EPA is poised to withdraw the direct final rule it published on August 15, which would have added a new ASTM standard for conducting Phase I Environmental Site Assessments to the list of “all appropriate inquiries” that must be made to afford bona fide prospective purchasers protection from CERCLA liability.
Critics of the rule overwhelmingly said in public comments that the new ASTM standard is superior to the current standard, and that EPA should avoid creating a “two-tier” due diligence market by continuing to accept both standards. Commenters urge EPA to either continue to include only the current standard or to adopt the new standard only.
We will continue to monitor these developments and will report on the replacement rule when it becomes available.
