AB 617 & Extension of California s Cap-and-Trade Program
|
|
- Tyrone Shields
- 6 years ago
- Views:
Transcription
1 AB 617 & Extension of California s Cap-and-Trade Program A&MWA West Coast Section Annual Conference Joshua T. Bledsoe September 21, 2017 Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA) with affiliated limited liability partnerships conducting the practice in the United Kingdom, France, Italy and Singapore and as affiliated partnerships conducting the practice in Hong Kong and Japan. Latham & Watkins operates in Seoul as a Foreign Legal Consultant Office. The Law Office of Salman M. Al-Sudairi is Latham & Watkins associated office in the Kingdom of Saudi Arabia. Copyright 2017 Latham & Watkins. All Rights Reserved.
2 Agenda Pre-Extension Issues with Cap-and-Trade Program Assembly Bill 398 Assembly Bill 617 Looking Ahead to ARB Activity
3 Climate Stabilization or Bust Returning to 1990 level only first step in long journey to climate stabilization Executive Order B : 40% below 1990 (SB 32) 2050: 80% below limit designed to sync with 2 C global average increase necessary to avoid worst impacts of climate change
4 Pre-Extension Issues with Cap-and-Trade Declining auction revenues (see next slide) Arguably no statutory authority to continue the Program post-2020 Uncertainty regarding: Continued allocation of free allowances Banking of allowances (saving current vintages for use in later years) Level of the GHG cap post-2020 Continuing role of offsets in the Program Legal challenges to the Program based on Proposition 26 (attacking it as an unconstitutional tax) Environmental Justice concerns that state-wide programs were not addressing disadvantaged communities
5 Meager Auction Revenues May 2016: $10 million vs. $564 million Aug. 2016: $8.4 million vs. $564 million Nov. 2016: $364 million vs. $577 million Feb. 2017: $8.2 million vs. $593 million April 2017: Auction Litigation Decision May 2017: $511 million Aug. 2017: $642 million
6 Overview of Cap-and-Trade Extension On July 17, 2017 Governor Brown signed a package of three bills which extended the Cap-and-Trade Program through 2030: AB 398 Implements a number of cost-containment measures and preempts district-level regulation of GHG emissions from covered sources AB 617 Requires accelerated BARCT implementation and creation of community monitoring and risk reduction programs ACA 1 Requires a supermajority vote by the Legislature to allocate Cap-and- Trade Program auction revenues beginning on January 1, 2024 Further action by ARB required to effectuate extension of Cap-and- Trade Program and implementation of AB 617
7 AB 398: Program Extension The Cap-and-Trade Program has been extended through 2030 by a supermajority vote (immune from Prop 26 challenges) Industry assistance factors will be continued at present levels through 2030 However, AB 398 requires ARB to evaluate and address concerns related to overallocation in setting allowance budgets ARB also is required to establish banking rules to discourage speculation, avoid windfalls, etc. Emissions cap to decline at an annual average of 4.8% per year ARB must make recommendations to the Legislature on leakage, a border carbon adjustment, and other items
8 AB 398: Cost Containment Measures Allowance Prices Price Ceiling ARB will sell additional metric tons at a price ceiling level to be determined by ARB rulemaking Speed Bumps APCR allowances will be released at two price levels to be determined by ARB Offsets : limited to 4% of an entity s compliance obligation (2% with direct benefits in CA) : limited to 6% of an entity s compliance obligation (3% with direct benefits in CA)
9 AB 398: Allowance Price Containment Reserve Unsold Allowances Pre-Extension AB million If unsold for 24 months Pre-2021 APCR APCR Sale of allowances at APCR price tiers Sale of allowances at price ceiling Allowance Price Containment Reserve (APCR) 122 million as of September 1, /3 1/3 First Speed Bump Second Speed Bump 1/3 Price Ceiling APCR APCR 52.4 million 52.4 million Price Ceiling APCR to address concerns related over allocation OR 52.4 million Terminate new additions to APCR because market has a price ceiling
10 AB 617: BARCT Retrofit Requirements AB 617 requires nonattainment air districts to adopt an expedited schedule for BARCT implementation by January 1, 2019 Schedules must require implementation by the earliest feasible date, but no later than December 31, 2023 Meaning of implementation likely to be clarified by ARB Subject to existing rulemaking processes, including cost-effectiveness determinations Units with the oldest emissions controls will be prioritized Air districts will have flexibility to allow alternative BARCT, emissions tradingbased compliance, or equivalent emissions reductions at a lower cost Exceptions: units with new or modified permits issued post-2007 are exempt
