ASTM's New Continuing Obligations Standard: What it Means For You

Tim Haley, Associate at Barnes and Thornburg
When EPA issued its All Appropriate Inquiries rule in 2005 and ASTM followed with the E1527-05 Phase I ESA Standard, greater clarity was brought to the site assessment market for both property owners and environmental professionals. These two documents spelled out the steps needed to obtain a CERCLA liability defense. However, with this clarity came additional confusion: how does a property owner maintain their CERCLA protection after the Phase I has been completed? According to language written by Congress, CERCLA libaility protection begins with AAI, but may also require "continuing obligations" without saying much more about what that might entail. After several years of drafting and debate, ASTM issued the E2790 Standard Guide for Identifying and Complying with Continuing Obligations in July.

What does the standard entail? How will it change your practice? Should prpoerty owners and lenders be concerned? How should it be applied to real-life scenarios? Attorney Tim Haley of Barnes & Thornburg will answer all of these questions and more during a free webinar on October 6, 2011 at 2pm EST.

Tim is not only an experienced environmental attorney, but also contributed to writing the E2790 Standard.
Oct 6 2011
60 mins
ASTM's New Continuing Obligations Standard: What it Means For You
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  • With scrutiny on lenders’ risk management policies intensifying, more and more community banks are writing their first policies or updating old ones. The OCC just raised the bar for the banks it regulates with the August release of expanded guidelines for environmental risk management that bring their policy requirements in line with those of the FDIC. What are the critical components that should be in every policy? What elements are common to most institution’s policies? How does your institution measure up to industry best practices? How is policy administered across organizations?

    Join us for this webinar as seasoned insiders selected from the ranks of a mid-sized bank and small community lender share their experiences in writing and updating environmental policies. Learn what these experts are doing to protect their institutions from environmental risk exposure, and the dangers that lenders face by not having adequate policies in place to protect them from financial and legal liability.
  • Do you have more questions than answers about the industry’s transition over to a new ASTM Phase I ESA protocol? You’re not alone.

    On August 15, 2013, the U.S. Environmental Protection Agency published a Direct Final Rule which proposes to reference the E 1527-13 standard as compliant with the agency’s All Appropriate Inquiries rule (40 CFR Part 312). The agency’s 30-day public comment period just closed and the ASTM standard moves one step closer to publication.

    Right now the #1 question in the industry is: When will ASTM E 1527-13 take effect?

    At this webinar, two of the experts closest to the ASTM process will share the latest status of the AAI rule amendment and publication of the new Phase I ESA standard.

    There are a number of moving pieces in play right now. Tune into this event to learn the latest on the ASTM front, the hot-button issues raised during the public comment period, what happens to E 1527-05 and more. It is an important time for the industry as it prepares to put a new standard into effect and this event will help keep environmental professionals abreast of the process as it unfolds.

    Speakers:

    Julie Kilgore, President, Wasatch Environmental, Inc., Chair of ASTM E50 Committee on Environmental Assessment, Risk Management and Corrective Action and Chair of the E1527 Task Group

    William Weissman, attorney, member of ASTM E50 Executive Subcommittee, retired partner of Venable LLP, Washington, DC
  • Change is in the air on the vapor intrusion front. Literally and figuratively. On April 16, the U.S. Environmental Protection Agency released a draft document, the OSWER Final Guidance For Assessing And Mitigating The Vapor Intrusion Pathway From Subsurface Sources To Indoor Air — External Review Draft for public comment. The release of EPA’s guidance comes just months before ASTM is poised to release a revised version of E 1527 that adds definitions of migrate/migration to address the vapor pathway as a potential conduit for contamination.

    As attention being placed on vapor risk increases, environmental professionals need to stay abreast of the changes and their implications. With the long-awaited federal guidance now out for public comment, environmental due diligence professionals, lenders, as well as prospective purchasers of properties like drycleaners, gas stations, and other types of properties impacted by petroleum or solvents have a valuable resource for understanding VI risk, assessing it and ultimately, managing it as appropriate for their own risk tolerance. Join us at this webinar to hear the perspectives of three experts on:

