Gregory Nowak

Gregory Nowak

Pepper Hamilton LLP

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Update: Prudential Regulators Delay Compliance Deadline for New Swap Margin Rules

If you have been following our alerts on the pending deadlines (and the delays of these deadlines by certain regulators) of the new swap variation margin rules (New Swap Margin Rules) that were due to go into effect on March...more

2/27/2017 - Banks CFTC Cross-Border Transactions Deadlines Depository Institutions EU Federal Reserve Financial Institutions Financial Sector Major Swap Participants Margin Requirements OCC Swap Dealers Swap Market Swaps

Update: CFTC Delays Compliance Deadline for New Swap Margin Rules

Although the letter technically does not delay the effective date of March 1, 2017, from the perspective of the buy side, the letter functions as a “grace period,” and the compliance date has been moved to September 1, 2017....more

2/15/2017 - CFTC Financial Sector Margin Requirements Swap Dealers Swap Market Swaps

Documentation for the New Swap Margin Rules and Thoughts for the Buy Side and End Users

Because of the implementation of new regulatory requirements relating to both variation and initial margin for swaps, swap documentation for many market participants is about to become much more complicated....more

2/13/2017 - AIG Basel Committee CFTC Credit Support Annex (CSA) Dodd-Frank End-Users Financial Sector FX Swaps ISDA Jurisdiction Margin Requirements OTC Regulatory Standards SEC Securities Swap Dealers Swap Market Swaps

Supreme Court's Rejection Is Not the End of the Road for Madden v. Midland Funding

Regardless of whether or not Midland’s case is successful at the district court, there are a number of reasons why the Second Circuit’s Madden decision is not as disastrous as some have portrayed it to be. On June 27,...more

7/8/2016 - Banking Sector Consumer Financial Products Consumer Lenders Debt Buyers Financial Services Industry Interest Rates Lending Club Madden v Midland Funding Online Marketplace Lending Petition for Writ of Certiorari SCOTUS Solicitor General Usury Valid When Made Doctrine

Cease and Desist Proceedings Against an Asset Manager for Acting as an Unlicensed Broker-Dealer

Industry participants are well-advised to review their practices to ensure compliance with the Advisers Act, and the SEC’s and SEC’s Staff’s interpretations of when registration as a broker-dealer is required....more

6/13/2016 - Broker-Dealer Investment Adviser Investment Advisers Act of 1940 Investment Funds Private Investment Funds Registration SEC

Consultants, Investment Advisers, and Compliance

It is important for registered investment advisers to determine if the correct workers – regardless of employee or consultant labels — have been designated as Access Persons. Originally published as a guest post on Hedge...more

6/1/2016 - Cease and Desist Orders Disclosure Requirements Dodd-Frank Ethics Breach Financial Markets Investment Adviser Investment Advisers Act of 1940 Policies and Procedures Registered Investment Advisors SEC

Department of Labor Issues Long-Awaited Fiduciary Rule

The new standard requires broker-dealers providing advice with respect to IRAs to put their client’s interests ahead of their own. The U.S. Department of Labor released new rules on April 6 that materially enlarge the...more

4/15/2016 - 401k Best Interest Contract Exemptions Best Interest Standard Broker-Dealer Business Advice DOL Fiduciary Duty Investment Advisers Act of 1940 IRA Retirement Plan

FinCEN Proposed AML Rule for Registered Investment Advisers Remains on Track for 2016 Adoption

There are a number of issues that FinCEN must still address, but comments to the proposed rule do not raise any material issues that will prevent the agency from issuing a final rule in 2016. The Financial Crimes...more

12/9/2015 - Anti-Money Laundering Financial Services Industry FinCEN Registered Investment Advisors SEC

Crowdfunding Regulations

On October 30, 2015, the Securities and Exchange Commission (SEC) adopted final crowdfunding rules. More than two years after the publication of the proposed crowdfunding rules, the SEC approved regulations that permit...more

11/4/2015 - Blue Sky Laws Broker-Dealer Capital Raising Compliance Crowdfunding Disclosure Requirements EDGAR Federal Register Financial Institutions FINRA Initial Public Offerings Investment Investors IPO JOBS Act Regulation D Reporting Requirements Rule 506 Offerings SEC Securities Act of 1933

FinCEN's Recently Proposed AML Rule: A Road Map for SEC-Registered Investment Advisers

The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) published a notice of proposed rulemaking (the Proposed Rule) on September 1, 2015 that would impose anti-money laundering (AML) requirements for investment...more

10/2/2015 - Anti-Money Laundering BSA/AML Closed-End Funds Compliance Dodd-Frank Financial Institutions FinCEN Investment Investment Adviser Investors Money Laundering Mutual Funds Patriot Act Pooled Investment Vehicles Registered Investment Advisors SAR SBIC SEC Suspicious Activity Reports (SARs) U.S. Treasury

Treasury Department Starts the Regulatory Ball Rolling for Marketplace Lenders

The Treasury Department’s notice and request poses 14 detailed questions to gather public information concerning the role of marketplace lending in the financial services industry. On July 16, 2015, the U.S. Department...more

7/27/2015 - Consumer Lenders Financial Institutions HMDA Lenders Mortgage Lenders Mortgages Peer-to-Peer Real Estate Market Risk Retention Small Business Student Loans U.S. Treasury

Fund and Adviser Tax Issues [Audio]

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...more

4/22/2015 - Asset Management Fund Managers Investment Adviser Investment Funds Podcasts Tax Reform

Investment Management and Hedge Funds – What’s Happening Now?

