Peter Hutcheon Appointed Observer to American Bar Association Business Law Section Beneficial Ownership Task Force

Peter D. Hutcheon, a Member of law firm Norris McLaughlin, P.A., has been appointed one of three Observers to the American Bar Association (ABA) Business Law Section’s Beneficial Ownership Task Force.  The Business Law Section is committed to serving its members, the legal profession, and the public through educational opportunities and resources; assisting members to serve their clients ethically and competently; and furthering the development and improvement of corporate laws.  The Task Force was created by the Section’s Limited Liability Company, Partnership, and Unincorporated Entity Committee to work with the Section’s Corporate Laws Committee and others to seek a fundamental version of the ABA’s position on disclosure of beneficial ownerships of business entities.

Since the attacks on September 11, 2001, federal and state laws have been proposed and some adopted requiring disclosure of the persons who beneficially own corporations, limited liability companies, partnerships, business trusts, and other entities.  This disclosure is to help law enforcement and national security personnel identify criminals and/or terrorists using such entities for money laundering, drug and arms distribution, and other clandestine activities.  In 2008, the ABA adopted a policy grounded on financial privacy, resisting increased disclosure of traditionally anonymous ownership information.  The Task Force will seek ways to support making ownership information more available to law enforcement and national security personnel, while preserving as much as possible the privacy of business ownership.

Hutcheon practices primarily in the areas of business governance, commercial transactions, securities, banking, and finance.  He regularly counsels managements of public and private companies and banking institutions on governance matters and is an expert on indemnification and insurance issues affecting directors and officers.  Hutcheon represents clients seeking investment capital from private placements, venture capital and private equity deals, and firm commitment underwritten offerings of securities.  Many of these financings involve high-tech businesses.  Hutcheon is experienced with securities matters ranging from stock options to dividend reinvestment plans, is familiar with bank regulatory matters, and has worked on mergers and acquisitions in the banking industry.  He is experienced in corporate and financing transactions and has represented both buyers and sellers in public and private corporate acquisition transactions, including public/private partnership deals, in deals involving over $2 billion.

A long-time member of the ABA’s Section of Business Law, Partnerships and Unincorporated Business Organizations Committee, Hutcheon was editor of its newsletter, The PUBOGRAM, for 16 years.  He is the 2005 recipient of the Martin I. Lubaroff Award for his lifelong service to this Committee.  He was a director for 22 years (including 2 years as chair) of the New Jersey State Bar, Corporate and Business Law Section, and has chaired the State Bar’s Banking Law Section.  He was chairman of the New Jersey Corporate and Business Law Study Commission from its inception in 1989 to 2002, providing reports and suggestions on business law developments to the New Jersey Legislature and the Governor.  He chaired the New Jersey Securities Advisory Committee appointed by the Attorney General from 1995 to 2001, and has served as the ABA’s Liaison to the New Jersey Bureau of Securities for over 34 years.

Hutcheon is listed in the Corporate Law, Mergers & Acquisitions Law, and Securities Law sections of the current edition of The Best Lawyers In America, and has been included on the list of New Jersey Super Lawyers in the Business/Corporate section every year since its inception in 2005.  Additionally, he has authored numerous articles on business-related law topics including limited liability companies, securities, and directors and officer’s liability.

Hutcheon received his undergraduate degree, magna cum laude, from Williams College and his J.D., cum laude, from Harvard Law School.