11 AB 617: Community Monitoring Plans October 1, 2018: ARB must prepare a community monitoring plan for disadvantaged communities, identifying those with high exposure burdens for criteria pollutants and air toxics ARB also must prepare: (i) a statewide emission-reduction strategy (updated every 5 years); and (ii) select communities to implement emission-reduction programs Individual facilities could be required to reduce emissions commensurate with its relative contribution if it contributes to a material impact on a disadvantaged community July 1, 2019: Air districts must deploy a community monitoring system, and may require stationary sources to deploy fence-line monitoring
12 AB 617: Community Monitoring Plans Emissions reporting to ARB for Cap-and-Trade Program sources is expanded under AB 617 to cover all emissions (criteria, precursors, air toxics), and ARB may require 3 rd party verification Once a community is selected for an emission-reduction program, the affected air district must adopt such a program within one year, using cost-effective measures identified by ARB Community plans subject to ARB review and approval within 60 days AB 617 also increases penalties for violations of ARB and local air district rules from a maximum of $1,000 per day to $5,000 per day
13 AB 617 Budget Allocations (via AB 134 and AB 109) Use Amount Community Action Plans $250,000,000 SCAQMD $107,500,00 SJVAPCD $80,000,000 BAAQMD $50,000,000 Other Districts $12,500,000 Local Air District Implementation $27,000,000 ARB Implementation $11,700,000 Technical Assistance Grants to Community Organizations $5,000,000 **Appropriations from GHG Reduction Fund (i.e., Cap-and-Trade Auction Revenue)
14 Allowed Uses of AB 134 Funding Carl Moyer Memorial Air Quality Standards Attainment Program At its discretion, a district may allocate up to 40% of the funds it receives to incentivize clean trucks in accordance with ARB s Proposition 1B Guidelines, relative to funding amounts and truck evaluation Districts may use up to 6.25% of the funds to pay the reasonable costs of administering incentive programs
15 Looking Ahead To ARB Activity Key issues left to ARB to resolve through guidance and rulemaking: Price ceiling and speed bump levels Mechanics of the price ceiling (i.e., how ARB sells additional metric tons ) Overallocation ARB must evaluate and address concerns in setting allowance budgets Banking ARB must develop rules to discourage speculation BARCT ARB likely will clarify what constitutes implementation through guidance Community Monitoring Plan approvals Emission-reduction measures to be employed in high-burden communities
16 Questions? Joshua T. Bledsoe Orange County Phone: Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA) with affiliated limited liability partnerships conducting the practice in the United Kingdom, France, Italy and Singapore and as affiliated partnerships conducting the practice in Hong Kong and Japan. Latham & Watkins operates in Seoul as a Foreign Legal Consultant Office. The Law Office of Salman M. Al-Sudairi is Latham & Watkins associated office in the Kingdom of Saudi Arabia. Copyright 2017 Latham & Watkins. All Rights Reserved.
17 Disclaimer Although this presentation may provide information concerning potential legal issues, it is not a substitute for legal advice from qualified counsel. Any opinions or conclusions provided in this presentation shall not be ascribed to Latham & Watkins or any clients of the firm. The presentation is not created or designed to address the unique facts or circumstances that may arise in any specific instance, and you should not and are not authorized to rely on this content as a source of legal advice and this seminar material does not create any attorney-client relationship between you and Latham & Watkins. Copyright 2017 Latham & Watkins. All Rights Reserved.
California Climate Regulation Post-2020
California Climate Regulation Post-2020 Law Seminars International Electric Power in California Conference November 4, 2016 Joshua T. Bledsoe Latham & Watkins operates worldwide as a limited liability
More informationImplementing the New Revenue Recognition Rules in 2018
Implementing the New Revenue Recognition Rules in 2018 Steven B. Stokdyk January 9, 2018 Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of
More informationManaging Offset Risk: Golden Offsets, Offset Insurance and Other Measures to Address Invalidation & Buyer Liability
Managing Offset Risk: Golden Offsets, Offset Insurance and Other Measures to Address Invalidation & Buyer Liability Special Topics Webinar June 20 th, 2013 10:00-11:30 am Legal Disclaimer: Much of this
More informationCase Study Mobily Refinancing 12 November 2012
Case Study Mobily Refinancing 12 November 2012 Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA) with affiliated limited liability
More informationWhistleblower Update MAPI LAW COUNCIL MEETING FALL Miriam Fisher Eric Swibel November 9, 2017
MAPI LAW COUNCIL MEETING FALL 2017 Whistleblower Update Miriam Fisher Eric Swibel November 9, 2017 Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the
