Two-for-one is harder than it sounds. President Trump's
recently-issued executive order on reducing regulations,
requiring the repeal of two regulations for each new one issued,
provided agencies with precious little guidance. According to the
Office of Management and Budget (OMB), the executive order applies
only to "significant regulatory actions" of executive
agencies (not independent agencies like the CFPB, SEC, FHFA, or the
federal banking agencies). It requires an analysis of cost savings,
but appears to exempt regulations "required by
law." A lawsuit has already been filed, claiming that the
order is unconstitutional and contrary to the will of Congress. To
learn more, applicable agencies are instructed to call OMB.
However, you can learn more about the two-for-one executive order
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One of the regulatory pillars of the EMIR is the requirement for parties to collateralize the marked-to-market exposure in over-the-counter derivatives transactions that are not cleared by a central clearing system.
Overseas Shipping Group ("Overseas") recently sued its former attorneys, a prominent New York-based law firm, for legal malpractice in drafting credit agreements that resulted in the company incurring an estimated $463 million in tax liability.
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