled for January 1, 2019 ...
On March 15, 2018, the National Center for Energy Control (“CENACE”) announced the fourth long-term auction for the purchase and sale of power, capacity, and clean energy certificates. The term of the contracts for power and capacity will be 15 years while the term for clean energy certificate contracts will be 20 years. The standard commercial operation date of the power generation projects awarded under the auction is scheduled for January 1, 2021 ...
The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) offers relief to businesses affected by COVID-19 through various programs, including forgivable loans and federal income tax credits. However, the CARES Act prevents businesses from claiming certain benefits that are considered duplicative ...
On March 27, 2020, Congress passed the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). The CARES Act, among other things, aims to provide relief to tenants and borrowers who participate in HUD’s housing programs. This alert highlights those provisions that address such multifamily housing ...
The United Nations has issued a “Global Call to Creatives” (the “Call”) asking content creators, influencers, advertisers, and others to help in translating public health messages “into work that will engage and inform people across different cultures, languages, communities and platforms ...
Earlier this year, in Kim v. Toyota Motor Corp., the California Supreme Court delivered a significant win to product manufacturers concerning the admissibility of industry custom and practice evidence in a strict product liability design defect action. Haynes and Boone, LLP Partner M.C ...
California Code of Regulations, title 2, section 11023 became effective April 1, 2016. It has new and specific requirements for employers’ anti-harassment, anti-discrimination, and anti-retaliation policies. California employers should revisit their policies to ensure they are in compliance with the new regulations and make sure the policies have been properly distributed to all employees ...
The effects of the precipitous decline in oil and gas prices after mid-2014 are well chronicled, but are still unfolding. Although oil prices have risen recently, the current price environment continues to adversely affect a broad range of energy-industry and related-industry businesses, including exploration and production, service and supply, and midstream companies, as well as those that directly or indirectly support or contract with those businesses ...
The current Administration continues to be active in the area of immigration law and policy, and has promulgated several Executive Orders (“EO”), mostly directed to immigration enforcement and national and public security. The exception is the April 2017 Buy American, Hire American Executive Order, which extends to and impacts professional work visas ...
On March 27, 2020, Congress passed the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). This historic $2 trillion relief package received bipartisan support and is part of the third wave of federal government support as the nation copes with the acute economic fallout from the coronavirus (COVID-19) pandemic. The CARES Act, among other things, aims to provide significant aid to businesses and employees ...
On February 17, 2017, the Bureau of Ocean Energy Management (“BOEM”) withdrew its December 2016 orders requiring sole liability properties to provide additional security in the form of supplemental bonds for plugging, abandoning, and decommissioning Outer Continental Shelf (“OCS”) wells, platforms and other facilities ...
On May 1, 2020, President Donald Trump issued an Executive Order declaring a national emergency with respect to threats to the U.S. bulk-power system posed by the unrestricted supply of bulk power equipment by persons owned by, controlled by, or subject to the jurisdiction or direction of a foreign adversary, presumably including China, a source for many of the components impacted by the Executive Order ...
LATEST UPDATE - April 3, 2020 In response to the Coronavirus pandemic, the President signed H.R. 748, known as the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act on March 27, 2020. The bill provides more than $2 trillion of aid to individuals and the public and private sector ...
It is one year since the United Kingdom (UK) triggered Article 50 of the Treaty on European Union (EU) by notifying the European Council of its intention to withdraw from the EU. This means that we are now half way through the two year negotiation period during which the terms of the UK’s withdrawal from the EU are due to be concluded ...
It is one year since the United Kingdom (UK) triggered Article 50 of the Treaty on European Union (EU) by notifying the European Council of its intention to withdraw from the EU. This means that we are now half way through the two year negotiation period during which the terms of the UK’s withdrawal from the EU are due to be concluded ...
On 6 July 2018 the Government published a statement following on from Theresa May’s Cabinet meeting and Brexit debate at Chequers, the Prime Minister’s country residence. The statement outlined the Cabinet’s collective stance and the next steps to be taken in respect of the Brexit negotiations. However, many critics have already called the Chequers statement a “compromise” position and argued that the statement seems to be advocating a “soft Brexit ...
On 7 February 2018, a new specialist International Chamber within the Paris Court of Appeal was launched by the French Ministry of Justice together with the Paris Bar Association. The chamber is intended to deal with international commercial matters governed by French as well as foreign law, and the use of English as well as certain common law procedures will be permitted ...
The shock result in the UK General Election has caused further political and economic upheaval with no single party controlling the House of Commons. Serious questions are now being raised over the UK’s approach to Brexit with negotiations set to commence next week ...
After 44 years as a member, the United Kingdom (UK) is now officially on the path to leave the European Union (EU). Article 50 On 29 March 2017, the UK triggered Article 50 of the Treaty on European Union by notifying the European Council of its intention to withdraw from the EU. This followed the referendum held in June 2016, where a majority of UK voters opted to leave the EU ...
