PracticeEdge Elite™ Not included
Standard Tuition $400 US
Senior Fellow Mark Perlow, JD, Partner, Dechert
Through speeches, examinations and enforcement actions, the SEC and its staff have made clear that they consider asset managers’ conflicts of interest to be one of the agency’s primary focus areas. As a result, the SEC’s activities in this area have created new and more defined regulatory expectations that unfortunately are not stated expressly through rulemaking or interpretive guidance.
This Course covers the SEC’s statements and expectations regarding asset managers’ conflicts of interest, both the fundamentals and the most topical and complicated issues. In particular, the Course discusses many of the most important new expectations, as well as the cases and pronouncements that have prompted them. The Course also describes a number of practical techniques and procedures to address and mitigate these conflicts of interest and in particular focuses on whether disclosure is sufficient or whether more restrictive mitigating measures must be implemented.
The topics covered are conflicts that arise from: (1) principal transactions, co-investment and investments in affiliates; (2) managing more than one account or fund; (3) the “side-by-side” management of funds and accounts that charge performance fees or allocations and other funds and accounts, such as mutual funds, with no or lower performance fees or allocations; (4) “side letters” between fund managers and individual investors, and related issues arising from agreements with strategic and “seed” investors; (5) special investment accounts or “side pockets”; (6) managing and administering funds; (7) payments to referral sources and placement agents; and (8) fund managers’ relationships with brokers, and hedge fund managers’ relationships with prime brokers.
Students shall learn the following within this Course:
- Understand the SEC’s principles-based framework for identifying and evaluating conflicts of interest
- Know the primary techniques used by the asset management industry and recognized by the SEC for mitigating conflicts of interest
- Apply tools to analyze conflicts of interest to determine their impact and significance and to determine the appropriate mitigating measures
- Learn the SEC authority and materials that define the law of conflicts of interest
- List and understand the SEC’s recent areas of priority in examinations and enforcement as they relate to conflicts of interest.
Mark Perlow, JD, Partner, Dechert
Credit Hours: 4
Subject Area: Professional Practice
States: Contact Curriculum Advisor For More Information
Credit Hours: 8
Subject Area: Accounting
States: Contact Curriculum Advisor For More Information
Course ID Number: 7590
Alabama: Approval of all web based programs is limited to a maximum of 6.0 credits.
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.
Iowa: The approval is for one year from recorded date. Does not approve of Audio-only On-Demand Webcasts.
Missouri: 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.
New Hamphsire: The approval is for three years from recorded date.
New Mexico: On-Demand web programs are restricted to 4.0 self-study credits per year.
New 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.
North Carolina: A maximum of 4 credits per reporting period may be earned by participating in on-demand web programs.
Ohio: 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.
Oklahoma: Up to 6 credits may be earned each year through computer-based or technology-based legal education programs.
Pennsylvania: 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.
Rhode Island: Audio Only On-Demand Web Programs are not approved for credit. On-Demand Web Programs must have an audio and video component.
Tennessee: The approval is for the calendar year in which the live program was presented.
Virginia: All distance learning courses are to be done in an educational setting, free from distractions.
Wisconsin: 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.
Iowa, Mississippi, Oklahoma, and Wisconsin DO NOT approve Audio Only On-Demand Web Programs.
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.
If applicable, the RCA will apply for credit in your state upon request.