Standard Tuition $400 US
Senior Fellow Adam Wasserman, JD, Head of Enforcement, NYSE Regulation, NYSE:ICE
Judges, politicians, the press, and the public have all called upon the Securities and Exchange Commission to increase their focus on holding individuals responsible for securities law and rule violations. This has created elevated risks and pressures for private fund professionals – especially legal counsel, compliance officers, and portfolio managers. However, even two years after the conclusion of the Theodore Urban matter (where the SEC commissioners split evenly on the issue of when a general counsel could be liable for a failure to supervise), the contours of when legal, compliance and other investment adviser professionals may be deemed personally liable for a fund’s failings remains cloudy.
In this Course, law firm and in-house experts will examine and clarify the latest state of the law regarding individual liability for private fund employees (including the SEC’s latest guidance on legal/compliance liability post-Urban) and discuss specific policies and practices that can mitigate against the risk of legal, compliance, and investment professionals being held personally liable by the regulators.
Students shall learn following within this Course:
- Understanding the genesis of GC/CCO liability beginning with In Re Gutfreund.
- Understanding the impact of the Urban case on GC/CCO liability.
- Understanding the SEC’s Division Trading and Market’s most recent guidnce on liability of compliance and legal personnel.
- Understanding the key factors in determining supervisory liability for private fund professionals.
- Understanding additional bases for individual liability for private fund professionals.
- Learning about the most recent cases where professionals at investment advisers were found personally liable for a fund’s misconduct.
- Learning about policies and practices to mitigate against the risk of legal, compliance, and investment professionals being held personally liable by the regulators.
- Adam Wasserman, JD, Partner, Dechert
- Mike Gilbert, JD, Partner, Dechert
- Catherine Botticelli, JD, Partner, Dechert
- John Roth, JD, LLM, GC & Chief Compliance Officer, Venor Capital
Credit Hours: 4
Subject Area: Professional Practice
States: Contact Curriculum Advisor For More Information
Credit Hours: 6
Subject Area: Accounting
States: Contact Curriculum Advisor For More Information
Course ID Number: 8201
On-Demand Web Programs and Segments are approved in:
Alabama1, Alaska, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho*, Illinois , Iowa2*, Kansas, Kentucky*, Louisiana, Maine*, Mississippi, Missouri3, Montana, Nebraska, Nevada, New Hampshire4, New Jersey, New Mexico5, New York6, North Carolina7, North Dakota, Ohio8, Oklahoma9, Oregon*, Pennsylvania10, Rhode Island11, South Carolina, Tennessee12, Texas, Utah, Vermont, Virginia13, Washington, West Virginia, Wisconsin14and Wyoming*.
Iowa, Mississippi, Oklahoma, and Wisconsin DO NOT approve Audio Only On-Demand Web Programs.
Please Note: The State Bar of 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.
*RCA will apply for credit upon request. Louisiana and New Hampshire: RCA will apply for credit upon request for audio-only on-demand web programs.
1Alabama: Approval of all web based programs is limited to a maximum of 6.0 credits.
2Iowa: The approval is for one year from recorded date. Does not approve of Audio-only On-Demand Webcasts.
3Missouri: 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.
4New Hamphsire: The approval is for three years from recorded date.
5New Mexico: On-Demand web programs are restricted to 4.0 self-study credits per year.
6New 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.
7North Carolina: A maximum of 4 credits per reporting period may be earned by participating in on-demand web programs.
8Ohio: 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.
9Oklahoma: Up to 6 credits may be earned each year through computer-based or technology-based legal education programs.
10Pennsylvania: 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.
11Rhode Island: Audio Only On-Demand Web Programs are not approved for credit. On-Demand Web Programs must have an audio and video component.
12Tennessee: The approval is for the calendar year in which the live program was presented.
13Virginia: All distance learning courses are to be done in an educational setting, free from distractions.
14Wisconsin: 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.
Running time and CLE credit hours are not necessarily the same. Please be aware that many states do not permit credit for luncheon and keynote speakers.
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.