Increased Use of Non-GAAP Financial Measures has Resulted in Heightened Scrutiny from Regulators

The National Association of Corporate Directors (“NACD”) reported, in their July 2016 Audit Committee Oversight publication, that “heightened attention and scrutiny from regulators and the media have sharpened concerns about the expanding use – in terms of both volume and type – of financial metrics not based on U.S. Generally Accepted Accounting Principles (GAAP).”…

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USEPA Recently Increased Penalty Amounts for Environmental Violations – Take Action to Ensure Your Portfolio Companies are in Compliance

On July 1, 2016, the maximum civil penalty dollar amount for violations of various environmental laws increased substantially (i.e., up to 150 percent higher) due to inflation. The interim final regulations [81 Fed. Reg. 43019] issued by the United States Environmental Protection Agency (USEPA) provides adjustments triggered by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. These adjustments not only increased the current maximum penalty amounts, but require subsequent annual adjustments for inflation…

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USEPA Issues Interim Final Regulations Adjusting Maximum Civil Penalty

On July 1, 2016, the maximum civil penalty dollar amount for violations of various environmental laws increased substantially (i.e., up to 150 percent higher) due to inflation. The interim final regulations [81 Fed. Reg. 43019] issued by United States Environmental Protection Agency (USEPA) provides adjustments triggered by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. These adjustments not only increased the current maximum penalty amounts, but requires subsequent annual adjustments for inflation…

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USEPA Proposes to Remove Exemptions under CERCLA and RCRA Affecting 69 Major Source Facilities

On May 13, 2016, the United States Environmental Protection Agency (USEPA) proposed an amendment to the National Emission Standards for Hazardous Air Pollutants (NESHAP): Site Remediation (40 CFR 63 Subpart GGGGG). The amendment will remove exemptions for site remediation conducted under the Comprehensive Environmental Response and Comprehensive Environmental Response and Compensation Liability Act (CERCLA) and a Resource Conservation and Recovery Act (RCRA) corrective action or RCRA order. In addition, USEPA proposes to remove the exemption for any other site remediation that is a major source of hazardous air pollutants (HAP) and is not co-located with another facility regulated under 40 CFR 63. With the removal of these exemptions, site remediation conducted under the authority of CERCLA or RCRA will become subject to all applicable requirements of the Site Remediation Rule…

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What You Need to Know About Aboveground Storage Tank Integrity Inspections and Testing

An aboveground storage tank (AST) inspection program is more than just looking for oil leaks. Does your staff know what to look for or do they just check the box on the checklist? Furthermore, are they correcting deficiencies to prevent potential releases of oil from the AST? We want to provide you with a better understanding of what is required for tank inspections and testing, common pitfalls with implementing a tank inspection and testing program, and how we can help…

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Toxic Substances Control Act Amendments Signed into Law

On Tuesday, June 22, 2016, President Obama signed the Frank R. Lautenberg Chemical Safety for the 21st Century Act (the Act) into law, amending the Toxic Substances Control Act (TSCA) to strengthen regulations concerning the manufacture and use of existing chemicals, and how new chemicals are introduced into commerce. These changes to the law take effect immediately…

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