On November 27, 2023, the New York State Department of Financial Services (“DFS”) and First American Title Insurance Company (“First American”) entered into a consent order1 that resolved litigation over First American’s cybersecurity practices.
On November 29, 2023, the Supreme Court heard oral argument in a critically important administrative law case, Securities and Exchange Commission v. Jarkesy, No. 22-859.
On November 16, 2023, the Department of Energy (“DOE”) issued a notice of proposed rulemaking (“NOPR”) that would amend DOE’s regulations implementing the National Environmental Policy Act (“NEPA”) to add a categorical exclusion for certain energy storage systems and revise existing categorical exclusions for solar photovoltaic (“PV”) facilities and for upgrades and rebuilds of transmission lines on previously disturbed or developed land.
The SEC announced on November 22, 2023, an order staying its share repurchase disclosure rule pending further SEC action.
On November 17, 2023, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (the “Service”) issued proposed regulations [REG-132569-17] regarding the definition of “energy property” and related rules applicable to the energy credit (the “Proposed Regulations”) available under section 48 of the Internal Revenue Code of 1986, as amended (the “Code”).
Distribution waterfalls are ubiquitous in the private investment world. They determine participation in cash flows or profits that is not in proportion to invested capital.
On November 14, the Securities and Exchange Commission (“SEC”) published its 2023 annual enforcement report which revealed a continuation of 2022’s record-setting enforcement activity.