In This Presentation: - Trademarks – not just for consumer companies - Strength of a Trademark: Categories - Choosing a Trademark - Obtaining Protection – Common Law Rights - Obtaining...more

3/2/2015 - Hedge Funds Investment Management Likelihood of Confusion Trademark Infringement Trademarks

Investment Management Update: The Latest News and Developments on Funds, Regulations and Investing Trends for January 2015

In This Presentation: - Personnel Changes - Insider Trading - Pay to play prohibitions under fire - F Squared – Administrative proceeding (December 22, 2014) - Reliance Financial Advisors --...more

2/18/2015 - Administrative Appointments Administrative Hearings Crowdfunding Examination Priorities Illegal Tipping Insider Trading Investment Management Legislative Agendas SEC

Investment Management Update - January 2015 [Audio]

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...more

2/18/2015 - AIFMD Broker-Dealer Dodd-Frank FATCA Insider Trading Investment Management JOBS Act Regulatory Agenda Regulatory Standards Transaction Fees

Investment Management Update – Fees and Expenses [Audio]

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...more

1/21/2015 - Fees Fund Expenses Investment Management Management Fees SEC Transaction Fees

Fees and Expenses 2014: A Benchmarking Survey with pfm

Excerpt from Question 1: Your firm is visited by the SEC or state regulator for a routine regulatory examination and you enlist a law firm or consultant to help guide you through the process. Who pays the legal or...more

1/15/2015 - Alternative Investment Funds Attorney's Fees Consultants Examination Procedures Fees Industry Examinations SEC

Investment Management and Hedge Funds – What’s Happening Now?

In This Presentation: - History of Obama’s First Six Years - Constitutional Constraints - Several Rules That Wrankle - Market Constraints - Crystal Ball Prognostications - Excerpt...more

12/12/2014 - Affordable Care Act Dodd-Frank Employer Mandates Financial Regulatory Reform Great Recession Hedge Funds Investment Management JOBS Act Obama Administration Quantitative Easing TARP

Data Privacy And Cybersecurity For Investment Funds

In This Presentation: - WHY IS DATA PRIVACY AND SECURITY IMPORTANT? ..Why is it important to protect data? ..SEC Cybersecurity Risk Alert ..FINRA Scrutiny - BEFORE THE BREACH ...more

11/11/2014 - Compliance Cybersecurity Data Breach Data Protection FINRA Investment Funds SEC

Investment Management Update - Focus on Data Privacy and Cybersecurity [Audio]

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...more

11/10/2014 - Cyber Attacks Cyber Insurance Cybersecurity Data Breach Data Protection Data-Sharing FINRA Investment Management Personally Identifiable Information Popular SEC

CFTC Grants Exemptive Relief to Private Fund Managers: General Solicitation Conditionally Permitted

The JOBS Act and the regulations thereunder (which went effective on September 23, 2013) applies to private issuers – including hedge funds and private equity funds – that want to make general solicitations within the context...more

9/18/2014 - CFTC Fund Managers General Solicitation JOBS Act Private Equity Private Funds Rule 506 Offerings

SEC Approves New Rules to Address Run Risks in Money Market Funds

In This Presentation: - Introduction - Post 2008 Regulatory History - Classifying Money Market Funds - Floating Nav - Liquidity Fees And Redemption Gates - Liquidity Fees -...more

9/16/2014 - Asset Diversification Disclosure Requirements Dodd-Frank Floating NAV Liquidity Fees Money Market Funds Proposed Regulation Redemption Gates SEC Stress Tests

Thomson Reuters Session - April: Investment Management, Hedge Funds & Registered Mutual Funds: What's Happening Now? [Audio]

Pepper partner Gregory J. Nowak has regularly hosted a roundtable in Pepper’s New York office for private funds and their managers to discuss issues in the investment management world. He has recently started to give a...more

5/5/2014 - Appearance Policy Enforcement Actions Hedge Funds Investment Adviser SEC

Top 5 Things You Should Know About Online Direct (P2P) Lending Law And Regulations — Before You Do Anything Else!

Few people following the crowdfunding space have been able to ignore the recent meteoric rise of online direct lending, often called “peer-to-peer” (P2P) lending. What started out as a simple one-to-multiple consumer lending...more

4/30/2014 - Broker-Dealer Crowdfunding FINRA Investment Adviser Investment Opportunities Lending SEC

New Manager Forum Panel III – Post-launch Matters [Audio]

Launching a new hedge fund or private equity fund can be one of the most exciting and rewarding ventures a person will ever undertake-and it can also be the most challenging, given today's competitive and demanding investing...more

3/11/2014 - Fund Managers Hedge Funds Managers Private Equity

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