More informationSENATE COMMITTEE ON APPROPRIATIONS Senator Ricardo Lara, Chair Regular Session
SENATE COMMITTEE ON APPROPRIATIONS Senator Ricardo Lara, Chair 2017-2018 Regular Session AB 398 (Eduardo Garcia) - California Global Warming Solutions Act of 2006: market-based compliance mechanisms: fire
More informationIdea to Liquidity & Beyond: Financing
Seminar Series: Startup Law 101 for Entrepreneurs Idea to Liquidity & Beyond: Financing Patrick Pohlen and Ben Potter, Latham & Watkins LLP October 10, 2017 Latham & Watkins operates worldwide as a limited
More informationUS Tax Reform: Understanding the Proposals and Executing Transactions in the Face of Uncertainty
February 14, 2017 US Tax Reform: Understanding the Proposals and Executing Transactions in the Face of Uncertainty Focusing on Issues for Legal, Business Development and other non-tax Executives Latham
More informationItaly Implements Directive Requiring Non-Financial Disclosures for Large European Undertakings
Latham & Watkins Capital Markets Practice 30 March 2017 Number 2105 Italy Implements Directive Requiring Non-Financial Disclosures for Large European Undertakings Large public-interest companies and parent
More informationOVERVIEW PRELIMINARY DRAFT REGULATION FOR A CALIFORNIA CAP-AND-TRADE PROGRAM - FOR PUBLIC REVIEW AND COMMENT - November 24, 2009
OVERVIEW PRELIMINARY DRAFT REGULATION FOR A CALIFORNIA CAP-AND-TRADE PROGRAM - - November 24, 2009 CALIFORNIA CAP ON GREENHOUSE GAS EMISSIONS AND MARKET-BASED COMPLIANCE MECHANISMS IN ACCORDANCE WITH CALIFORNIA
More informationMEMORANDUM. June 6, 2012
MEMORANDUM June 6, 2012 To: WSPP Participants From: Arnie Podgorsky Patrick Morand Re: California Cap and Trade: Potential WSPP Impacts This memorandum summarizes aspects of the cap and trade program (
More informationINTERNATIONAL ENERGY LAW, CONTRACTS AND NEGOTIATIONS
INTERNATIONAL ENERGY LAW, CONTRACTS AND NEGOTIATIONS MICHAEL P. DARDEN LATHAM & WATKINS LLP DUE DILIGENCE FOR INTERNATIONAL PETROLEUM TRANSACTIONS HOUSTON, TEXAS SEPTEMBER 23, 2013 Latham & Watkins operates
More informationCalifornia Cap-and- Trade Program Recovers
California Cap-and- Trade Program Recovers by Brandon Charles and Laura Norin, with MRW & Associates, LLC in Oakland, California Prices for greenhouse gas emission allowances under the California cap-and-trade
More informationClient Alert. In its Denial of a Power Plant Sale, FERC Sheds Light on the Meaning of Control and the Importance of Mitigation.
Number 1492 March 26, 2013 Client Alert Latham & Watkins Finance Department In its Denial of a Power Plant Sale, FERC Sheds Light on the Meaning of Control and the Importance of Mitigation The decision
More informationCalifornia s self-correcting cap-and-trade auction mechanism does not eliminate market overallocation
research note California s self-correcting cap-and-trade auction mechanism does not eliminate market overallocation Executive summary In recent public statements, ARB staff have suggested that California
More informationFinancial Statement Requirements in US Securities Offerings. What You Need to Know Edition
Financial Statement Requirements in US Securities Offerings What You Need to Know 2018 Edition FINANCIAL STATEMENT REQUIREMENTS IN US SECURITIES OFFERINGS: WHAT YOU NEED TO KNOW 2018 Edition Alexander
More informationClient Alert. UK Takeovers: Defined Benefit Pension Trustees Gain New Rights. The Introduction of Rules in Favour of Pension Trustees
Number 1511 30 April 2013 Client Alert Latham & Watkins Corporate and Tax Department UK Takeovers: Defined Benefit Pension Trustees Gain New Rights. A framework within which the takeover parties and the
More informationClient Alert. IRS Relaxes Standard of Relief for Failing to File Gain Recognition Agreements. Background
Number 1464 February 6, 2013 Client Alert Latham & Watkins Tax Department IRS Relaxes Standard of Relief for Failing to File Gain Recognition Agreements The proposed regulations recognize that full gain
More informationClient Alert. Hong Kong Jurisdiction Relating to Cross Border Insolvency Issues Becomes Increasingly Clear. Background
Number 1502 22 April 2013 Client Alert Latham & Watkins Litigation Department Jurisdiction Relating to Cross Border Insolvency Issues Becomes Increasingly Clear The fact that the controlling mind of a
More informationFinancial Statement Requirements in US Securities Offerings. What Non-US Issuers Need to Know Edition
Financial Statement Requirements in US Securities Offerings What Non-US Issuers Need to Know 2018 Edition FINANCIAL STATEMENT REQUIREMENTS IN US SECURITIES OFFERINGS: WHAT NON-US ISSUERS NEED TO KNOW
More informationESMA Publishes Draft Regulatory Technical Standards on Cross-border Application of EMIR
Latham & Watkins Derivatives Practice Number 1568 July 25, 2013 ESMA Publishes Draft Regulatory Technical Standards on Cross-border Application of Parties engaged in derivative contracts should review
More informationIs the SEC s Proposed Best Interest Standard for Broker- Dealers in Anyone s Best Interest?
