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 1 of the course, students will, among other things, be expected to:

  • List the key securities regulators, securities laws, and recent types of enforcement actions impacting private funds
  • Discuss the structure and purpose of the SEC’s Enforcement Division and each of its specialized units
  • Differentiate between matters under inquiry (MUIs), informal investigations, and formal investigations, and explain how each of these different types of investigations may be opened and what authority the SEC staff is granted in each context
  • Identify the different kinds of document requests that may be made by the SEC, along with the key issues to be considered by defense counsel when responding to these requests
  • Identify the different types of testimony that can be sought by the SEC, along with the key issues to be considered by defense counsel when preparing a witness to testify
  • Discuss the issues concerning the confidentiality of SEC investigations and explain various means defense counsel can use to seek to maintain the confidentiality of what is produced in connection with such investigations.

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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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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.