In an attempt to protect its oil and gas industry, Texas has passed legislation that seeks to punish investment firms that divest from fossil fuel related investments. On 16 March 2022, the Texas Comptroller of Public Accounts, Glenn Hegar, sent a letter to 19 major financial companies which was not limited to US or Texas-based companies and included Japanese companies requesting verification that they do not engage in investment policies that result in the boycott of fossil fuel-based energy. This request was made pursuant to Texas Government Code Chapter 809: recent legislation prohibiting the Texas Government from investing in financial companies that take any action intended to penalize, inflict economic harm, or limit commercial relations with a company based on the company’s involvement in fossil fuel-based energy.
Masato Honma is a member of the Firm’s Finance & Projects Group in Tokyo. He has extensive experience in the areas of Financial Regulations, M&A of financial institutions, PFI/PPP, and Project Finance. He was seconded to the Firm’s London office, and UK and New York branches of Japanese banks. In addition to financial matters of the Group, he handles the Casino Act (Integrated Resort Act), and healthcare and hospital related matters.