Latham & Watkins Financial Institutions Industry Group May 16, 2018 Number 2323 Is the SEC s Proposed Best Interest Standard for Broker- Dealers in Anyone s Best Interest? Proposal seeks to clarify and
More informationThe Final Municipal Advisor Rule: Navigating the Minefield
Latham & Watkins Financial Institutions Regulatory Practice Number 1614 November 22, 2013 The Final Municipal Advisor Rule: Navigating the Minefield While the final rule narrows the scope and reach of
More informationEnergy-Focused Activism
Energy-Focused Activism February 2016 Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA) with affiliated limited liability partnerships
More informationASSEMBLY BILL No. 1341
california legislature 2017 18 regular session ASSEMBLY BILL No. 1341 Introduced by Assembly Member Calderon February 17, 2017 An act to add Section 44258.6 to the Health and Safety Code, and to amend
More informationClient Alert. SEC Staff Provides New Guidance Regarding the Rule 15a-6 Registration Exemption for Foreign Broker-Dealers.
Number 1495 April 8, 2013 Client Alert Latham & Watkins Corporate Department SEC Staff Provides New Guidance Regarding the Rule 15a-6 Registration Exemption for Foreign Broker-Dealers The FAQs provide
More informationClient Alert. IRS Releases Final FATCA Regulations. Summary. Background
Number 1460 January 29, 2013 Client Alert Latham & Watkins Tax Department IRS Releases Final FATCA Regulations Summary The Regulations represent a significant step towards FATCA implementation, yet considerable
More informationCalifornia Offset Program Upheld By Erika K. Anderson February 11, 2013
California Offset Program Upheld By Erika K. Anderson February 11, 2013 Introduction California s carbon offset program was upheld on January 25, 2013 when Superior Court Judge Ernest Goldsmith rejected
More informationChinese Arbitration Award Caught in Arbitration Institute Dispute
Latham & Watkins International Arbitration Practice Number 1565 July 24, 2013 Chinese Arbitration Award Caught in Arbitration Institute Dispute A Chinese court s refusal to enforce an arbitration award
More informationCARBON FORESTRY OVERVIEW
CARBON FORESTRY OVERVIEW Alaska SAF Carbon Conference April 13, 2018 Julius Pasay Forest and Grassland Asset Manager Presentation Outline About The Climate Trust Carbon Markets Forest Carbon Investments
More informationWhat the Supreme Court s Whistleblower Decision Means for Companies
Latham & Watkins White Collar Defense and Investigations, Securities Litigation & Professional Liability, and Supreme Court and Appellate Practices February 28, 2018 Number 2284 What the Supreme Court
More informationSAN JOAQUIN VALLEY UNIFIED AIR POLLUTION CONTROL DISTRICT COMPLIANCE DEPARTMENT COM 1165
SAN JOAQUIN VALLEY UNIFIED AIR POLLUTION CONTROL DISTRICT COMPLIANCE DEPARTMENT COM 1165 APPROVED: February 6, 2018 TITLE: SUBJECT: MUTUAL SETTLEMENT POLICY SETTLEMENT OF NOTICE OF VIOLATIONS AND MUTUAL
More informationSummary of California s Proposed Cap-and-Trade Regulations
Summary of California s Proposed Cap-and-Trade Regulations On October 28, 2010, the California Air Resources Board (ARB) released its proposed regulations for greenhouse gas cap-and-trade program. The
More informationCalifornia s Cap and Trade Program. Session 5 Use of Offsets. PMR Technical Workshop March 13, 2012
California s Cap and Trade Program Session 5 Use of Offsets PMR Technical Workshop March 13, 2012 1 Key Offset Terms Compliance Offset issued by ARB for a project developed using an ARB compliance offset
More informationClient Alert. CFTC Proposes to Exempt Certain Energy-Related Transactions from Derivatives Regulations. Overview
Number 1402 September 20, 2012 Client Alert Latham & Watkins Corporate Department CFTC Proposes to Exempt Certain Energy-Related Transactions from Derivatives Regulations Overview Once these orders become
More informationUS Antitrust Issues Trends In Cartel Enforcement Niall E. Lynch June 20, 2011
US Antitrust Issues Trends In Cartel Enforcement Niall E. Lynch June 20, 2011 Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA)
More informationTreasury Issues Final and Temporary Regulations on Related-Party Debt Instruments
Latham & Watkins Tax Practice October 26, 2016 Number 2023 Treasury Issues Final and Temporary Regulations on Related-Party Debt Instruments Seeking to curb excessive use of related-party debt, Treasury
More informationLatham & Watkins Corporate Department
Number 1069 August 5, 2010 Client Alert Latham & Watkins Corporate Department New FINRA Rule 5141 to Replace Current Papilsky Rules Relating to the Sale of Securities in Fixed Price Offerings However,
More informationFollowing the BEAT: IRS Issues Proposed Regulations on Application of Base Erosion and Anti-Abuse Tax
Latham & Watkins Transactional Tax Practice January 14, 2019 Number 2433 Following the BEAT: IRS Issues Proposed Regulations on Application of Base Erosion and Anti-Abuse Tax The proposed regulations provide
More informationSENATE DOCKET, NO FILED ON: 1/18/2019. SENATE... No. The Commonwealth of Massachusetts PRESENTED BY: Michael J. Barrett
SENATE DOCKET, NO. 1817 FILED ON: 1/18/2019 SENATE.............. No. The Commonwealth of Massachusetts PRESENTED BY: Michael J. Barrett To the Honorable Senate and House of Representatives of the Commonwealth
More informationSEC Approves Amendments to Rule 15c2-12
Number 1039 June 8, 2010 Client Alert Latham & Watkins Tax Department SEC Approves Amendments to Rule 15c2-12 For issuers or obligated parties with any currently outstanding municipal securities, including
More informationPG&E Corporation: Peter Darbee, Chairman & CEO Merrill Lynch Investor Conference New York, NY September 26-27, 2006
PG&E Corporation: Positioned to Lead in a Carbon-Constrained World Peter Darbee, Chairman & CEO Merrill Lynch Investor Conference New York, NY September 26-27, 2006 This presentation is not complete without
More informationAB 1868 (Wagner): Regulatory Actions Support: Requires agencies to submit proposed regulations to the Legislature for review.
