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Inflation Reduction Act: Key Green and Blue Hydrogen and CCUS Provisions

August 12, 2022

The House U.S. Congress has passed, as of today, the Inflation Reduction Act (“IRA” or the “Act”), which is expected to be signed into law by President Joe Biden very soon. The IRA is one of the biggest investments in clean energy in history and a major step towards reducing the United States’ greenhouse gas emissions.

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Emergency Arbitration in Mainland China: A New Dawn?

August 11, 2022

Partner Emmanuel Jacomy (Singapore-International Arbitration) and Counsel Edward M. Taylor (Hong Kong-International Arbitration) co-authored an article for the July edition of Asian Dispute Review titled “Emergency Arbitration in Mainland China: A New Dawn?”.

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US, EU And UK Increase Pressure on Russia with Further Sanctions

August 10, 2022

Since late February 2022, the United States, the European Union and its member states, the United Kingdom, and many others—including Japan, Australia, New Zealand, Taiwan and Canada—have imposed sweeping new sanctions on Russia in response to its invasion of Ukraine.

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The Book Minimum Tax, Pillar 2 and Creditable Foreign Income Taxes

August 05, 2022

As discussed in our alert earlier this week, the recently announced proposed reconciliation package—the Inflation Reduction Act of 2022, H.R. 5376—would impose a new 15% minimum tax on the adjusted financial statement income of “applicable corporations” (the “Book Minimum Tax”). If enacted, the Book Minimum Tax would take effect for taxable years beginning after December 31, 2022, and apply to corporations (other than S corporations, RICs and REITs) that report average book profits over $1 billion over a three year testing period, determined on a group-wide basis.

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Damages Claims in the Competition Appeal Tribunal – Where Have We Come From And Where to Next?

August 01, 2022

Will 2022 be seen as the year in which the gates finally opened for damages claims in the Competition Appeal Tribunal (CAT)? If so, some might say it has been some time in the making. The CAT originally was best known as the forum for appealing decisions of the U.K.’s primary competition authority (the Competition and Markets Authority (CMA)). However, changes brought about by the Consumer Rights Act 2015 (CRA) enabled the CAT to hear a wider range of private damages claims.

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Inflation Reduction Act of 2022: New Corporate Book Minimum Tax and Changes for Carried Interests

August 01, 2022

On July 27, 2022, Senators Manchin and Schumer announced that they agreed to a proposed reconciliation package, the Inflation Reduction Act of 2022, H.R. 5376. If enacted, the Bill would finance climate programs, expand the Affordable Care Act through 2025, and allow Medicare to negotiate prescription drug prices. While the majority of the tax-related changes in the Build Back Better Act, H.R. 5376, are not included in the current draft of the Bill, the Bill would meaningfully change the current taxation of corporations and carried interests.

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UK Financial Services and Markets Bill 2022

August 01, 2022

The recently published Financial Services and Markets Bill (FSM Bill) is intended to recast the U.K.’s regulatory architecture post-Brexit. It was introduced to Parliament on 20 July 2022. The Bill implements the outcomes of the Future Regulatory Framework Review, which assessed whether the U.K. financial services regulatory framework is fit for purpose and able to support future growth, particularly in light of challenges such as Brexit and climate change, as well as several other initiatives such as the Wholesale Markets Review and stablecoin regulation. 

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Germany: Heavy Statutory Gas Price Surcharges for Commercial and Private End Consumers Presumably as of October

July 29, 2022

Against the backdrop of drastically increased gas purchase prices and their impact on large German gas importers, and in anticipation of an even further escalation by Russia of the gas supply disruption linked to the war in Ukraine, the German government in early July rushed to extend the toolbox available to shield German gas importers and others downstream along the gas supply chain from insolvency.

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Historic Climate Change Bill Gains New Support

July 28, 2022

On July 27, 2022, Senator Joe Manchin of West Virginia, a key vote in the United States Senate, announced that he would support legislation providing $369 billion for climate and clean energy action in what could be the most ambitious climate bill ever passed by Congress. The bill provides strong support for renewable energy, nuclear, hydrogen, methane reduction and carbon capture.

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Former Cryptocurrency Exchange Manager Indicted by DOJ and Charged by SEC: Is It ‘Regulation by Enforcement’?

July 28, 2022

On July 21, 2022, the Department of Justice and the Securities and Exchange Commission for the first time brought insider trading charges involving cryptocurrency assets. The SEC and DOJ charged a former employee of Coinbase Global, Inc., his brother, and his friend.