People: Gordon Peery, Partner

Photo of Gordon Peery, Partner

Gordon Peery

Partner

Los Angeles - Downtown
Direct: (213) 270-9607
0

Gordon Peery is a Partner and the Chairman of the Derivatives Practice Group.

Mr. Peery is among the leaders in the firm in providing investment management counsel and is a leading authority in over-the-counter derivatives, futures and derivatives in securitizations.

Mr. Peery has lectured throughout the U.S. and Canada, London, Frankfurt, Singapore, Hong Kong, Malaysia and Brunei on effective ways to execute and settle derivatives in the current regulatory environment. He has also taught regulations implementing --and subsequent law scaling back-- the Volcker Rule, as well as margin and capital regulations arising out of Basel III and Title VII of Dodd Frank. As a member of the Real Estate practice, Mr. Peery also provides regulatory and transactional counsel to real estate and private equity clients.

Investment Management

As a securities and investment management lawyer serving global asset managers, insurance companies, pensions and other leading institutional investors and advisers, Mr. Peery brought to Seyfarth over a decade of experience working as a member of top tier investment management practices in U.S. and Canadian law firms recognized as industry leaders.

Mr. Peery is experienced in facilitating the execution of investment strategies in compliance with the Investment Company Act of 1940 (1940 Act) and the Investment Advisers Act of 1940 and has direct experience with respect to the following:

  • The launch of exchange-traded funds (ETFs) and other investment vehicles either regulated by the Securities and Exchange Commission (SEC) under the 1940 Act or exempt from the requirement to register as an investment company under the 1940 Act;
  • The drafting and negotiation of investment management agreements (IMAs) and side letters; the termination of subadvisers under existing IMAs; domestic (U.S.) and cross-border acquisitions of advisers; and the coordination of trade execution strategies among advisers and new subadvisers following business combinations;
    • In connection with the acquisition or sale of advisers, conducting due diligence with respect to trading documentation, novating trades, assigning and terminating custody and other documentation in acquisitions while drawing on investment management experience as well as experience in mergers and acquisitions;
  • Counseling advisers with respect to the custody, recordkeeping and disclosure of derivatives and other financial instruments in light of the SEC’s enhancement of disclosure requirements;
  • The application of 1940 Act custody rules (i.e., SEC Rule 17f-1) and continuous, direct involvement in the drafting and negotiation of well over 500 security account control agreements since 2005; Mr. Peery has dedicated much of his career to the implementation of effective custody, collateral and margin reform measures and has appeared on numerous occasions before the Chairman and all other Commissioners of the CFTC in an effort to bring about greater protections with respect to the handling of customer collateral following the Great Recession of 2008;
  • Counseling advisers with respect to 1940 Act segregation and cover requirements in light of SEC no-action letters;
  • Interface with SEC Senior Special Counsel in rulemaking with respect to the earlier, proposed SEC Rule 18f-4 under the 1940 Act and the publication and submission of comments to the SEC concerning proposed Rule 18f-4 (sole author of “Derivatives Rulemaking in a New Era of Global Regulation: Recommendations for the Securities and Exchange Commission as it Finalizes Rule 18f-4,” published in Futures and Derivatives Law Report, Volume 37 (June 2017);
  • Securing exemptions from registration as commodity pool operators (CPOs) and commodity trading advisors (CTAs) and direct interface with CFTC Division leads, legal teams and staff as well as with members of the National Futures Association (NFA) with respect to CFTC and NFA reporting and other requirements; and
  • Counseling clients seeking to establish new trading platforms, including direct interface with division leads, product teams and staff of the CFTC and NFA in the application for designated contract market (DCM) and derivatives clearing organization (DCO) approval.

Mr. Peery has counseled the largest pensions in the world, global trustees, asset managers and fund complexes, advisers of 1940 Act funds and portfolio managers of hedge funds and sub-advisors, Fortune 500 companies, utilities, providers of oil, gas, liquefied natural gas and electricity, international, community and regional banks, foundations, endowments, family offices and educational institutions, real estate developers and REITs as well as sovereign funds, counties, states and other governments both within and outside of the U.S.