The Good Bills AB 12 (Cooley): Agency Review of Regulations Support: Requires all agencies to do a full review of their regulations to see if they are outdated, too costly, or overlap with other rules.
More informationClient Alert. CFTC Issues a Flurry of No-Action Letters and Guidance as New Swap Regulations Become Effective. Swap Entity Definition Guidance
Number 1425 November 6, 2012 Client Alert Latham & Watkins Corporate Department CFTC Issues a Flurry of No-Action Letters and Guidance as New Swap Regulations Become Effective Between October 10 and October
More informationCMS Proposes New Medicare Reporting and Payment System for Laboratories
Latham & Watkins Healthcare and Life Sciences Practice Group November 9, 2015 Number 1891 CMS Proposes New Medicare Reporting and Payment System for Laboratories Proposed rule will create significant,
More informationDerivatives Under the New Italian Takeover Bids Regulation
Number 1231 6 September 2011 Client Alert Latham & Watkins Corporate Department Derivatives Under the New Italian Takeover Bids Regulation Under the new CONSOB regulation on takeover bids, derivatives
More information79th OREGON LEGISLATIVE ASSEMBLY Regular Session. Enrolled. Senate Bill 1541
79th OREGON LEGISLATIVE ASSEMBLY--2018 Regular Session Enrolled Senate Bill 1541 Sponsored by Senators GIROD, ROBLAN, WINTERS, DEMBROW, Representative WITT; Representatives HELFRICH, NOBLE, PARRISH, RESCHKE,
More informationProduct Liabilities You Never Anticipated: A California Prop. 65 Executive Briefing. Malcolm Weiss May 28, 2008
Product Liabilities You Never Anticipated: A California Prop. 65 Executive Briefing Malcolm Weiss May 28, 2008 Presenter Malcolm Weiss www.huntonprop65.com 2 California Environmental Practice Growing and
More informationJuly 5, Dear ARB Board Members and staff,
July 5, 2018 Dear ARB Board Members and staff, Thank you for the opportunity to comment on the materials provided for ARB s June 2018 Workshop on the implementation of AB 398 s cap-andtrade program reforms.
