InstructorTerri Hays
TypeOnline Course
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Tuition Options


PracticeEdge Elite™ Not included

Standard Tuition $400 US

Senior Fellow Michael Renetzky, JD, Partner, Locke Lord

The Course in fund governance, presented by former SEC Commissioner Roel Campos and his law partner Michael Renetzky, explores the governance of investment funds both in the context of investment companies registered under the Investment Company Act of 1940 and funds not required to be registered under the 1940 Act. The course professors approach the topic through a general framework that considers three primary goals of fund governance: (1) promoting the best interests of investors, (2) increasing assets under management, and (3) limiting potential liability. The course begins with the basic concept of fiduciary duty – of directors and registered advisers – and then covers a range of sources of fund governance guidance.

This Course involves a practical look at governance, where self-interest has a role in promoting the interests of investors. Within this framework the topics are discussed by exploring the governance aspects of three significant cases relating to fund governance: In Re Charles Schwab Corporation Securities Litigation (2010), the U.S. Supreme Court case of Jones v. Harris Associates L.P. (2010) and the Cayman Islands case of Weavering Macro Fixed Income Fund Limited (2011). These cases each present important lessons for advisers, directors, sponsors and general partners of funds. The professors attempt to show the relevance of 1940 Act concepts to unregistered fund governance today. The Course concludes by asking students to reflect on the significant changes in the approach to governance of funds registered under the 1940 Act and to explore the future possibilities for governance of funds not registered under that Act.

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Students shall learn the following within this Course:

  • Define the primary sources of fund governance
  • Differentiate the specific requirements applicable to 1940 Act funds and unregistered funds
  • Associate registered investment adviser fiduciary duty with fund governance
  • Recognize the practical implications of significant fund governance litigation and enforcement actions
  • Apply the concepts of significant fund governance case studies to daily fund activities
  • Discover potential new governance approaches for unregistered funds.

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Senior Fellow:
Michael Renetzky, JD, Partner, LockeLord

Guest Lecturers:
Roel Campos, JD, Partner, LockeLord, Former Commissioner SEC
Michael Cyran, Partner , Ernst & Young
Scott Pearman, Litigator, Conyers Dill & Pearman
Kurt Schacht, JD, Managing Director, CFA Institute
The Hon. Dr. E. Grant Gibbons, JP, MP Minister of Economic Development Government of Bermuda

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Accreditation Information

CLE Information

Credit Hours: 1
Subject Area: Professional Practice
States: Contact Curriculum Advisor For More Information

CPE Information

Credit Hours: 2.5
Subject Area: Accounting
States: Contact Curriculum Advisor For More Information

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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 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.