    • The implications of the federal vapor guidance and an insiders’ unique take on hot button issues;
    • How one environmental professional talks to his clients about vapor risk and protects their liability exposure; and
    • How vapor risk is being mitigated and managed in today’s deals.
  • For lenders operating in the shadow of the Dodd-Frank Act, CFPB and other regulatory enforcement agencies are focusing their efforts on consumer protection, disclosure and transparency and deem these critical to all areas of an institution’s compliance and operation. A dizzying array of new rules and regulations, often disruptive to existing operations, are raining down upon the mortgage lending industry. Now, however, it’s not enough to simply be aware of emerging rules and regulations. Little known requirements and regulations which have been on the books for years without being enforced are now getting renewed attention from those agencies, likely opening up an entirely new front in the uphill battle to stay compliant. One of the greatest potential risks to lenders arises from requirements for residential property appraisals and evaluations. It is likely we will see stricter environmental underwriting and more regulatory scrutiny on lenders’ risk management policies. Discover now where lenders are most at risk, and learn about cost-effective measures that can be taken to stay out of the regulatory crosshairs.

    The presenters will:

    • Identify existing rules and regulations, little-known and long unenforced, that are likely to be revitalized by regulatory enforcers;
    • Spell out the specific risks that residential property contamination, including vapor mitigation, will pose to a mortgage lender;
    • Explain how the gamut of new and existing requirements will impact traditional due diligence requirements; and
    • Predict the possible financial impact upon lenders, as well as offering potential solutions for risk mitigation.
  • For the first time since 2005, the ASTM E1527 standard has been revised. ASTM submitted the final version to the U.S. Environmental Protection Agency for formal approval of the revised ASTM E 1527 standard as “AAI-compliant.” According to industry insiders, this approval could come as early as this summer. Once the approval process is successfully completed, the E 1527-13 standard would be published by ASTM and take effect immediately upon publication. With the summer only a few months away, now is the time to start thinking about what you can be doing to prepare.

    At this complimentary webinar you will learn about:

    -Revised REC and HREC definitions, plus introduction of a new term—the CREC
    -Clarification on vapor migration and ASTM E2600-10
    -Changes to regulatory file reviews
    -Clarifications in the language regarding User Responsibilities
    -And much more!

    The EDR team has been tracking the revision process closely since it began in 2010. Over the past fall/winter season, we educated over 1,000 environmental professionals at our Due Diligence at Dawn (DDD) seminars around the country.

    Join EDR and Anthony J. Buonicore, former E1527 Task Group leader, for this webinar and learn what you need to know to comply with the upcoming revisions.
  • Remember when the U.S. Environmental Protection Agency’s All Appropriate Inquiries rule was promulgated in 2005? For the first time since then, there will soon be a new revision to the ASTM E 1527 Standard and the time to begin preparing your staff and educating your clients is now.

    The E 1527-13 revision is the result of three years of discussion and debate among many dedicated stakeholders who spent countless hours at ASTM Phase I ESA Task Group meetings and on conference calls examining all parts of the standard and hammering out every word of the revision. The most significant revisions are in the areas of: REC definitions, agency file review, vapor migration/intrusion, user responsibilities and more.

    For this event, EDR Insight is fortunate to have the input of three professionals—an environmental professional, a commercial real estate lender and an attorney—who were active with the revision process and who each devoted significant time and expertise to shaping the new revisions.

    Join us for this important and timely event as the commercial lending and property risk management industry prepares to transition away from the -05 standard to E 1527-13.

    Target Audience:
    • Environmental due diligence professionals
    • Environmental risk managers at financial institutions

    Benefits to attendees:
    • Insights into specific areas of revision and a deeper understanding of what drove the changes
    • More clarity on REC-HREC-CREC definitions
    • More clarity on agency file review
    • An end user perspective from the lending sector
    • An attorney’s take on what the changes mean in the construct of CERCLA liability and commercial property transactions
    • Advice on how EPs and lenders should be preparing for E 1527-13
    • Potential changes that end users may see in their Phase I ESA reports when E 1527-13 takes effect
  • A number of recent developments, including 2013’s revisions to ASTM E 1527 Phase I environmental site assessment standard, make it more difficult—and risky—to ignore vapor migration during environmental due diligence. EDR Insight has assembled a panel of the most knowledgeable attorneys in the field to help environmental professionals and risk managers at financial institutions answer a common question:
    What can happen if vapor-related issues are missed?

    This team of experts, with decades of experience advising commercial real estate deals, will share real-world cases of “due diligence gone wrong” from vapor migration-related lawsuits filed as a result of inadequate property investigations and poor lender oversight. This one-time event is an important learning opportunity for any environmental professional who participates in environmental investigations, as well as commercial real estate lenders who extend credit on properties that may be impacted by vapor migration.

