New categories of Recognized Environmental Conditions mean that financial institutions must adjust their risk appetites
It’s been several months since ASTM released its new standard for Phase I environmental site assessments, E1527-13, and most consulting firms have completed their transition to the 2013 standard that replaces the 2005 version. How are things going so far?
On December 30, 2013, U.S. EPA issued a federal register notice (hyperlink http://www.epa.gov/brownfields/pdfs/fr-notice-recognize-astme.pdf), formally recognizing this standard to meet its All Appropriate Inquiries regulatory rule that provides liability protection from federal Superfund cleanup programs when an innocent landowner conducts the appropriate due diligence prior to acquiring a property. EPA intends to update its All Appropriate Inquiries rule in the near future to formally recognize the E1527-13 standard, but in the meantime both the 2005 and 2013 standards are acceptable.