Peter J. Chepucavage has 35 years of experience in both the public and private sectors of the securities industry. He has worked for the National Association of Securities Dealers (NASD) and U.S. Securities and Exchange Commission (SEC), as well as a private law firm and a major international investment bank. He is familiar with all aspects of broker-dealer and hedge fund regulation, including broker dealer operations and stock loans/Reg. SHO.

Chepucavage was also heavily involved in the post-9/11 efforts by the securities industry to strengthen their resilience to terrorist attacks. He is a General Counsel to the firm and the head of its broker-dealer/hedge fund compliance and expert testimony sections.

Chepucavage worked as an Attorney Fellow in the SEC's Division of Market Regulation where his main projects were post-9/11 resiliency and short sales, including the drafting of Reg. SHO. Prior to his position at the SEC, he practiced at Fulbright & Jaworski in New York city. At various times between 1984-1997, he was a managing director in charge of Nomura Securities' legal, compliance and audit functions and served on its management and credit committees. He also worked with its derivatives' affiliate.

Mr. Chepucavage has been a member of many SIFMA and other regulatory and legal securities industry committees and written extensively about regulation. One of his main interests is the effect of regulation on small businesses and he provides regulatory advice to small and medium enterprises, including Washington representation. Mr. Chepucavage also served as an Assistant General counsel with the NASD, a law clerk to Judge George R. Gallagher (D.C. Court of Appeals), and as an infantry officer in South Korea.

His publications include:

The SEC and the Securities Bar: Adversaries or Allies, Catholic University Law Review, Fall 1973

S.E.C. Puts New Gloss on Professional Responsibility, American Bar Association Journal, November 1973, p. 1330

Your Friendly One-Stop Financial Shopping Center, American Bar Association Journal, June 1974, p. 744

Self-Regulation in a National Market Environment, 13 Securities Regulation L. Rev. 313 (1981)

Sale of Foreign Products in the United States, NSCP National Meeting, October 30,1998

IA Drafting Tips: Avoiding Trading Conflicts of Interests for Investment Managers NSCP Currents, January/February 2000, p. 7

The Remote Supervisor, NSCP East Coast Regional Meeting, May 8,2001

The Law Surrounding Commodity Trading Advisor Registration For Investment Advisers NSCP Currents, January/February 2001,p.3

Questions and Answers on Analyst Disclosure, NSCP Currents, March/April 2001

Analyst Disclosure: Are New Regulations Really Necessary? NSCP Currents, May/June 2001

Short Sales and Security Futures; The Need For Comprehensive Short Sale Regulation, Futures & Derivatives Law Report, Fall 2001

Numerous Comment Letters on Reg. SHO and other rules may be found at SEC.Gov