Zoomed Image

White Papers

Don't waste time searching for expert commentary and analysis from thought leaders in your industry. We've already compiled and vetted valuable content for you.  

Be the most informed member of your team.  Learn what these experts have to say regarding industry developments impacting you.  


  • Recently Added

    2014 FERC Enforcement Report Emphasizes Internal Compliance Procedures, Self-Reporting, and Importance of Cooperation
    Published on November 25, 2014
    The Federal Energy Regulatory Commission’s (FERC) Office of Enforcement (Enforcement) 2014 Report on Enforcement (Report), issued on November 20, 2014, provides an overview of and statistics regarding FERC’s enforcement activities during the fiscal year 2014 within Enforcement’s four divisions: Investigations, Audits and Accounting, Energy Market Oversight, and Analytics and Surveillance. The Report provides information regarding Enforcement’s non-public activities and priorities during the fiscal year 2014. The 2014 Report emphasizes the value FERC Enforcement places on self-reporting and internal compliance procedures.
    Cadwalader, Wickersham & Taft LLP (CWT)
    FERC Revokes MBR Authorization of 26 Suppliers for Delinquent EQRs
    Published on November 5, 2014
    On October 30, 2014, the Federal Energy Commission issued an order revoking the market-based rate (“MBR”) authorization of twenty-six (26) retail suppliers for failure to timely file Electric Quarterly Reports (“EQRs”). The FERC had notified these suppliers on October 9, 2014, along with seventeen other entities, that their MBR authority would be revoked unless the sellers filed all delinquent EQRs within fifteen days. FERC did not revoke MBR authorization from the other entities that received a delinquency notice on October 9 but have since filed either missing EQRs or requested additional time.
    Cadwalader, Wickersham & Taft LLP (CWT)
    ISS Releases QuickScore 3.0 Details
    Published on October 30, 2014
    Yesterday, Institutional Shareholder Services released the details of its updated “QuickScore 3.0” corporate governance rating system. The update was previewed in our firm’s publication on October 27.From 9 a.m. EST on November 3 through 8 p.m. EST on November 14, companies may access the underlying data that ISS will use to construct their QuickScore rating through ISS’s website. New scores will then be released on November 24 and begin appearing in ISS research reports. ISS has indicated that the format of the reports will be revised to show historical scores, data changes and a trend analysis, rather than just a static rating. Because some institutional shareholders may rely, in part, on a company’s corporate governance ratings to make voting and investment decisions, companies may want to consider taking steps to ensure that the information on which these ratings are based is accurate.
    Sullivan & Cromwell LLP
    Want to Bet?
    Published on October 31, 2014
    In this month’s Bulletin, Jeff Reynolds focuses on balance sheet manage versus making bets because of where interest rates are, and where we think they are going to go. Strategic action as a hedge is the opposite of making a bet, and should be a primary focus of all ALCO discussions.
    Darling Consulting Group
    Critical Mass: An SNL Energy Evaluation of Mass-based Compliance Under the EPA Clean Power Plan
    Published on December 4, 2014
    SNL Energy investigates the impact of the EPA's proposed Clean Power Plan on wholesale power prices and generation mix in the Eastern U.S. Drawing on extensive analysis of the CPP and using the SNL Power Forecast as its baseline, SNL Energy projects CO2 prices needed to meet EPA's proposed greenhouse gas reductions. 
    SNL Energy
    Concentration Limits on Large Financial Companies
    Published on November 12, 2014
    Last week, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) approved a final rule (the “Final Rule”) implementing Section 622 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd- Frank Act”), which establishes a financial sector concentration limit (the “Section 622 Concentration Limit”). The Section 622 Concentration Limit generally prohibits insured depository institutions, bank holding companies, foreign banking organizations (“FBOs”) that are treated as bank holding companies, savings and loan holding companies, other companies that control an insured depository institution, as well as nonbank financial companies designated by the Financial Stability Oversight Council for supervision by the Federal Reserve (each, a “financial company”) from merging or consolidating with, or acquiring control of, another company if the resulting company’s total consolidated liabilities upon consummation would exceed 10 percent of the aggregate consolidated liabilities of all financial companies as calculated under Section 622 (“Total Financial Sector Liabilities”).