Investment advisers headquartered in the United States and in other leading markets retain Mr. Peery as exclusive derivatives, custody and regulatory counsel, notwithstanding the fact that these clients already have fund counsel. Mr. Peery advised staff and members of Congress in their drafting of parts of Dodd Frank prior to its enactment in 2010 and he continues to counsel clients following the enactment of The Economic Growth, Regulatory Relief, and Consumer Protection Act into law on May 24, 2018.

Blockchain

An important part of Mr. Peery’s practice are the legal issues triggered by the modernization of the global financial system and replacement of paper money and coins with virtual currency via blockchain technology. Mr. Peery interfaces on a near-daily basis with CFTC and other leading regulators of bitcoin and other next-generation currencies, markets and mining.

Securitizations

Mr. Peery worked as outside counsel to a rating agency in commercial real estate originations as well as asset-backed securitizations. Mr. Peery handled regulatory and litigation matters involving securitizations and currently assists a leading trustee in CDOs, CLOs, warehouse and other securitization- and derivatives-related representation.

Energy and Commodities

In the energy and commodity areas, and as an associate in a leading Washington D.C. law firm, Mr. Peery was an instrumental part of a team representing, before Congress, an investment bank and derivatives provider to Enron Corp. Mr. Peery represents a leading Asian oil, gas and LNG company, North American renewable energy affiliates of the leading European electricity utility and for these and other clients, Mr. Peery handles trading documentation and regulatory matters.

Government and Public Policy Work

The government of Brunei retained Mr. Peery to assist with trading documentation and guidance with respect to North American, London, and Asian market practices and U.S. law.  Mr. Peery in May 2018 formed a bi-coastal public policy team which successfully represented an importer of steel products and commodities before the United States Trade Representative in May-June 2018. Mr. Peery previously was the Global Derivatives Advisor for Canada’s largest law firm.

Author and Teacher

Mr. Peery is the author of The Post-Reform Guide to Derivatives and Futures (John Wiley & Sons, 2012), the winner of the 2012 International Book Award in the category of Law. His book has been used as a textbook at Columbia Law School and the Georgetown University Law Center, where Mr. Peery was a guest lecturer. A central theme of the book is that market participants that played no role in the 2008 market crises should not bear the brunt of comprehensive regulatory reform in the area of derivatives. Mr. Peery is a champion of community and regional banks and the need to minimize burdensome and unnecessary regulation affecting these and other market participants whose hedging and other investment activities were not contributors to the Great Recession.

Asia, Japan and Southeast Asia

Mr. Peery has lived overseas and speaks Japanese. Before its combination with Dal-Ichi Kangyo (and the Industrial Bank of Japan, to form Mizuho Financial Group), Mr. Peery worked as an instructor of beginning and intermediate Japanese to American bankers of The Fuji Bank, Limited. Mr. Peery is well-versed with respect to derivative credit support documentation published for Japanese and other market participants throughout the world. Mr. Peery works, lectures, travels and represents clients in Southeast Asia, China, Japan, Singapore and Hong Kong.

Gordon Peery is a Partner and the Chairman of the Derivatives Practice Group.

Mr. Peery is among the leaders in the firm in providing investment management counsel and is a leading authority in over-the-counter derivatives, futures and derivatives in securitizations.

Mr. Peery has lectured throughout the U.S. and Canada, London, Frankfurt, Singapore, Hong Kong, Malaysia and Brunei on effective ways to execute and settle derivatives in the current regulatory environment. He has also taught regulations implementing --and subsequent law scaling back-- the Volcker Rule, as well as margin and capital regulations arising out of Basel III and Title VII of Dodd Frank. As a member of the Real Estate practice, Mr. Peery also provides regulatory and transactional counsel to real estate and private equity clients.

Investment Management

As a securities and investment management lawyer serving global asset managers, insurance companies, pensions and other leading institutional investors and advisers, Mr. Peery brought to Seyfarth over a decade of experience working as a member of top tier investment management practices in U.S. and Canadian law firms recognized as industry leaders.

