Standard Tuition $400 US
Senior Fellow Anthony Conte, Principal, FS Advisory, Asset Management, PwC
Through speeches, examinations and enforcement actions, governmental agencies have made clear that they consider asset managers/ conflicts of interest to be one of the agency’s primary focus areas. The faculty will discuss the definition what a conflict is and how it can be mitigated through effective policies, training and testing. The session will discuss the Department of Labor OPM’s release of conflicts of interest regulation for the DOL which will propose a new definition of investment advice for a fee. The faculty will discuss how conflicts arise in allocation, investment opportunities, valuation, liquidity, and marketing. Each member of the faculty will provide practical solutions to help mitigate these issues and steps to prevent such issues from arising.
Students shall learn the following within this Course:
At the end of the session, participants will be able to:
¬ Identify and discover the DOL’s conflicts of interest regulation that will propose a new definition of investment advice for a fee which is one of three statutory definitions of an ERISA fiduciary.
¬ Recognize the DOL’s enforcement program focus on fees or other things of value that discretionary advisors receive in connection with investments on behalf of ERISA plans such as, revenue sharing, selecting affiliates, selecting IMs that share their fee with advisor, advisor obtains free sub-advisory services in exchange for advisor selecting mutual funds that sub-advisor advises , 408(b)(2) disclosures as possible investigatory leads
¬ Evaluate recent enforcement cases regarding conflicts and practical techniques for addressing/mitigating similar conflicts within their firm
¬ Review issues around allocation of expenses between fund, managers and investors, including expenses relating to private equity operating partners
¬ Recite examples of institutional conflicts that arise from the relationship between a private fund manager and its funds’ portfolio companies and service providers, including conflicts that arise from: (1) allocation of fund and portfolio company expenses; (2) relations with service providers and vendors; (3) expense shifting between funds; (4) portfolio company capital structure; and (5) transaction, monitoring, consultancy, and directors fees paid by portfolio companies to a manager or its personnel
¬ Assess personal conflicts of advisory employees, officers and directors, including outside business relationships, charitable/non-profit work, financial interests, and family interests.
¬ List primary conflicts involved in “side-by-side” management of performance fee- and non-performance fee-accounts or fund
Senior Fellow from Practice:
- Anthony Conte, Principal, FS Advisory, Asset Management, PwC
- Anthony Kelly, JD, Co-Chief of the Enforcement Division’s Asset Mgmt Unit, SEC
- Elizabeth Crotty, JD, Director, FS Advisory, Asset Management Risk & Regulatory, PwC
- Kent Knudson, CPA, Director, FS Advisory, Asset Management Risk & Regulatory, PwC
- Mark Perlow, JD, Partner, Dechert
Credit Hours: 4
Subject Area: Professional Practice
States: Contact Curriculum Advisor For More Information
Credit Hours: 6
Subject Area: Accounting
States: Contact Curriculum Advisor For More Information
Course ID Number: 8591
On-Demand Web Programs and Segments are approved in:
Alabama1, Alaska, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho*, Illinois , Iowa2*, Kansas, Kentucky*, Louisiana, Maine*, Mississippi, Missouri3, Montana, Nebraska, Nevada, New Hampshire4, New Jersey, New Mexico5, New York6, North Carolina7, North Dakota, Ohio8, Oklahoma9, Oregon*, Pennsylvania10, Rhode Island11, South Carolina, Tennessee12, Texas, Utah, Vermont, Virginia13, Washington, West Virginia, Wisconsin14and Wyoming*.
Iowa, Mississippi, Oklahoma, and Wisconsin DO NOT approve Audio Only On-Demand Web Programs.
Please Note: The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. RCA programs may qualify for credit based on the requirements outlined in the MCLE Regulations and Ariz. R. Sup. Ct. Rule 45.
*RCA will apply for credit upon request. Louisiana and New Hampshire: RCA will apply for credit upon request for audio-only on-demand web programs.
1Alabama: Approval of all web based programs is limited to a maximum of 6.0 credits.
2Iowa: The approval is for one year from recorded date. Does not approve of Audio-only On-Demand Webcasts.
3Missouri: On-demand web programs are restricted to six hours of self-study credit per year. Self-study may not be used to satisfy the ethics requirements. Self-study can not be used for carryover credit.
4New Hamphsire: The approval is for three years from recorded date.
5New Mexico: On-Demand web programs are restricted to 4.0 self-study credits per year.
6New York: Newly admitted attorneys may not take non-traditional course formats such as on-demand Web Programs or live Webcasts for CLE credit. Newly admitted attorneys not practicing law in the United States, however, may earn 12 transitional credits in non-traditional formats.
7North Carolina: A maximum of 4 credits per reporting period may be earned by participating in on-demand web programs.
8Ohio: To confirm that the web program has been approved, please refer to the list of Ohio’s Approved Self Study Activities at http://www.sconet.state.oh.us. Online programs are considered self-study. Ohio attorneys have a 6 credit self-study limit per compliance period. The Ohio CLE Board states that attorneys must have a 100% success rate in clicking on timestamps to receive ANY CLE credit for an online program.
9Oklahoma: Up to 6 credits may be earned each year through computer-based or technology-based legal education programs.
10Pennsylvania: PA attorneys may only receive a maximum of four (4) hours of distance learning credit per compliance period. All distance learning programs must be a minimum of 1 full hour.
11Rhode Island: Audio Only On-Demand Web Programs are not approved for credit. On-Demand Web Programs must have an audio and video component.
12Tennessee: The approval is for the calendar year in which the live program was presented.
13Virginia: All distance learning courses are to be done in an educational setting, free from distractions.
14Wisconsin: Ethics credit is not allowed. The ethics portion of the program will be approved for general credit. There is a 10 credit limit for on-demand web programs during every 2-year reporting period. Does not approve of Audio-only On-Demand Webcasts.
Running time and CLE credit hours are not necessarily the same. Please be aware that many states do not permit credit for luncheon and keynote speakers.
If you have already received credit for attending some or the entire program, please be aware that state administrators do not permit you to accrue additional credit for repeat viewing even if an additional credit certificate is subsequently issued.