From the Rule: “An adviser’s chief compliance officer should be competent and knowledgeable regarding the Advisers Act and should be empowered with full responsibility and authority to develop and enforce appropriate policies and procedures for the firm.”
Since Focus 1’s inception nearly ten years ago, we’ve been providing compliance training to our clients in many different forms. We’ve conducted compliance training on-site, remote training via live webinars, and also training via prerecorded webinars which attendees could complete online at their leisure.
Initially, and as Rule 206(4)-7 came to be, our compliance training efforts were centered on an adviser and its CCO’s responsibility of designing and implementing an effective compliance program. As the regulatory landscape continues to evolve and the SEC’s exam initiatives become more active, the greater the impact compliance training will have on the success of the firm’s overall compliance program.
While some compliance topics may only be relevant to certain individuals or functional areas within the firm, all employees can benefit from compliance training that is more general in nature (i.e. code of ethics, insider trading, etc.). We’ve found that the more familiarity employees have with the firm’s regulatory obligations, the greater their contribution to compliance within the firm.
To meet this need, Focus 1, along with Xcelus (a global provider of eLearning training solutions), and a team of credentialed compliance consultants with expertise in the Securities and Exchange Commission’s Rules and Regulations and with the GIPS standards, has created “Compliance YOUniversity” (CYOU).
CYOU provides compliance training in a format more conducive to today’s learning needs. Each course is broken into several 5-10-minute, nicely presented and organized audio-visual segments, allowing viewers to watch and re-watch all or part of a course at their convenience. Each user has his or her own login that is part of the firm’s subscription so that the user and the Chief Compliance Officer can track which segments have been viewed.
In addition to providing the Chief Compliance Officer with powerful course analytics, including quiz question results, CYOU’s learning portal is designed to be simple for attendees while providing easy access across multiple platforms – desktops, notebooks, tablets and smart phones.
As our course catalogue develops over the coming months, CYOU will consist of a series of compliance courses focused on the Investment Advisers Act of 1940, The Investment Company Act of 1940, and the Global Investment Performance Standards (GIPS).
As CYOU’s first course, and as we embark on a new year, we thought it would be most appropriate to focus on “compliance readiness,” which begins with an overview of the SEC, the structure of the national examination program, how to prepare for and successfully navigate an examination, and what to expect once the staff has left your office.
If you are interested in learning more about Compliance YOUniversity, please contact Toby Cochran at (541) 944-1109 or via email at firstname.lastname@example.org.