Mr. Peery is experienced in facilitating the execution of investment strategies in compliance with the Investment Company Act of 1940 (1940 Act) and the Investment Advisers Act of 1940 and has direct experience with respect to the following:

  • The launch of exchange-traded funds (ETFs) and other investment vehicles either regulated by the Securities and Exchange Commission (SEC) under the 1940 Act or exempt from the requirement to register as an investment company under the 1940 Act;
  • The drafting and negotiation of investment management agreements (IMAs) and side letters; the termination of subadvisers under existing IMAs; domestic (U.S.) and cross-border acquisitions of advisers; and the coordination of trade execution strategies among advisers and new subadvisers following business combinations;
    • In connection with the acquisition or sale of advisers, conducting due diligence with respect to trading documentation, novating trades, assigning and terminating custody and other documentation in acquisitions while drawing on investment management experience as well as experience in mergers and acquisitions;
  • Counseling advisers with respect to the custody, recordkeeping and disclosure of derivatives and other financial instruments in light of the SEC’s enhancement of disclosure requirements;
  • The application of 1940 Act custody rules (i.e., SEC Rule 17f-1) and continuous, direct involvement in the drafting and negotiation of well over 500 security account control agreements since 2005; Mr. Peery has dedicated much of his career to the implementation of effective custody, collateral and margin reform measures and has appeared on numerous occasions before the Chairman and all other Commissioners of the CFTC in an effort to bring about greater protections with respect to the handling of customer collateral following the Great Recession of 2008;
  • Counseling advisers with respect to 1940 Act segregation and cover requirements in light of SEC no-action letters;
  • Interface with SEC Senior Special Counsel in rulemaking with respect to the earlier, proposed SEC Rule 18f-4 under the 1940 Act and the publication and submission of comments to the SEC concerning proposed Rule 18f-4 (sole author of “Derivatives Rulemaking in a New Era of Global Regulation: Recommendations for the Securities and Exchange Commission as it Finalizes Rule 18f-4,” published in Futures and Derivatives Law Report, Volume 37 (June 2017);
  • Securing exemptions from registration as commodity pool operators (CPOs) and commodity trading advisors (CTAs) and direct interface with CFTC Division leads, legal teams and staff as well as with members of the National Futures Association (NFA) with respect to CFTC and NFA reporting and other requirements; and
  • Counseling clients seeking to establish new trading platforms, including direct interface with division leads, product teams and staff of the CFTC and NFA in the application for designated contract market (DCM) and derivatives clearing organization (DCO) approval.

Mr. Peery has counseled the largest pensions in the world, global trustees, asset managers and fund complexes, advisers of 1940 Act funds and portfolio managers of hedge funds and sub-advisors, Fortune 500 companies, utilities, providers of oil, gas, liquefied natural gas and electricity, international, community and regional banks, foundations, endowments, family offices and educational institutions, real estate developers and REITs as well as sovereign funds, counties, states and other governments both within and outside of the U.S.

Investment advisers headquartered in the United States and in other leading markets retain Mr. Peery as exclusive derivatives, custody and regulatory counsel, notwithstanding the fact that these clients already have fund counsel. Mr. Peery advised staff and members of Congress in their drafting of parts of Dodd Frank prior to its enactment in 2010 and he continues to counsel clients following the enactment of The Economic Growth, Regulatory Relief, and Consumer Protection Act into law on May 24, 2018.

Blockchain

An important part of Mr. Peery’s practice are the legal issues triggered by the modernization of the global financial system and replacement of paper money and coins with virtual currency via blockchain technology. Mr. Peery interfaces on a near-daily basis with CFTC and other leading regulators of bitcoin and other next-generation currencies, markets and mining.

Securitizations

Mr. Peery worked as outside counsel to a rating agency in commercial real estate originations as well as asset-backed securitizations. Mr. Peery handled regulatory and litigation matters involving securitizations and currently assists a leading trustee in CDOs, CLOs, warehouse and other securitization- and derivatives-related representation.

Energy and Commodities

In the energy and commodity areas, and as an associate in a leading Washington D.C. law firm, Mr. Peery was an instrumental part of a team representing, before Congress, an investment bank and derivatives provider to Enron Corp. Mr. Peery represents a leading Asian oil, gas and LNG company, North American renewable energy affiliates of the leading European electricity utility and for these and other clients, Mr. Peery handles trading documentation and regulatory matters.