More informationBudget Action Bulletin No. 11
Budget Action Bulletin No. 11 2007-08 Proposed State Budget W e e k o f A u g u s t 2 0, 2 0 0 7 DATE: August 21, 2007 Via Electronic Mail TO: FROM: CSAC Board of Directors County Administrative Officers
More informationHong Kong s SFC Issues Significant Announcements on the Regulation of Virtual Assets
Latham & Watkins Financial Regulatory Practice 6 November 2018 Number 2406 Hong Kong s SFC Issues Significant Announcements on the Regulation of Virtual Assets The SFC has outlined its regulatory approach
More informationMajor Economies Business Forum: Examining the Effectiveness of Carbon Pricing as an Approach to Emissions Mitigation
Major Economies Business Forum: Examining the Effectiveness of Carbon Pricing as an Approach to Emissions Mitigation KEY MESSAGES Carbon pricing has received a great deal of publicity recently, notably
More information2016 STATE LEGISLATIVE PROGRAM
2016 STATE LEGISLATIVE PROGRAM The California Transit Association s 2016 State Legislative Program is an integral part of making our vision a reality, and is part and parcel of our mission to further the
More informationCFTC Proposes New Enforcement Authority and Other Amendments in Its Whistleblower Program
Latham & Watkins White Collar Defense and Investigations Practice, Financial Institutions Group and Energy Oil & Gas Industry Group September 8, 2016 Number 2005 CFTC Proposes New Enforcement Authority
More informationDecoding Ontario s Carbon Market
Decoding Ontario s Carbon Market A short and long term impact analysis of the first auction April 12, 2017 Photo by Kevin W Meet your presenters Chandan Kumar Lead Economist Climate Connect chandan.kumar@californiacarbon.info
More informationApplication Manual. Natural Gas Vehicle Incentive Project (NGVIP)
Application Manual (NGVIP) Funded through the California Energy Commission s Alternative and Renewable Fuel and Vehicle Technology Program Table of Contents 1. Purpose... 3 2. Background... 3 3. Program
More informationClient Alert. Amendments to the Prospectus and Transparency Directives. Summary of Key Changes
Number 1121 18 January 2011 Client Alert Latham & Watkins Finance Department Amendments to the Prospectus and Transparency Directives Wholesale debt issuers should pay particular attention to the limited
More informationCalifornia Jobs and Housing Act (Version 3)
University of California, Hastings College of the Law UC Hastings Scholarship Repository Initiatives California Ballot Propositions and Initiatives 1-1-2010 California Jobs and Housing Act (Version 3)
More informationMonterey Bay Unified Air Pollution Control District Silver Cloud Court, Monterey, CA 93940
Monterey Bay Unified Air Pollution Control District 24580 Silver Cloud Court, Monterey, CA 93940 MEETING DATE: May 5, 2011 TO: FROM: SUBJECT: The Air Pollution Control Board Advisory Committee Joyce Giuffre,
More informationCCUS-EOR State Incentive Roadmap
CCUS-EOR State Incentive Roadmap Mike Nasi, General Counsel Contact Information: (512) 236-2216; mnasi@jw.com Roadmap for Regional CCUS Incentives Little things are big Yogi Berra A. Local Tax Exemptions/Abatements
More informationClient Alert. IRS Issues Final Regulations on Noncompensatory Partnership Options
Number 1471 February 19, 2013 Client Alert Latham & Watkins Tax Department IRS Issues Final Regulations on Noncompensatory Partnership Options On February 4, 2013, the Internal Revenue Service (IRS) released
More informationClient Alert. Recent Changes to CONSOB Rules on Cash Tender Offers and Exchange Offers for Debt Securities Extended into Italy
Number 1230 6 September 2011 Client Alert Latham & Watkins Corporate Department Recent Changes to CONSOB Rules on Cash Tender Offers and Exchange Offers for Debt Securities Extended into Italy Recent changes
More informationDRAFT FOR DISCUSSION PURPOSES ONLY SETTLEMENT AGREEMENT
DRAFT FOR DISCUSSION PURPOSES ONLY SETTLEMENT AGREEMENT This Settlement Agreement ( Agreement ) is entered into by and between ConocoPhillips Company ( COP ) and Edmund G. Brown Jr., Attorney General of
More informationFinancial Regulation Monthly Breakfast Seminar
13 March 2019 Financial Regulation Monthly Breakfast Seminar Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA) with affiliated
More informationMLP Tax & Legislative Panel
MLP Tax & Legislative Panel Wells Fargo Securities 2013 Pipeline, MLP, and Energy Symposium Rob Baldwin (PricewaterhouseCoopers LLP) Tim Fenn (Latham & Watkins LLP) Tom Ford (Andrews Kurth LLP) December
More informationImposition of a Load-Based GHG Emissions Cap & Trade System on California s Electricity Market: Can This System Work with MRTU?