    Sullivan & Cromwell LLP
    Basel III Liquidity Framework November 2014
    Published on November 7, 2014
    On October 31, 2014, the Basel Committee on Banking Supervision (the “Basel Committee”), published a final document presenting the net stable funding ratio (“NSFR”), one of the key standards proposed by the Basel Committee to strengthen liquidity risk management as part of the Basel III framework (the “Final NSFR”).  The NSFR is designed to promote more medium- and long-term funding of the assets and activities of banks over a one-year time horizon, thus complementing the Basel III liquidity coverage ratio (“LCR”), the standard intended to address short-term liquidity risk management over a 30-day stressed horizon. The NSFR is supposed to take effect as a binding requirement on January 1, 2018.
    Sullivan & Cromwell LLP
    2015 Proxy Season Developments
    Published on November 7, 2014
    On Thursday, the New York City Comptroller, on behalf of the $160 billion New York City Pension Funds, announced a broad initiative to give shareholders the right to nominate directors at U.S. companies using the corporate ballot. By submitting proxy access shareholder proposals to 75 companies at once, the NYC Pension Funds are taking a major step to roll out proxy access across the market. The proposals, known collectively as the Boardroom Accountability Project, request that companies give shareholders who meet a threshold of owning 3% of the company for three years the right to include their candidates in the company’s proxy statement. These proposals are in a form that has achieved significant support during 2014 – of the nine similar proposals that came to a vote in 2014, five of them passed, and the rest nearly passed. Overall levels of shareholder support ranged from 44% to 69%, and averaged 54%.
    Sullivan & Cromwell LLP
    Top Seven Agenda Items for the Lame Duck Session
    Published on November 7, 2014
    Republicans might have scored historic victories in this week’s midterm elections, but before these new members of the House and Senate are sworn in on January 3, 2015, the current Congress – the Democratic Senate and the Republican House of Representatives – will return to Washington for a “lame duck” session to complete this year’s legislative work. The lame duck session will begin on Wednesday, November 12, and could last until late December. We believe that Congressional Republicans will push for a short lame duck session and then try to complete the unfinished business early next year when they control both Houses of Congress.
    Sidley & Austin LLP
    FinCEN Publishes Two Administrative Rulings Clarifying Treatment of Companies Engaged in Certain Virtual Currency Activities
    Published on November 3, 2014
    On October 27, 2014, the Financial Crimes Enforcement Network (“FinCEN”) issued two administrative rulings, FIN-2014-R011 (“Ruling 1”) and FIN-2014-R012 (“Ruling 2”). The inquiring company in Ruling 1 (“Company 1”) and the  inquiring company in Ruling 2 (“Company 2”) each requested FinCEN’s determination that, if the company were to engage in certain proposed virtual currency activities, FinCEN would not find the company to be a money services business –  specifically, a money transmitter – under the Bank Secrecy Act (“BSA”). In the alternative, Company 1 and Company 2 each requested that, if the company were determined to be a money transmitter, FinCEN find that the proposed virtual  currency activities qualify for exemptions under regulations implemented by FinCEN pursuant to the BSA (“BSA Regulations”) that cover (i) money transmission activities that are “integral” to a person’s business and (ii) certain payment  processing activities. As discussed below, FinCEN found that both Company 1 and Company 2 would be money transmitters if they engaged in their respective proposed activities and would not be eligible for the exemptions.
    Sidley & Austin LLP
Please Note:
close

If you are an SNL subscriber, log-in to access the webinar for free.

If you are not an SNL subscriber, click here

If your company subscribes and you need to create a log-in, click here.
Unsure? Call +1 888-275-2822. Not a subscriber? Get a free trial subscription, click here.

Welcome to SNL!
close

This content is available only to SNL subscribers. Please log in here

If your company subscribes and you need to create a log-in, click here.
Unsure? Call +1 888-275-2822. Not a subscriber? Get a free trial subscription, click here.