To heighten the standard of conduct for broker-dealers, and their registered representatives, the SEC introduced Regulation Best Interest (Reg BI). Reg BI holds broker-dealers and their representatives to a set of standards that exceed suitability requirements. Reg BI requires broker-dealers and their reps to act in their retail customers' best interest when a recommendation is made, without placing the interests of the firm ahead of their customers' interests. Reg BI alsorequires firms to either eliminate or disclose and mitigate, conflicts of interest. This course describesRegulation BI in detail, including who it applies to as well as the obligations that it carries. The course also compares Regulation BI to the suitability standard that has been required for broker-dealers, and to the fiduciary standard standard that is required for investment advisers and their representatives. The course also describes the content, goals, and scope of the new Form CRS. The course ends with a discussion of compliance issues related to Reg BI and Form CRS.
This course covers the characteristics of real estate investment trusts (REITs), including the differences between investing in real estate directly and investing in REITs, and the suitability and tax concerns of each. In addition, the course compares the characteristics and risks of publicly-traded REITs, non-exchange-traded REITs and private REITs. Differences between equity and mortgage REITs are also explained.
This course provides an overview of self-directed IRAs, their risks, and potential benefits. The course begins summarizing the differences between a traditional IRA, a Roth IRA, and a self-directed IRA. . Next, the course describes the advantages and disadvantages of holding assets in a self-directed IRA. The course then describes some of the unique risks of a self-directed IRA, such as rules regarding disqualified persons and prohibited transactions. Next, the course briefly outlines the risks and potential benefits of a wide range of assets that can be held in a self-directed IRA such as real estate, precious metals, private placements, tax liens, crowdfunding projects, and cryptocurrency. Risks specific to holding NFTs and cryptocurrencies in cold storage wallets are highlighted. The course then covers why an investor may want to choose a self-directed IRA with checkbook control, as well as their specific risks. Finally, the course explores some of the prohibitions and best practices for investment advisers that offer services to self-directed IRA investors.
This course examines ethical and practical considerations for state-registered IARs serving clients with disabilities. It explores government benefit programs and the 'benefits cliff' that creates unique planning challenges when wealth-building strategies can jeopardize essential benefits. Thecourse analyzes how fiduciary duties become more complex when serving clients with disabilities, including capacity assessment and documentation practices. It covers specialized financial tools like ABLE accounts, Special Needs Trusts, and insurance strategies designed to preserve benefiteligibility while building wealth. Practical guidance addresses financial exploitation prevention, accessibility accommodations, family dynamics, and interdisciplinary team coordination. The courseconcludes with implementation strategies for creating disability-inclusive advisory practices as both an ethical obligation and a competitive advantage.
This course begins by defining sexual harassment and describing two different forms of sexual harassment. The course also presents examples of sexual harassment, so that participants will be able to recognize sexual harassment in the workplace. This is followed by a brief review of the history and legal foundation of modern sexual harassment law, including a discussion of power dynamics and the role of gender identity in sexual harassment. Participants learn about the most common traditional approach to handling workplace sexual harassment (i.e., forbidden behaviorstraining), as well as newer methods (e.g., bystander intervention training). The course also discusses IAR disclosure requirements regarding sexual harassment, and it offers tips forsafely navigating the digital workplace.
This course examines the rapidly evolving landscape of shadow trading for investment adviser representatives. It distinguishes shadow trading from traditional insider trading through landmark cases like SEC v. Panuwat and SEC v. Bechtolsheim, while exploring the regulatory framework through SEC and NASAA regulations. The course analyzes compliance obligations including recordkeeping and pre-trade clearance, with practical implementation strategies focusing on surveillance, documentation, and 10b5-1 plans. Through case studies of high-risk scenarios such asthematic investing and industry consolidation, the course illustrates how advisers may inadvertentlyengage in shadow trading and provides best practices to develop robust compliance frameworks frameworks addressing current and anticipated enforcement priorities.
This course provides an overview of how tender offers work, including their required disclosures, timeframes, and regulatory safeguards. Participants will learn the rules that govern tender offers, including restrictions on trading and outside purchases, and the protections designed to ensure equal treatment for shareholders. The course equips IARs to better understand the mechanics, risks, and fiduciary considerations surrounding tender offer activity.
This course provides an overview of the SEC's Compliance Program Rule for investment advisers.It is this rule that requires investment advisers to have a compliance program ensuring that thefirm and its supervised individuals are compliant with the SEC's other rules and regulations. Thecourse covers the purpose of the rule and associated historical background information, as well asthe SEC statutory authority underlying the rule. Much of the course focuses on the three mainrequirements of the rule: that an investment adviser have written policies and procedures reasonably designed to prevent violations; that compliance be verified with annual reviews; andthat the investment adviser designate an individual to oversee compliance, often referred to as thechief compliance officer (CCO). Key compliance areas to be covered by the compliance systemare also discussed, along with documentation and recordkeeping. The course covers best practices, examination/enforcement by the SEC, and recent developments in enforcement withexamples.