Government and Public Policy Work

The government of Brunei retained Mr. Peery to assist with trading documentation and guidance with respect to North American, London, and Asian market practices and U.S. law.  Mr. Peery in May 2018 formed a bi-coastal public policy team which successfully represented an importer of steel products and commodities before the United States Trade Representative in May-June 2018. Mr. Peery previously was the Global Derivatives Advisor for Canada’s largest law firm.

Author and Teacher

Mr. Peery is the author of The Post-Reform Guide to Derivatives and Futures (John Wiley & Sons, 2012), the winner of the 2012 International Book Award in the category of Law. His book has been used as a textbook at Columbia Law School and the Georgetown University Law Center, where Mr. Peery was a guest lecturer. A central theme of the book is that market participants that played no role in the 2008 market crises should not bear the brunt of comprehensive regulatory reform in the area of derivatives. Mr. Peery is a champion of community and regional banks and the need to minimize burdensome and unnecessary regulation affecting these and other market participants whose hedging and other investment activities were not contributors to the Great Recession.

Asia, Japan and Southeast Asia

Mr. Peery has lived overseas and speaks Japanese. Before its combination with Dal-Ichi Kangyo (and the Industrial Bank of Japan, to form Mizuho Financial Group), Mr. Peery worked as an instructor of beginning and intermediate Japanese to American bankers of The Fuji Bank, Limited. Mr. Peery is well-versed with respect to derivative credit support documentation published for Japanese and other market participants throughout the world. Mr. Peery works, lectures, travels and represents clients in Southeast Asia, China, Japan, Singapore and Hong Kong.

Education

  • J.D., Vanderbilt Law School (1995), recipient, Bennett Douglas Bell endowed memorial honor and President, Vice President and elected member, Vanderbilt Law School Honor Council

  • B.A. in International Relations and Political Science, University of Southern California (1991), magna cum laude and member of Phi Beta Kappa and Phi Kappa Phi 

Admissions

  • California

Presentations

  • “Advanced Derivatives:  ISDA Master Agreement and Credit Support Annexes Masterclass,” UNI Publication and Seminar, Kuala Lumpur, Malaysia (June 2-4, 2014)
  • “Mastering Advanced Derivatives Documentation:  The ISDA/IIFM Ta’Hawwut Master Agreement (TMA),” UNI Publication and Seminar, Kuala Lumpur, Malaysia (November 19-21, 2012)
  • Co-Presenter, “Counterparty Risk Seminar,” Law Firm Seminar (March 5, 2009)

