On April 20, 2006, the Federal Energy Regulatory Commission issued an initial order in response to a proposal filed by PJM Interconnection, L.L.C. to restructure its existing capacity resource construct. In its order FERC found the existing construct to be unjust and unreasonable. FERC further stated that the filed proposal needs further development before it can be found to be a just and reasonable replacement.

On September 20, 2007, FERC issued an Order on Offer of Settlement and Complaints regarding allegations of tariff violations and interference with the independence of PJM Interconnection, L.L.C.’s Market Monitor, Dr. Joseph E. Bowring.

FERC issued two show cause orders on July 26, 2007, requiring Energy Transfer Partners, LP ("ETP") and Amaranth, LLC to show cause why they should not be penalized $167 million and $300 million respectively, for allegedly violating FERC’s rules against market manipulation.

On November 15, 2007 the Securities and Exchange Commission (SEC) announced amendments to Securities Act Rules 144 and 145 that are intended to reduce the cost of capital and increase access to capital.

In a landmark decision regarding global warming and greenhouse gas emissions that likely will have significant impact on electricity generation facilities, on April 2, 2007, the United States Supreme Court ruled 5-to-4 against Bush administration efforts to avoid regulating greenhouse gas emissions from motor vehicles.

Part 5 of 6 of the Executive Compensation Disclosure Memo Series summarizes the newly adopted rules with respect to the (i) disclosure of related person transactions and (ii) revised requirements for information to be reported in the beneficial ownership table.

On July 23, 2007, Representative Pete Stark co-sponsored legislation that included a proposed amendment to the Ethics in Patient Self-Referral Statute (the "Stark law").

Recent changes in the tax laws and accounting pronouncements have spawned a renewed interest in equity grants that are settled in stock.

The IRS recently issued final regulations interpreting the requirements imposed on nonqualified deferred compensation arrangements by Section 409A of the Internal Revenue Code.

On May 18, 2006, the Federal Energy Regulatory Commission issued a Notice of Proposed Rulemaking to reform the open access transmission tariff. (Docket No.RM05-25) The reforms, while not making dramatic changes, mark the first significant alteration to the open access transmission rules in the decade since their enactment

On February 16, 2007, the Federal Energy Regulatory Commission issued Order No. 890, amending Order Nos. 888 and 889 regarding the provision of electric transmission services on a non-discriminatory basis. Order No. 890: (1) strengthens FERC’s pro forma open-access transmission tariff to better achieve its purpose of remedying discrimination; (2) provides greater specificity to facilitate Commission enforcement; and (3) increases the transparency of the rules for planning and use of the transm

On August 19, 2008, the Centers for Medicare and Medicaid Services published the latest changes to the Stark Law.

New legislation will soon require D.C. employers to provide employees with paid sick and/or safe leave. The "Accrued Sick and Safe Leave Act of 2008," which was approved by the Washington D.C. Council earlier this year, takes effect on November 13, 2008.

In another concentrated effort to crack down on tax-exempt organizations, the Internal Revenue Service announced that it plans to examine nearly 2,000 charities as part of its Tax-Exempt Compensation Enforcement Project.

After several years of preparation, on April 1, 2005, the Midwest Independent Transmission System Operator became the first multi-state RTO without a historical tight power pool to implement a day-ahead and real time wholesale energy market with centralized economic dispatch, full locational marginal pricing and a market for Financial Transmission Rights

In a move that reflected the intense political pressures from opponents of the Bush Administration regarding award of contracts for the reconstruction of Iraq to Halliburton, the U.S. Army Corps of Engineers recently announced that it has amended a solicitation for two contracts to be awarded competitively to restore Iraqi oil infrastructure to pre-war production levels.

On October 20, 2005, the Federal Energy Regulatory Commission ("FERC") issued a Notice of Proposed Rulemaking ("NOPR") seeking comment on proposed rules to prohibit the employment of manipulative or deceptive devices or contrivances in connection with the purchase or sale of natural gas, electric energy, or transportation or transmission services subject to the jurisdiction of the FERC.

Courts have differed on the standard of review applicable to contracts between individual parties where the contracts are silent with respect to the rights of the parties to seek a change in the contract rates, terms and conditions. On December 27, 2005, the Federal Energy Regulatory Commission issued proposed rules providing that, unless parties explicitly reserve the contractual right to seek modification under the lower "just and reasonable" standard, FERC will apply a "public interest" stand

On November 30, 2004, the U.S. Securities and Exchange Commission issued an exemptive order to grant certain accelerated filers an additional 45 days to include their Section 404 reports and the related auditor attestations required in connection with the upcoming Annual Reports on Form 10-K.

Last week, the Federal Energy Regulatory Commission announced new procedures to bring over 200 companies with market-based rates into compliance with Commission regulations or lose their market-based rate authority.