InstructorTerri Hays
TypeOnline Course
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Tuition Options


PracticeEdge Elite™ Not included

Standard Tuition $400 US

Senior Fellow Nathan Greene, JD, Partner, Shearman & Sterling

Principles of Investment Company Regulation provides an overview of the U.S. Investment Company Act of 1940 the principal statute governing the U.S. mutual fund industry. Today (as of the end of 2012) that industry manages more than $14 tril­ lion dollars in assets for approximately 94 million U.S. investors, making mutual funds a cornerstone for U.S. savers. In fact, 23% of all U.S. household assets are invested in mutual funds. Mutual funds are also among the largest U.S. institutional investors, representing approximately 28% of all capital invested in U.S. equity markets.

Given the pervasive role that mutual funds play in the U.S. economy, it should be no surprise that they are also highly regulated. Indeed, the Investment Company Act is among the most detailed under the securities laws. Understanding the critical investor protection terms that are at the core of that statute, is thus a key component of understanding financial market regulation more generally. With the rapid growth of hedge fund like products sold as mutual funds, understanding mutual fund regulation is also of rising importance to hedge fund and private equity fund managers looking to enter the retail market.

Participants in this class session will come away with a solid understanding of this important regulatory framework – includ­ing trading and leverage rules, asset custody standards, affiliate dealing prohibitions, governance and capital structure requirements, the SEC registration process, and more and with the mechanics of administering an investment company-focused compliance program. The course assumes that the audience’s primary interest is in understanding regulations affecting the business of an investment company that is “up and running” rather than in the process of establishing a new investment company, though the establishment process is also covered in brief.

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Students shall learn the following within this Course:

  • Recognize the key regulators for the U.S. investment company (mutual fund) industry;
  • Recognize the key sources of law;
  • Recognize the key organizational players and their differing roles in the operation and compliance profile of an investment company;
  • Identify the steps involved in forming and registering an investment company with the Securities and Exchange Commission;
  • Recognize the structuring choices that are embedded in an investment company;
  • Identify key trading rules and how they impact operation and compliance decisions; and
  • Identify the components of a successful investment company compliance program.

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Senior Fellow:

Nathan Greene, JD, Partner, Shearman & Sterling

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Accreditation Information

CLE Information

Credit Hours: 4
Subject Area: Professional Practice
States: Contact Curriculum Advisor For More Information

CPE Information

Credit Hours: 8
Subject Area: Accounting
States: Contact Curriculum Advisor For More Information


Course ID Number:  7020


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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.