InstructorTerri Hays
TypeOnline Course
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Tuition Options


PracticeEdge Elite™

Standard Tuition $400 US

Senior Fellow Mark Perlow, JD, Partner, K&L Gates

The SEC has long been focused on the valuation practices, policies and procedures of fund managers, since the overvaluation of fund assets will result in better reported investment performance, potentially increased asset-raising, and higher fees for the manager. Since the financial crisis and the registration of most of the hedge fund and private equity fund industry with the SEC under Dodd-Frank, the SEC has made valuation (particularly of illiquid fund assets) one of its top areas of examination and enforcement focus. However, despite statements by staffers to the contrary, the SEC has not provided valuation guidance to the hedge fund or private equity fund industries, and it has not provided guidance to the mutual fund industry in over forty years. Instead, it has brought a series of enforcement actions against fund managers alleging that conflicts and procedural flaws led to the overvaluation of fund assets, and SEC staffers have criticized certain valuation practices in public remarks.

This session will provide a comprehensive framework for addressing valuation policies and procedures at asset managers. It will cover the areas and issues on which the SEC is concentrating in examinations and enforcement, as well as common and best industry practices.

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Students shall learn the following within this Course:

  • Recognize the most common valuation issues and concerns
  • Identify the most problematic valuation risks in light of SEC initiatives
  • Define the key elements of strong valuation policies and procedures
  • Assess the adequacy and reasonableness of valuation policies, procedures and disclosures
  • Determine steps that fund managers can take to improve policies and procedures
  • Associate particular policies and procedures with particular fund and asset types that they are best suited to address

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Senior Fellow:

  • Mark Perlow, JD, Partner, K&L Gates

Guest Lecturers:

  • Steven Felsenthal, JD,LLM, General Counsel, Chief Compliance Officer & Principal, Millburn Ridgefield
  • Shannon Horton, Chief Compliance Officer, KKR Asset Management
  • Amanda Miller, Ph.D, Executive Director, EY
  • Jim Plohg, JD, General Counsel & Chief Compliance Officer, Ashford
  • Josh Rozenberg, CPA, Visium Asset Management

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Accreditation Information

CLE Information

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

CPE Information

Credit Hours: 9
Subject Area: Accounting
States: Contact Curriculum Advisor For More Information


Course ID Number:  8350

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myUniveristy – INCLUDED

PracticEdge Elite – Price

Standard Tuition – $$

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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  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.