Adviser Compliance Reviews and Testing ** 50% OFF **

        
  
     
Legal Area:        Investment Federal Securities
Total Credit Hours:        1.50
Ethics Credit Included:        0.00
Registration Fee:        $38.00
Course Materials:        textaudio
Session END DATE:        07/31/2017
Information:        Code: SPEC316
  

** available at any time of day and in time increments convenient to you through date referenced above **


CLEonline.com is pleased to present this unique online course that addresses the legal and practical aspects of reviewing an investment adviser's compliance program and techniques that can be used for testing compliance in various operational areas. This seminar is divided into two parts. Part 1 covers the legal framework surrounding the requirement for investment advisers to review their compliance programs. This includes a discussion of various SEC rules and guidance, along with other legal issues that advisers will likely face when conducting a compliance review. Part 2 of the seminar outlines some practical aspects of reviewing a compliance program. This includes a discussion of 5 steps all advisers should incorporate into a compliance review, specific suggestions for compliance testing and what advisers should do if their compliance review reveals violations or weaknesses.


This course is designed chiefly for outside lawyers who represent investment adviser clients and for in-house lawyers at investment management organizations who are responsible for SEC matters or regulatory compliance in the securities arena. Although this seminar focuses on investment adviser compliance reviews, the points discussed apply equally to compliance reviews conducted by mutual funds and other investment companies as well. There is no prerequisite for benefiting from this program, other than a basic understanding of the federal securities laws governing investment advisers. This course features a streaming audio presentation by Lorna A. Schnase, in which she discusses the issues outlined below. Ms. Schnase has been practicing corporate/securities law for over 20 years and focuses her practice on investment management matters. You can access this presentation on demand at any time during the course of the seminar session. The audio presentation is accompanied by PowerPoint slides and is supplemented by a detailed paper containing more information on this topic. This course is entitled:



Subjects to be discussed during this course include:

  1. PART 1: LEGAL CONSIDERATIONS SURROUNDING COMPLIANCE REVIEWS

    1. ADVISERS ACT RULE 206(4)-7
      1. How Often To Review
      2. When During The Year To Review
      3. Purpose Of The Review

    2. ISSUES TO CONSIDER DURING REVIEW

    3. WHO SHOULD CONDUCT THE REVIEW

    4. SHIELDING THE RESULTS OF A REVIEW FROM DISCLOSURE
      1. Attorney-Client Privilege
      2. Work Product Doctrine
      3. Critical Self-Evaluation Privilege
      4. Confidential Treatment

    5. CCO EXPOSURE TO LIABILITY FOR VIOLATIONS

  2. PART 2: PRACTICAL CONSIDERATIONS IN CONDUCTING A REVIEW

    1. 5 STEPS ALL ADVISERS SHOULD INCORPORATE
    2. SUGGESTIONS FOR TESTING AND MONITORING
    3. TYPES OF TESTS, INCLUDING "FORENSIC" TESTING
    4. ADDRESSING VIOLATIONS OR WEAKNESSES
    5. DOCUMENTING THE REVIEW



The speaker for this course is Ms. Lorna A. Schnase, who has been practicing corporate and securities law for over 25 years. Her practice emphasizes investment management matters, primarily for registered investment adviser and mutual fund clients. Ms. Schnase counsels clients regarding a wide range of matters such as organizational issues, registration issues and disclosures, compliance matters, codes of ethics, director independence and other corporate governance issues, anti-money laundering, D&O insurance issues, fund website design and operation, electronic document delivery, e-signature issues, privacy compliance, performance issues, fund advertising, changes of control, best execution, soft dollars and other issues.

Ms. Schnase practices law independently based in Houston, Texas. Prior to establishing her independent practice, Ms. Schnase was a partner with the law firm of Davis, Graham & Stubbs LLP. Prior to that Ms. Schnase practiced in the Los Angeles office of Baker & McKenzie and in the Denver office of Dechert LLP. Ms. Schnase earned her J.D. degree cum laude from Harvard Law School in 1982. Ms. Schnase graduated summa cum laude from the University of Denver with a B.A. degree in mathematics in 1979. She was elected to Phi Beta Kappa and the Mortar Board honors society. Ms. Schnase is admitted to practice in the states of Texas (1991), California (1989) and Colorado (1982). She is a member of the Advisory Board of the Mutual Fund Directors Forum and a member of the Editorial Advisory Board of the publication Practical Compliance & Risk Management for the Securities Industry. Not certified by the Texas Board of Legal Specialization. Ms. Schnase is a frequent author and speaker on investment management-related legal topics and over 30 of her articles and speeches are posted on her website at www.40actlawyer.com.


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This course is approved for credit by the MCLE Committees of the State Bar of Texas, the State Bar of California and the State Bar of Tennessee. In addition, regular CLE credits for this seminar may also be available in a number of other states through CLE Reciprocity (such as Florida) or as an "Approved Jurisdiction" (Tennessee). CLEonline.com is a State Bar of California approved MCLE provider. (These are not self-study credits, but rather 'participatory' credits as you would receive for attending a traditional, live CLE seminar.)


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