Approved IAR CE Courses

In this course, students will learn the basic concepts of modern portfolio theory, which provides ajustification for using complex investment products. After introducing diversification of risk andncorrelated returns, the course will provide examples of complex investment products. Then thecourse will present the fiduciary duties of investment advisers established under the InvesementAdvisers Act of 1940. In this section, we'll also review an SEC Risk Management Alert for advisers of private fund. In addition, several examples of ethical violations involving complex products will beexamined.

The primary goal of the course is to teach students about an adviser's fiduciary responsibility and the requirement to create and implement a code of ethics. The course will also review some hypothetical situations and how advisers can handle them ethically. These situations include conflicts of interest regarding fees, explaining investment risks, trading authorizations, and ethical issues regarding initial public offerings (IPOs).

This course examines the SEC's and FINRA's approach to how the ethical standards of the financial services industry apply to IARs. The focus will be to provide a brief description of each of the five standards as well as case studies offering examples how issues may arise in an IAR's daily activities.The course will also address different situations that have been the focus of SEC examinations, including the personal trading of access persons, the importance of distinguishing between privatesecurities transactions and outside business activities, and other topics.

The course will explain some basic terms and concepts related to artificial intelligence (AI). The course will also review how investment advisers may use AI and will examine the regulatory implications of using AI. Finally, some of the public statements made by regulators regarding AI will be analyzed and hypothetical examples of regulatory violations by advisers using AI will be provided.

This course examines the ethical decisions that investment advisers must make when executing trades for their customers, including the need to monitor the trades and investments being make in their representative's personal account to be able to address and conflicts of interest as well as preventing the use of material, non-public information. The manner in which trades are executed will be examined, with attention on algorithmic and high frequency trading, long-term versus short-term trading, and copy trading. The course will also stress the importance of acting in the best interest of clients when it comes to selecting the broker-dealer through which the firm will execute trades and how trades are allocated among client accounts.

The course will examine the importance of maintaining ethical policies and procedures when clients are faced with making decisions during times of market uncertainty. A description is provided of the different types of market volatility and how investors typically react. Some of the most effective methods that can be used to manage client concerns will be covered. Case studies will be provided throughout to provide real-world examples of the various issues and how they should be handled.

This course examines the previous regulatory approach to investment adviser advertising and thenanalyzes the purpose of the new SEC Marketing Rule. The important terms used in the new rule willbe defined and explained to ensure understanding of the application of the rule. The rule's numerousexceptions and prohibitions will be explained so that readers understand how advisers must analyzethe particular facts and circumstances of each advertisement for compliance. Since the rule nowpermits advisers to use testimonials and endorsements as well as third-party ratings, the course willcover the specific conditions and requirements for their use/inclusion. Finally, the requirements for including performance advertising are examined.

The course provides a brief history of investment fund and how exchange-traded funds evolvedfrom index mutual funds. The course will also present how mutual funds, closed-end funds, andexchange-traded funds are issued and later bought and sold. The next section will introduce thetypes of exchange-traded funds, their characteristics, and risks. The final section will review thefederal laws that govern exchange-traded funds.

This course examines the fiduciary relationship that IARs have with their clients, and how both the duty of care and duty of loyalty apply when acting as a fiduciary. Each component of making recommendations, as well as monitoring performance and handling conflicts of interest will be described. The course will analyze what constitutes adequate client disclosure, as well as the policies and procedures that should be in place to avoid unethical practices and regulatory violations.