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 3 continues where Part 2 left off in describing how to draft written compliance policies and procedures that take into consideration the applicable laws, rules and regulations listed and described in Part 2 as well as other key considerations. Part 3 also explains how an SEC-registered investment adviser should generally approach laws, rules and regulations that set forth detailed guidance versus those that do not provide detailed or specific guidance, including the use of interpretive guidance.

Part 3 describes the Chief Compliance Officer’s duty to conduct annual and periodic reviews of an SEC-registered investment adviser’s written compliance policies and procedures, and how a Chief Compliance Officer should approach resolving compliance issues when they arise. In addition, Part 3 discusses the types of SEC examinations for which an SEC-registered investment adviser should prepare, including periodic or “routine” exams, “sweep” exams and “presence” exams, how to prepare for an SEC exam, what to expect when an exam commences, typical areas of SEC focus during an exam, and the potential consequences of an exam.

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Students shall learn the following within this Course:

  • How to implement a written compliance program pursuant to SEC Rule 206(4)-7 promulgated under the Investment Advisers Act of 1940 (the “Advisers Act”) that is “reasonably designed” to prevent violations of the Advisers Act;
  • The types of interpretive guidance issued by the SEC and other regulatory authorities that may be useful in drafting and implementing written compliance policies and procedures;
  • The Chief Compliance Officer’s duty to review and update an SEC-registered investment adviser’s written compliance policies and procedures;
  • The categories of SEC exams;
  • How an investment adviser should prepare for and approach an SEC exam;
  • Potential areas of focus by the SEC during an exam; and
  • Potential outcomes of an SEC exam.

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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:  7012


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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.