Quest CE’s comprehensive Investment Adviser Training Program allows advisers to complete essential training through a efficient, cost-effective program. The Investment Adviser Compliance Training program enhances advisers’ ability to provide investment advice to clients, protecting the client, adviser and firm.
Courses include:
- Anti-Fraud Programs and Controls
- Anti-Money Laundering and the Red Flags Rule
- Investment Adviser Client Suitability
- Information Security Protecting You, Your Clients and Your Firm
- Investment Adviser Code of Ethics
Complete Investment Adviser Compliance Training Packages start at $40.00 with individual courses starting at $10.00.
Content
Our courses are delivered through interactive self-paced online presentations. All of our courses utilize imagery and manageable page lengths to enhance the learning experience and encourage active learning.
Compliance Tracking
Quest CE also offers a complete suite of compliance tracking tools including:
- Outside Business Activities Tracking
- Gifts and Entertainment Tracking
- Political Contributions Tracking
Professional Designation & Insurance Training
Quest CE is a Nationally Approved Provider of Insurance Continuing Education (Insurance CE). Each year we deliver over 150,000 insurance CE courses. Complete state CE packages start at $39.95 with individual courses starting at $14.95. Our course offerings are approved for Life and Health, Variable Annuities, Professional Designations including CFP, CIMA, CLU/ChFC, CLE as well as state specific annuity, and ethics courses.
Investment Adviser Requirements
Anti-Money Laundering Rule and Requirements
The USA Patriot Act is intended to strengthen U.S. measures to prevent, detect, and prosecute international money laundering and the financing of terrorism. These efforts include anti-money laundering (AML) tools that impact the banking, financial, and investment communities.
As a result of the Patriot Act, persons who are or are required to be registered as futures commission merchants (FCMs), introducing brokers (IBs), commodity pool operators (CPOs), and commodity trading advisors (CTAs) are subject to requirements for establishing AML programs, reporting suspicious activity, verifying the identity of customers, and applying enhanced due diligence to certain types of accounts involving foreign persons.
Organizations that perform one or any of the below in their normal business activity are required to comply with developing an ongoing AML program:
- Report Suspicious Activity
- Verifying the Identity of Customers
- Due Diligence Measures for Certain Accounts Involving Foreign Persons
- Transactions in Excess of $10,000 in Currency
- Foreign Bank and Financial Accounts
- International Transportation of Currency or Monetary Instruments
- Information Sharing among Financial Institutions and Law Enforcement
Establishing AML Programs
The Patriot Act requires that all financial institutions establish AML Programs.
An AML Program must be in writing and include:
- the development of internal policies, procedures, and controls;
- the designation of a compliance officer;
- an ongoing employee training program; and
- an independent audit function to test programs
Who Must Comply?
Covered financial institutions include banks, securities brokers, futures commission merchants and introducing brokers, investment advisers, money services businesses and operators of credit card systems.
Anti-Fraud Provisions
Section 206 of the Advisers Act of 1940 prohibits misstatements or misleading omissions of material facts and other fraudulent acts and practices in connection with the conduct of an investment advisory business. As a fiduciary, an investment adviser owes its clients undivided loyalty, and may not engage in activity that conflicts with a client’s interest without the client’s consent.
Section 204A, which requires advisers to establish, maintain, and enforce written procedures reasonably designed to prevent the misuse of material nonpublic information. As a part of this requirement, firms are responsible for anti-fraud education and training.
Section 206(3), which makes it unlawful for any investment adviser acting as principal for its own account to knowingly sell any security to, or purchase any security from, a client, without disclosing to the client in writing before the completion of the transaction the capacity in which the adviser is acting and obtaining the client’s consent.
Insider Trading Procedures and Duty of Supervision
Section 204A of the Advisers Act requires investment advisers (whether SEC-registered or not) to establish, maintain, and enforce written policies and procedures reasonably designed to prevent the misuse of material, nonpublic information by the investment adviser or any of its associated persons. Investment advisers also have a duty to supervise persons associated with the investment adviser with respect to activities performed on the adviser’s behalf.
Suitability Requirements
As fiduciaries, investment advisers have a duty to their clients to provide only suitable investment advice. This means an investment adviser must determine that the investment advice they provide a client is suitable for the client, taking into consideration the client’s financial situation, investment experience, and investment objectives.
Need More Information?
If you would like to learn more about our Investment Adviser Compliance solution or demo a product, please contact our sales department at 877-593-3366 or e-mail them at sales@questce.com.
