High prices, political instability and market volatility call for national and international policy coordination across globally integrated commodity markets. Compliance and mitigation of risk are therefore vital for enterprises operating in the energy and natural resources sectors.
Delivering Assurance & Compliance in Highly Regulated Markets
Reed Smith is trusted by clients to ensure regulatory compliance in every sector of energy and natural resources.
We have extensive experience in advising clients on issues such as insider dealing, market manipulation and antitrust issues.
With essential details of the new regulatory landscape in global markets still to be fleshed out in five key areas - physical transparency, market transparency, centralized clearing and standardized contracts, capital and margin requirements, and position limits - we have the practical legal knowledge and industry-specific skills to help you navigate a constantly evolving environment.
Unrivaled Scope and Regulatory Expertise in Energy and Natural Resources
Reed Smith delivers a full-service regulatory practice spanning the complete supply chain.
Our lawyers' in-depth expertise enables them to provide effective advice and counsel across the energy and natural resources sectors and under multiple jurisdictions:
Energy Regulation - advising developers and operators on regulatory issues concerning the ownership and operation of power generation assets, including grid connections and compliance, generating licenses and emissions, approvals required for greenfield power project developments, and consent of mergers, sales and acquisitions
Energy Marketing and Trading - enabling oil, gas and power marketers to achieve regulatory compliance, enter into physical commodity and financial commodity trading agreements, and obtain market-based rate consent for various clients
Carbon Finance and Carbon Trading - developing master carbon trading agreements, for RGGI carbon credits in particular, and environmental assets management agreements, sales of carbon destruction credits, and carbon issues in power purchase agreements
Global Derivatives - advising international commodities traders on the restructuring of global derivatives businesses, and regulatory issues in numerous jurisdictions, including London, UK, the Middle East and the United States
Market Manipulation and Other Violations - advising clients in investigations under the FPA, and inquiries into shipper must-have title violations under the Natural Gas Act; we also offer training in order to ensure clients achieve regulatory compliance
Energy Litigation - representing independent generators and marketers across diverse matters, including obtaining cost of service rate (RMR) agreement consent in contested proceedings, pursuing ISO/RTO market structure settlements, defending power project developers in interconnection matters, and representing generators and marketers as respondents in regulatory complaints and enforcement proceedings
Renewable Energy Transactions - combined experience in all energy and natural resources transactional and regulatory matters relating to REC generation and sales for RPS and renewable electric generation under multiple jurisdictional authorities, and Renewable Fuel Supply schemes and RINs for various biofuels, including biodiesel (EPA)
Energy Commodity Swaps (Derivatives) - significant experience with emerging regulation by CFTC and financial regulators of OTC swaps under Dodd-Frank Act for swap dealers and end-users seeking to mitigate market volatility risk in energy commodity markets, including registration, recordkeeping and reporting, margin requirements, swap documentation, mandatory clearing, end-user exemptions, position limits, excessive speculation and market manipulation
Legal & Regulatory Compliance
Reed Smith performs compliance audits, and provides training and advice on matters as they arise.
We design compliance regimes in areas that include environmental regulation, employment, corporate governance, privacy and others. We are adept in evaluating client legislative and regulatory concerns and opportunities, establishing coalitions of companies and individuals sharing common legislative and regulatory objectives, and providing clients with compliance regimes and benchmark regulations.
We are experienced in evaluating the need for licenses, and completing the necessary licensing documentation to obtain agency agreements for exports, as well as conducting internal investigations and voluntary disclosures, and assisting clients with enforcement and administrative proceedings. We have also led investigations concerning alleged environmental criminal conduct.