Imposition of a Load-Based GHG Emissions Cap & Trade System on California s Electricity Market: Can This System Work with MRTU? Analysis by Southern California Edison MSC Meeting June 8, 2007 California
More informationCALIFORNIA CARBON MARKET EVALUATION
WWW.ENERGYINNOVATION.ORG 98 Battery Street; San Francisco, CA 94111 chrisb@energyinnovation.org CALIFORNIA CARBON MARKET EVALUATION Quantitative insights into the balance of supply and demand BY CHRIS
More informationYOLO SOLANO AIR QUALITY MANAGEMENT DISTRICT. Audited Financial Statements and Other Report. For the Fiscal Years Ended June 30, 2013 and 2012
YOLO SOLANO AIR QUALITY MANAGEMENT DISTRICT Audited Financial Statements and Other Report For the Fiscal Years Ended June 30, 2013 and 2012 BASIC FINANCIAL STATEMENTS For the Fiscal Years Ended June 30,
More informationClient Alert. CMS Announces Final Regulations Interpreting the Physician Payment Sunshine Act. A. Definitions and Exclusions
Number 1469 February 18, 2013 Client Alert Latham & Watkins Corporate Department CMS Announces Final Regulations Interpreting the Physician Payment Sunshine Act To avoid significant penalties for non-compliance,
More informationClient Alert: AB 32 and Cap and Trade Design Basics
Client Alert Energy & Natural Resources If you have questions or would like additional information on the material covered in this Alert, please contact one of the authors: Jennifer A. Smokelin Counsel,
More informationIRS Issues Proposed Regulations on Business Interest Deduction Limitations
Latham & Watkins Tax Practice December 19, 2018 Number 2423 IRS Issues Proposed Regulations on Business Interest Deduction Limitations Proposed regulations under Section 163(j) governing business interest
More informationGreen Finance for Green Growth
2010/FMM/006 Agenda Item: Plenary 2 Green Finance for Green Growth Purpose: Information Submitted by: Korea 17 th Finance Ministers Meeting Kyoto, Japan 5-6 November 2010 EXECUTIVE SUMMARY Required Action/Decision
More informationMANDATORY GREENHOUSE GAS EMISSION TRADING SCHEMES OPERATING IN AUSTRALIA, CALIFORNIA, EUROPEAN UNION AND QUÉBEC July 2013
MANDATORY GREENHOUSE GAS EMISSION TRADING SCHEMES OPERATING IN AUSTRALIA, CALIFORNIA, EUROPEAN UNION AND QUÉBEC July 2013 Jurisdiction Australia California Québec European Union Scheme name Carbon Pricing
More informationCOUNTY OF SONOMA AGENDA ITEM SUMMARY REPORT
COUNTY OF SONOMA AGENDA ITEM SUMMARY REPORT Clerk of the Board Use Only Meeting Date Held Until / / / / Agenda Item No: Agenda Item No: Department: CAO / Water Agency/NSC APCD Contacts: Lori Norton, Pam
More informationTask Force on Climate-related Financial Disclosures
Task Force on Climate-related Financial Disclosures Public Consultation Summary April 18, 2017 BACKGROUND The Financial Stability Board (FSB) established the Task Force on Climaterelated Financial Disclosures
More informationClient Alert. CFTC Publishes Guidance on Expansive New CPO and CTA Regulations
Number 1385 August 20, 2012 Client Alert Latham & Watkins Corporate Department The CPO-CTA Q&A attempts to clarify many of the issues that have been raised [in relation to several new expansive regulations],
More informationB-1-1. Board of Directors, Air Pollution Control District. Gary E. Willey, Air Pollution Control Officer. DATE: June 20, 2018
TO: FROM: Board of Directors, Air Pollution Control District Gary E. Willey, Air Pollution Control Officer DATE: June 20, 2018 SUBJECT: Adoption of District Budget for Fiscal Year 2018-2019 SUMMARY This
More informationWHAT DOES WCI LINKAGE MEAN FOR ONTARIO INDUSTRIES?
WHAT DOES WCI LINKAGE MEAN FOR ONTARIO INDUSTRIES? By John McCloy, Canadian Clean Energy Conferences In the run-up to the 2nd Annual Ontario Cap and Trade Forum on April 18-19 at the Beanfield Centre in
More informationClient Alert. UAE Funds Update: Arrival of the UAE s New Investment Funds Regulation. Summary of the Key Changes
Number 1380 9 August 2012 Client Alert Latham & Watkins Corporate Department UAE Funds Update: Arrival of the UAE s New Investment Funds Regulation The Regulation marks a significant step in the development
More informationA Series of Fortunate Events
Number 973 18 January 2010 Client Alert Latham & Watkins Corporate Department Changes in Regulation of Derivatives and Repo Transactions in Russia The Amendments almost by accident spawned a more general
More informationTechnical Workshop Corporate Climate Change Reporting: Towards consistent and targeted schemes OECD (Paris) 15th February 2012
Technical Workshop Corporate Climate Change Reporting: Towards consistent and targeted schemes OECD (Paris) 15th February 2012 Lois Guthrie, Executive Director, The Climate Disclosure Standards Board Climate
More informationLatham & Watkins Corporate & Finance Departments
Number 1204 June 20, 2011 Client Alert Latham & Watkins Corporate & Finance Departments After the Credit Crunch: Venture Credit Facilities at the Term Sheet Stage This Alert highlights some of the key
More informationVTA Board of Directors: We are forwarding you the following: Letter of support regarding sales tax measure
From: Board.Secretary Sent: Thursday, July 28, 2016 5:05 PM To: VTA Board of Directors Subject: VTA Correspondence: Letter of Support Regarding Sales Tax Measure VTA Board of Directors: We are forwarding