    Attendees of this webinar will learn:
    • Recent developments that have brought vapor migration front and center.
    • Why environmental due diligence policies should expressly address vapor migration.
    • How federal and state authorities are responding to vapor intrusion concerns—and the implications for buyers, lenders and sellers.
    • Steps that environmental professionals and commercial real estate lenders can take to avoid liability related to vapor migration.
    • Real-world examples of what can happen if vapor issues are ignored during environmental due diligence.
  • For the first time since 2005, the ASTM E1527 standard is going through a significant revision. Now is the time to start preparing your staff and your clients! The changes to the standard will go into effect immediately once the new version is published in 2013. At this complimentary webinar you will learn about:
    -Revised REC and HREC definitions, plus a new term
    -Clarification on vapor migration and ASTM E2600-10
    -Changes to User Responsibilities and important news about environmental liens
    -Much more!


    The EDR team has been tracking the revision process closely since it began in 2010. This fall, we have educated over 1,000 environmental professionals at our Due Diligence at Dawn (DDD) seminars around the country.

    Join EDR and Anthony J. Buonicore, former E1527 Task Group leader, for this webinar and learn all you need to know to comply with the forthcoming edition of the ASTM E1527 Standard.
  • Vapor intrusion, the migration of volatile chemicals from the subsurface into overlying buildings, presents potential health risks and environmental liability at properties with current or past contamination. The U.S. EPA is preparing its final Vapor Intrusion Guidance for evaluating and assessing risk from VI. The release of EPA’s guidance is scheduled for release a few months before ASTM is expected to publish a revised Phase I environmental site assessment protocol (ASTM E 1527). Among the changes to ASTM E 1527-05 is the addition of new language throughout the standard to include the assessment of vapor migration risk.

    EDR is extremely fortunate to offer you a webinar with three speakers who have been performing successful VI investigations for many years, and have been working with ASTM and the U.S. EPA to provide comments on draft documents. With the scheduled release of EPA’s final VI guidance—followed by a revised ASTM E 1527 standard to include vapor intrusion—now is the time to prepare and ensure that due diligence policies include VI and that appropriate science is used to minimize the impact of VI on property deals, including brownfield redevelopment.

    It is critical that risk managers understand what these two documents mean in terms of the standard of care and how it might affect their own liability—or that of their borrowers.

    Benefits to Lenders:
    •Recent regulatory history surrounding vapor intrusion
    •Myths about vapor intrusion and mitigation alternatives
    •Available data that can be used to evaluate VI risk
    •Implications of the new federal guidance document
    •What the vapor-related revisions to ASTM E 1527 mean in terms of lenders’ environmental due diligence policies

    Benefits to EPs:
    •A better understanding of why vapor migration presents a risk to your clients
    •A way to begin thinking about how the new guidance and revised ASTM E 1527 standard may necessitate changes to your Phase I ESA process
  • To help you meet the challenge of staying up to speed on the forces driving demand for property assessments, EDR Insight invites you to a complimentary web event on the state of the market in the third quarter of 2012—and a look to 2013. Attendees of this 60-minute webinar will learn:

    • The status of commercial property transactions and the asset classes attracting the most attention
    • Commercial real estate lending volume
    • Key players in the deal-making and lending worlds
    • Where to focus business development efforts for 2013 and beyond
    • EDR Insight’s near-term forecast for Phase I ESA volume and major market risks

    Join us for a look at the forces driving demand for your services so that you can position your firm for growth.
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  • ASTM's New Continuing Obligations Standard: What it Means For You Recorded: Oct 6 2011 60 mins
    When EPA issued its All Appropriate Inquiries rule in 2005 and ASTM followed with the E1527-05 Phase I ESA Standard, greater clarity was brought to the site assessment market for both property owners and environmental professionals. These two documents spelled out the steps needed to obtain a CERCLA liability defense. However, with this clarity came additional confusion: how does a property owner maintain their CERCLA protection after the Phase I has been completed? According to language written by Congress, CERCLA libaility protection begins with AAI, but may also require "continuing obligations" without saying much more about what that might entail. After several years of drafting and debate, ASTM issued the E2790 Standard Guide for Identifying and Complying with Continuing Obligations in July.

    What does the standard entail? How will it change your practice? Should prpoerty owners and lenders be concerned? How should it be applied to real-life scenarios? Attorney Tim Haley of Barnes & Thornburg will answer all of these questions and more during a free webinar on October 6, 2011 at 2pm EST.

    Tim is not only an experienced environmental attorney, but also contributed to writing the E2790 Standard.
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  • Presented by: Tim Haley, Associate at Barnes and Thornburg
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