InstructorTerri Hays
TypeOnline Course
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Tuition Options


PracticeEdge Elite™

Standard Tuition $400 US

Senior Fellow Christopher Wells, JD, Partner, Proskauer

This course will discuss current SEC, CFTC and NFA examination priorities and recent examination experiences, from the perspective of both the examiners and the advisers being examined.  The speaking faculty will share with the attendees, the factors that can prompt an SEC or NFA examination, including the SEC’s increasing use of sophisticated analytical systems to monitor market activity.  This course will discuss key examination priorities identified in recent announcements by the SEC and NFA staff, including cybersecurity; fees and expenses; conflicts of interest; proxy voting; custody; valuation; marketing materials; past performance presentations; allocation of investment opportunities; side letters; use of quantitative trading models; and high speed trading.  The speaking faculty will discuss and share potential future SEC and NFA examination priorities.

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Students shall learn the following within this Course:

  • Current SEC Examination Priorities
  • Current Initiatives – Never-Before Examined Advisers and Presence Exams
  • What May Prompt an SEC Examination?
  • Communications with U.S. and international regulators and agencies,
  • Interactions with registrants, industry groups, and service providers outside of examinations, and
  • Current SEC Examination Priorities
  • Fraud detection and prevention
  • Corporate governance, conflicts of interests and enterprise risk management
  • Governance and supervision of information technology systems, operational capability, market access, information security, and preparedness to respond to sudden malfunctions and system outages)
  • Dual registrants (investment adviser / broker-dealer)
  • Safety of assets and custody
  • Conflicts of interest inherent in certain investment adviser business models
  • Marketing / Performance: Review and test hypothetical and back-tested performance, the use and disclosure of composite performance figures, performance record keeping, and compliance oversight of marketing
  • Quantitative trading models: whether firms have implemented compliance policies tailored to the performance and maintenance of their proprietary models
  • What May Prompt an NFA Examination?
  • Concerns noted during a review of the firm’s promotional materials, disclosure documents, and/or financial filings
  • Previous audit findings
  • Current NFA Examination Priorities
  • NFA Bylaw 1101 (how advisers ensure that investors and underlying funds in which they invest are CFTC registered and NFA members if required)
  • Form CPO-PQR and CTA-PR filings
  • Performance reporting
  • Unlisted principals and unregistered associated persons
  • Recent CFTC Best Practices Guidance on Customer Privacy and Information Security

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Senior Fellow from Practice:

  • Christopher Wells, JD, Partner, Proskauer Rose

Guest Lecturers:

  • Patricia Cushing, CPA, Director , Compliance , NFA
  • Bruce Karpati, JD, CCO, Kohlberg Kravis Roberts & Co.
  • Scott Pomfret, JD, Regulatory Counsel & CCO, Highfields Capital
  • Mark Polemeni, JD, CCO, Asset Management Citadel
  • Elcin Yildirim, Ph.D, Acting Assistant Director, Quantitative Analytics  Unit, SEC

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Accreditation Information

CLE Information

Credit Hours: 2
Subject Area: Professional Practice
States: Contact Curriculum Advisor For More Information

CPE Information

Credit Hours: 2
Subject Area: Accounting
States: Contact Curriculum Advisor For More Information


Course ID Number:  9600


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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.