More informationRe: Proposed Low Carbon Transit Operations Program (LCTOP) Guidelines, FY
BY EMAIL: jila.priebe@dot.ca.gov Jila Priebe, Office Chief of Transit Programs California Department of Transportation Division of Rail and Mass Transportation, MS #39 P.O. Box 942874 Sacramento, CA 94274-0001
More informationEU 4 EU Emission Trading Scheme (2003/87/EC)
Title of the measure: EU 4 EU Emission Trading Scheme (2003/87/EC) General description The Directive establishes a greenhouse gas (GHG) emission allowance trading within the Community to mitigate GHG emissions
More informationThe Regional Greenhouse Gas Initiative Conducting First Carbon Dioxide Allowance Auction
The Regional Greenhouse Gas Initiative Conducting First Carbon Dioxide Allowance Auction BY LISA K. RUSHTON AND JEFF ALLMON Taking another key step toward becoming the first domestic mandatory program
More informationTITLE 252. DEPARTMENT OF ENVIRONMENTAL QUALITY CHAPTER 100. AIR POLLUTION CONTROL
TITLE 252. DEPARTMENT OF ENVIRONMENTAL QUALITY CHAPTER 100. AIR POLLUTION CONTROL RULEMAKING ACTION: PERMANENT final adoption RULES: Subchapter 5. Registration, Emission Inventory and Annual Operating
More informationReview of the EU Emissions Trading System. Jos Delbeke DG Environment European Commission
Review of the EU Emissions Trading System Jos Delbeke DG Environment European Commission Objectives of EU ETS review Cost-effective contribution to -20% GHG target for 2020, or to stricter target under
More informationLatham & Watkins Corporate Department
Number 1260 November 22, 2011 Client Alert Latham & Watkins Corporate Department The Limits of Control: Private Funds and the Large Trader Rule... investment advisers to private funds should consider updating
More informationGHG EMISSIONS TAX RATIONALE AND DESIGN ELEMENTS GRZEGORZ PESZKO, LEAD ECONOMIST, WORLD BANK
GHG EMISSIONS TAX RATIONALE AND DESIGN ELEMENTS GRZEGORZ PESZKO, LEAD ECONOMIST, WORLD BANK Carbon taxes often higher then ETS prices Source: World Bank, State and Trends of carbon Pricing 2015 2 Tax on
More information2017 STATE LEGISLATIVE PROGRAM
2017 STATE LEGISLATIVE PROGRAM The California Transit Association s 2017 State Legislative Program is an integral part of making our vision a reality, and is part and parcel of our mission to further the
More informationLatham & Watkins Corporate and Litigation Departments. CMS Issues Proposed Regulations Interpreting the Physician Payment Sunshine Act
Number 1266 December 19, 2011 Client Alert Latham & Watkins Corporate and Litigation Departments CMS Issues Proposed Regulations Interpreting the Physician Payment Sunshine Act CMS estimates the average
More informationFinancing the Home Energy Revolution Renovate America, Inc. All Rights Reserved.
Financing the Home Energy Revolution Why PACE? $300 billion per year spent on electricity, natural gas and water (EIA) 2009 McKinsey Report Barriers exist which prevent energy efficient models and products
More informationClient Alert. Two Recent Decisions Highlight Pitfalls in Creating and Implementing Key Employee Incentive Plans for Executives in Bankruptcy Cases
Number 1404 September 24, 2012 Client Alert Latham & Watkins Finance Department Two recent bankruptcy court decisions highlight that if a proposed insider incentive plan does not require insiders to meet
More informationCMAQ COST-EFFECTIVENESS THRESHOLD DOCUMENTATION FOR THE STANISLAUS COUNCIL OF GOVERNMENTS 2011 FTIP
CMAQ COST-EFFECTIVENESS THRESHOLD DOCUMENTATION FOR THE STANISLAUS COUNCIL OF GOVERNMENTS 2011 FTIP The Congestion Mitigation and Air Quality (CMAQ) program provides funding for transportation projects
More informationCustom Benchmarking Report Prepared for: Pinnacle Foods Group
Custom Benchmarking Report Prepared for: Peer companies selected:,,,, Reynolds American Inc.,, powered by public responses from CDP 2017 climate change information request brought to you by CDP reporter
More informationThe Last Days of Disco Ops
Latham & Watkins Capital Markets Practice Group March 11, 2014 Number 1660 The Last Days of Disco Ops Consider this scenario: Staying Alive, Inc., a publicly traded clothing company based in South Beach,
More informationAlabama Department of Environmental Management. ADEM Update Manufacture Alabama 2013 Environmental Conference. November 6, 2013
ADEM Update Manufacture Alabama 2013 Environmental Conference November 6, 2013 Alabama Department Of Mission Assure for all citizens of the State a safe, healthful and productive environment. Commitments
More informationCalifornia Carbon Markets: An overview of the trading activity in California s cap and trade market
California Carbon Markets: An overview of the trading activity in California s cap and trade market Prepared by: John Battaglia, VP, Evolution Markets Inc. Prepared for: UC Davis Urban Forestry Workshop
More informationContra Costa Transportation Authority STAFF REPORT March 4, 2015 Page 2 of 2 reduce motor vehicle emissions. The funds are generated by a $4 vehicle r
Contra Costa Transportation Authority STAFF REPORT Meeting Date: February 3, 2016 Subject Summary of Issues Recommendations Financial Implications Options Attachments Changes from Committee Approval of
More information