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On August 27, 2014, the Securities and Exchange Commission adopted final rules that significantly revise the existing regulations that govern disclosure requirements, offering processes and periodic reporting for asset-backed securities. Adopted in part in response to the requirements of Section 939A and 942(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the final rules are intended to provide investors with timely and sufficient information, to reduce the likelihood of undue reliance on credit ratings and to provide mechanisms to help enforce representations and warranties made about the underlying assets.
August 20, 2014 | Skadden, Arps, Slate, Meagher & Flom LLP | Kenneth A. Gross, Ki P. Hong, Matthew Bobys, Melissa L. Miles, Patricia M. Zweibel, Rachel L. Applestein, Shayla K. Parker, Charles M. Ricciardelli, Tyler Rosen, Tanya Sehgal
On August 19, 2014, the SEC announced its two-year initiative to examine municipal advisors that are newly registered with the SEC but not registered with FINRA. Targeted risk areas may include compliance with the fiduciary duty requirement established under Dodd Frank, fair dealing, and books and recordkeeping requirements.
On August 6, 2014, the U.S. Commerce Department’s Bureau of Industry and Security published a new final rule that significantly expands restrictions on U.S. exports to Russia under the Export Administration Regulations. In addition to tightening existing restrictions on exports of certain “dual-use” items, the new rule imposes new licensing requirements on exports of a wide range of items that are “used directly or indirectly” in Russia’s energy sector for exploration or production from deepwater, Arctic offshore or shale projects that have the potential to produce oil or gas.
August 12, 2014 | Skadden, Arps, Slate, Meagher & Flom LLP | Kenneth A. Gross, Ki P. Hong, Matthew Bobys, Melissa L. Miles, Patricia M. Zweibel, Rachel L. Applestein, Shayla K. Parker, Charles M. Ricciardelli, Tyler Rosen, Tanya Sehgal
On August 1, 2014, Massachusetts Gov. Deval Patrick signed a bill amending the state’s campaign finance laws. The amendments, among other things, increase the contribution limit for individual contributors to candidates and establish disclosure requirements for certain entities that make independent expenditures.
The IRS recently issued guidance on renewable electricity production and energy investment tax credits, providing greater certainty to developers and other investors hoping to advance projects without concern for the projects’ eligibility for tax credits.