InstructorTerri Hays
TypeOnline Course
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Tuition Options


PracticeEdge Elite™ Not included

Standard Tuition $400

Senior Fellow Adam Wasserman, JD, Head of Enforcement, NYSE Regulation

The purpose of the Securities Investigation & Enforcement Procedure course is for students to obtain a working understanding of: (1) how the Securities and Exchange Commission and other government/regulatory bodies (such as the DOJ, the New York Attorney General, and FINRA) conduct securities enforcement investigations and proceedings, and (2) the key issues that in-house and outside counsel face when representing clients in these investigations and proceedings.

These courses will focus on the life-cycle of an enforcement action, from preliminary investigation, to formal investigation, to litigation (before the SEC and the courts) and settlement. Special attention will be paid to issues faced by private funds in connection with these matters; the key laws upon which enforcement actions may be based; recent securities enforcement actions from 2000 through today; and steps that insider and outside counsel can take to protect their fund clients during each stage of the enforcement process. This course is divided into two parts.


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In Part 2 of the course, students will, among other things, be expected to:

  • Describe how the SEC can cooperate with different federal, state and regulatory agencies – as well as limitations to such cooperation
  • Discuss the Wells process and describe the key elements of a Wells submission
  • Recognize the similarities and differences between federal court and administrative agency actions and explain why the SEC may choose one forum over another
  • Explain the process by which the SEC enters into settlements and identify key issues that defendants must consider before entering into a settlement
  • Describe the collateral consequences of SEC enforcement actions
  • Identify issues that the SEC will consider when deciding whether to bring actions against fund counsel and compliance officers, as well as steps that counsel and compliance officers can take to mitigate the risk of personal liability.

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Senior Fellow:

Adam Wasserman, JD, Head of Enforcement, NYSE Regulation


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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: 6.5
Subject Area: Accounting
States: Contact Curriculum Advisor For More Information

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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.