InstructorTerri Hays
TypeOnline Course
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Tuition Options


PracticeEdge Elite™ Not included

Standard Tuition $400 US

Senior Fellow Matthew Eisenberg, JD, Partner, Finn Dixon & Herling

This course provides a general introduction to the regulation of investment advisers required to be registered with the U.S. Securities & Exchange Commission (“SEC”). Ithas been developed for chief compliance officers, compliance directors and other compliance personnel of investment advisers, that have been tasked with developing, implementing and/or overseeing their firms’ compliance programs. It may serve as a general “roadmap” for inexperienced or less experienced compliance persons and a review of ivestment adviser regulation “basics” for experienced compliance persons. This course has been divided into three parts.

Part 2 describes the importance of having a robust, customized compliance program that will facilitate compliance with laws and regulations that affect SEC-registered investment advisers. In particular, compliance programs must be tailored to accommodate the specific business risks, infrastructure and other factors applicable to each investment advisory business. Part 2 introduces SEC Rule 206(4)-7 adopted under the Investment Advisers Act of 1940 (the “Advisers Act”), which requires SEC-registered investment advisers to adopt written policies and procedures reasonably designed to prevent violations of the Advisers Act and the rules promulgated thereunder by such investment advisers and their “supervised persons.”

Part 2 also identifies and briefly summarizes certain of the applicable laws, rules and regulations that an SEC-registered investment adviser must address or consider when drafting and implementing written compliance policies and procedures, including without limitation, the Advisers Act, the Securities Exchange Act of 1934, the Securities Act of 1933, the Investment Company Act of 1940, the Employment Retirement Income Security Act of 1974, the Foreign Corrupt Practices Act of 1977, the Bank Secrecy Act of 1970, the USA PATRIOT Act of 2001, the Commodity Exchange Act, regulations promulgated by the SEC, the Commodities Futures Trading Commission, the Internal Revenue Service and the Federal Trade Commission, rules established by the National Futures Association and Financial Industry Regulatory Authority, Inc., sanctions programs administered by the Treasury Department’s Office of Foreign Assets Control, and certain applicable foreign, state and local laws.

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Students shall learn the following within this Course:

  • Steps to implement a written compliance program pursuant to SEC Rule 206(4)-7 promulgated under the Advisers Act that is “reasonably designed” to prevent violations of the Advisers Act;
  • Identifying general compliance risk areas and conflicts of interest that may be relevant to an SEC-registered investment adviser’s compliance program;
  • Various laws, rules and regulations that may need to be considered when drafting and implementing an SEC-registered investment adviser’s written compliance policies and procedures;
  • The role and function of the Chief Compliance Officer;
  • Who is or is not a “supervised person” covered by an SEC-registered investment adviser’s written compliance policies and procedures; and
  • Certain state securities laws which may apply to an SEC-registered investment adviser.

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Senior Fellow:

Matthew Eisenberg, JD, Partner, Finn Dixon & Herling

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Accreditation Information

CLE Information

Credit Hours: 3
Subject Area: Professional Practice
States: Contact Curriculum Advisor For More Information

CPE Information

Credit Hours: 6
Subject Area: Accounting
States: Contact Curriculum Advisor For More Information


Course ID Number:  7011



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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.