Publications

  • Co-Author, "The Economic Growth, Regulatory Relief, and Consumer Protection Act Provides Relief and Clarity for the Commercial Real Estate Market,” PREA Quarterly, Pension Real Estate Association (Summer 2018)
  • “The Second Digital Revolution and What it Means for Institutional Investors,” PREA Quarterly, Pension Real Estate Association (Spring 2018)
  • “Derivatives Rulemaking in a New Era of Global Regulation: Recommendations for the Securities and Exchange Commission as it Finalizes Rule 18f-4,” Futures and Derivatives Law Report, Volume 37 (June 2017)
  • “All Financial Regulation in the U.S. Now Subject to Review under February 3, 2017 Executive Order Issued by the President,” Client Alert, Seyfarth Shaw LLP (February 9, 2017)
  • “Historic Risk Management Rules and Practices Go Live on March 1, 2017 in Leading Markets,” Client Alert, Seyfarth Shaw LLP (December 5, 2016)
  • Co-Author, "BRACING for BREXIT - after the shock, what now?" Management Alert, Seyfarth Shaw LLP (June 30, 2016)
  • “Advanced Derivatives:  ISDA Master Agreement and Credit Support Annexes Masterclass,” UNI Publication and Seminar, Kuala Lumpur, Malaysia (June 2-4, 2014)
  • The Post-Reform Guide to Derivatives and Futures, published by John Wiley & Sons (2012)
  • “Mastering Advanced Derivatives Documentation:  The ISDA/IIFM Ta’Hawwut Master Agreement (TMA),” UNI Publication and Seminar, Kuala Lumpur, Malaysia (November 19-21, 2012)
  • “Equity Swap Counterparties Must Consider ISDA Protocol Dealing with New Withholding Taxes on Dividend Equivalent Payments,” Law Firm Alert (September 15, 2010)
  • “Global Government Solutions 2010: Mid-Year Outlook,” Law Firm Publication (July 2010)
  • “Congressional Overhaul of the Derivatives Market in the United States,” Law Firm Alert (July 21, 2010)
  • “With Comprehensive Clearing Mandates, Historic Legislation Poised to Create a Sea Change in Regulation of the U.S. Derivatives Market,” Bloomberg Law Reports, Vol. 1, No. 6 (June 2010)
  • “Global Government Solutions 2010 - The Year Ahead,” Law Firm Publication (January 2010)
  • Co-Author, “Trading in 2010: What you need to know about Derivatives and Futures Trading in 2010,” Law Firm Webinar and Publication (November 24, 2009)
  • “Reporting Rule and So Much More: Setting the Stage for Cap and Trade for U.S. and International Trading Transactions, Environmental,” Law Firm Alert (October 15, 2009)
  • “Sweeping Reforms Moving Forward for Credit Rating Agency Practices,” Law Firm Alert (October 13, 2009)
  • “September 22, 2009 Deadline Set for Asserting Lehman Claims, Including Derivative and Guaranty Claims,” Law Firm Alert (August 19, 2009)
  • “OTC Derivatives Legislation Continues to Take Form, Capital Markets Reform Group Update,” Law Firm Publication (August 11, 2009)
  • “Regulators Focus on High-frequency Trading and Market Structure: Flash Orders, Indicators of Interest, Dark Pools and Co-location,” Law Firm Alert (August 5, 2009)
  • “Small Bang Protocol Adherence Period Closes on July 24, 2009,” Law Firm Alert (July 21, 2009)
  • “Investment Management Update,” Law Firm Alert (Spring 2009)
  • “SEC Approves FINRA Rule for CDS Risk Monitoring Procedures and Margin Requirements,” Law Firm Alert (June 15, 2009)
  • “Comprehensive Regulatory Framework for OTC Derivatives Proposed as a Prelude to Reform of the U.S Financial System,” Law Firm Alert (May 19, 2009)
  • “Reporting Rule and So Much More: Setting the Stage for Cap and Trade for U.S. and International Trading Transactions,” Law Firm Alert (May 8, 2009)
  • “TALF Expanded to Include CMBS,” Law Firm Alert (May 5, 2009)
  • “Treasury Department May Facilitate Broader Participation in Legacy Securities PPIP,” Law Firm Alert (April 10, 2009)
  • “Public-Private Investment Partnerships To Tackle Legacy Toxic Assets,” Law Firm Alert (March 31, 2009)
  • “A New Era for Credit Default Swaps,” Law Firm Alert (March 13, 2009)
  • “The Term Asset-Backed Securities Loan Facility Takes Form,” Law Firm Alert (March 13, 2009)
  • “The Term Asset-Backed Securities Loan Facility in Sharper Focus,” Law Firm Alert (February 23, 2009)
  • “Opening Salvo Fired In Financial Market Reform Effort, But Many Battles Lie Ahead,” Law Firm Alert (February 19, 2009)
  • “January 30, 2009 Deadline for Lehman Brothers Inc. ‘Customer’ Claims,” Law Firm Alert (January 20, 2009)
  • “Global Financial Markets — Legal, Policy and Regulatory Analysis,” Law Firm Publication (November 17, 2008)
  • “The Lifecycle of Lehman Trade Fails,” Law Firm Alert (October 27, 2008)
  • “Global Financial Markets — Legal, Policy and Regulatory Analysis,” Law Firm Publication (October 24, 2008)
  • “Global Financial Markets — Legal, Policy and Regulatory Analysis,” Law Firm Publication (October 6, 2008)
  • “Property Derivatives Come of Age,” New Law Journal (August 8, 2008)
  • “Cover from the Storm: Federal Regulators Promote Covered Bonds to Stabilize Capital Markets,” Law Firm Alert (August 7, 2008)