Fund and Adviser Tax Issues

Pepper partners Gregory J. Nowak and Steven D. Bortnick presented a webinar for West LegalEdcenter discussing issues that affect private funds and their managers.

Over the hour program, Mr. Nowak and Mr. Bortnick covered a host of various tax provisions that could impact investment funds and managers, including the Rubio and Lee Tax Reform Plan; California’s new "doing business" standard; asset management fees; and marketplace lending and Member Payment Dependent Notes (MPDNs) issues.

Download a copy of the PowerPoint slides.

(Running Time: 59:00)

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Investment Management Update: Intellectual Property Issues

Pepper Hamilton partner Gregory J. Nowak recently hosted a webinar for West LegalEdcenter. Mr. Nowak was joined by associate Lori E. Harrison and they delved into the intellectual property issues affecting funds, managers and vendors. They covered a variety of issues, including what do you need to know to protect the “secret sauce” (i.e., your investment engine) and the “family jewels” (i.e., your clients).

Download the PowerPoint slides from the webinar.

(Running Time: 57:04)

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Investment Management Update - January 2015

This podcast is a recording of the January 2015 webinar that Pepper partner Gregory J. Nowak participated on for West LegalEdcenter.

Mr. Nowak discussed a regulatory outlook for 2015, from insider trading to fees and expense allocations, from use of broker dealers to recent JOBS Act developments, and from Dodd Frank to AIFMD and FATCA.

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(Running Time: 1:00:17)
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2014 Construction SuperConference Recap and Lessons for 2015

Pepper Hamilton has been a longtime supporter of the Construction SuperConference, the preeminent construction conference for mid- to senior-level professionals who work in any of the legal and commercial construction markets. Pepper partner Robert F. Cushman founded the conference now in its 29th year.

In this podcast, Pepper partners Bruce W. Ficken and Ira M. Schulman discuss takeaways from their panel entitled “Advocacy in Construction Disputes: Litigating Delay and Disruption Claims”, as well as issues they heard the conference attendees grappling with and some of their thoughts on the top issues that companies will face this year in the construction industry as we start 2015.

Be sure to visit the Pepper Hamilton Construction Practice Group’s blog at for an update and discussion of recent trends in construction law and construction litigation. Also visit for more information about the 2015 conference.

(Running Time: 15:04)

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Investment Management Update – Fees and Expenses

Pepper Hamilton’s Julia D. Corelli and PEF Services’ Anne Anquillare and Mark Heil, joined Pepper’s Gregory J. Nowak for his monthly webinar which he hosts for West LegalEdcenter. This month the webinar discussed a recent Pepper, PEF Services and PEI survey commissioned to examine how funds’ fees and expenses are treated in light of the current environment where there is very little in the way of any formal guidance from the SEC on what kinds of expenses should be fund expenses and which shouldn’t.

Download a copy of the survey and the PowerPoint slides from the webinar. 

(Running Time: 1:02:18)

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Investment Management Update

Pepper attorneys Gregory J. Nowak and Mathew R. Silver discussed the impact of the 2014 election for investment management and funds during a recent webinar for West LegalEdcenter. With a blue president, red congress and red senate, what can we expect to happen in the coming months? This podcast is a recording of their session.

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(Running Time: 1:01:27)

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Investment Management Update - Focus on Data Privacy and Cybersecurity

Pepper partners Gregory J. Nowak and Angelo A. Stio III discussed data privacy and cybersecurity issues for investment funds during a recent webinar for West LegalEdcenter. This podcast is a recording of their session.

Topics covered include why is data privacy and security important (4:51); discussion of the SEC’s Office of Compliance Inspections and Examinations and FINRA scrutiny (9:40); encryption and personally identifiable information overview (14:07); how to protect trade data (19:10); the top threats to data privacy (21:38); what to do before a breach occurs (29:00); why cyber insurance is needed to cover for a cyber attack (32:29); and addressing a breach (45:19).

Download a copy of the PowerPoint Slides.

(Running Time: 59:14)

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Private Equity Fees and Expenses

Pepper partner and co-chair of the firm's Funds Services Group, Julia D. Corelli, recently presented at a special luncheon for the CFA Society of Philadelphia where she discussed how PE firms' fees and expenses are being treated in light of the SEC aggressively fighting for transparency and clairvoyance in this area.

Topics covered in this podcast (with the time codes listed) include what is a typical fund structure (6:35); the economics of a fund (10:28); LPA provisions (17:13); fund due diligence and the legal landscape (20:42); upcoming PEI study discussion on this topic (28:25); what the SEC is talking about and hot topics regarding expenses (36:49); two SEC enforcement actions – Clear Energy Capital (1:04:17) and Lincolnshire (1:13:32); and whistleblowers (1:16:03).

As Ms. Corelli mentions in her presentation, Pepper has teamed with PEF Services and PEI to conduct a survey on this topic which is of great interest to many regulators and investors. Click here for the results of the benchmarking survey. 

Download a PDF of the luncheon PowerPoint Slides.

(Running Time: 1:21:47)
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Lawsuit Contests Ban on Wall Street Cash for State Pols

Pepper partner Gregory J. Nowak recently appeared on Newsmax TV to discuss a lawsuit filed by one that seeks to end a Securities and Exchange Commission ban on political contributions from Wall Street firms to governors and other state officials. Mr. Nowak discusses this with Jason Torchinsky, a lead attorney in the lawsuit.

(Running Time: 10:42)

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Thomson Reuters Session - SEC Approves New Rules to Address Run Risks in Money Market Funds

On September 9, 2014, Pepper Hamilton attorneys Gregory J. Nowak and John P. Falco spoke on a webinar for West LegalEdcenter, part of Thomson Reuters. This podcast is a recording of this webinar.

On July 23 the Securities and Exchange Commission (SEC) adopted amendments to the rules that govern money market mutual funds. The amendments make structural and operational reforms to address risks of investor runs in money market funds, while preserving the benefits of the funds. The rules build upon the reforms adopted by the Commission in March 2010 that were designed to reduce the interest rate, credit and liquidity risks of money market fund portfolios. When the Commission adopted the 2010 amendments, it recognized that the 2008 financial crisis raised questions of whether more fundamental changes to money market funds might be warranted. The new rules require a floating net asset value (NAV) for institutional prime money market funds, which allows the daily share prices of these funds to fluctuate along with changes in the market-based value of fund assets and provide non-government money market fund boards new tools – liquidity fees and redemption gates – to address runs.

This engaging webcast will delve into:

  • understanding the new regulations and what this means for fund managers
  • how and why the SEC adopted
  • analysis and prospectus on the possible impact in the near term and long term.

PDF file of the PowerPoint slides from this webinar.

(Running Time: 1:00:33)
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