On-Demand   On-Demand Web Programs

Understanding Financial Products 2019

Released on: Jan. 31, 2019
Running Time: 12:48:04
The explosion of new financial products over the past decade like the emergence of cryptocurrencies, the implosion of the credit markets and the resulting significant regulatory requirements underline the importance of a basic understanding of financial products. While these instruments have been invaluable investment tools, with enormous potential for product manufacturers and investors, they also create potentially significant legal risks and challenges for their promoters, users, legal counsel and regulators. This seminar is designed as a hands-on learning tool to explain the fundamentals that you need to know when dealing with the more common financial investment products in the marketplace today.

This program is aimed at attorneys at all levels who are involved in securities, corporate, banking and finance and insurance law, and in-house counsel, financial planners, financial advisors, bankers and accountants.

Topics Include

  • Cryptocurrencies as an asset class
  • Learn how mutual funds and other investment companies are structured and distributed
  • Explore how hedge funds and other private funds are structured and operated following the controversial JOBS Act and in light of government enforcement agencies’ efforts surrounding them
  • Evaluate universal life insurance, variable insurance products, guarantees and life settlements
  • Discuss flow-through entities, including REITS, BDCs and similar vehicles
  • Understand the effects of the credit crisis on securitized products
  • Consider the mortgage market since the financial crisis, including the roles of Fannie Mae, Freddie Mac and the FHA, and the emergence of covered bonds as a financial product
  • Gain insight into the use of derivatives — swaps, collars, options, futures and forwards to hedge portfolio positions

Special Features

  • Earn one hour of Ethics credit
  • NY Transitional Attorneys: Earn Professional Skills credit

Program Level: Overview

Intended Audience:
 Attorneys at all levels who are involved in securities, corporate, banking and finance, and insurance law, as well as in-house counsel, financial planners, financial advisers, bankers, and accountants.

Prerequisites: An interest in financial services and understanding the nuances of securities and finance.

Advanced Prep: None

Lecture Topics [Total time 12:48:04]

Segments with an asterisk (*) are available only with the purchase of the entire program.

  • Opening Remarks* [00:04:41]
    Margery K. Neale, Robert S. Risoleo
  • Laying the Foundation - Financial Product Fundamentals [01:53:03]
    Lee Ann Anderson, Robert S. Risoleo
  • Derivatives Products [01:30:36]
    Joyce A. Frost, Christine Ayotte-Brennan, Kerri N. Durso
  • Capital Markets Products [01:15:04]
    James P.C. Barri, Bethany Knight, Lee Ann Anderson, Kenneth L. Josselyn
  • Cryptocurrency and Financial Products [01:31:32]
    Rebecca J. Simmons, Dror Futter
  • Securitized Products [01:15:12]
    Stuart M. Litwin
  • Permanent Capital Vehicles [01:31:14]
    Christopher M. Zochowski, James G. Silk, Jeff Hammer, Barry J. Cohen
  • Mutual Funds, Closed End Funds, and ETFs [01:30:46]
    Laurin Blumenthal Kleiman, Margery K. Neale, Charles Park
  • Hedge Funds and Other Private Funds [01:16:11]
    Scott J. Lederman, Tram N. Nguyen
  • Ethical Challenges [00:59:38]
    Andrew M. Lawrence

The purchase price of this Web Program includes the following articles from the Course Handbook available online:

  • COMPLETE COURSE HANDBOOK
  • Paul J. McElroy, Sullivan & Cromwell LLP, Exchange Traded Funds and Exchange Traded Notes (November 1, 2018)
    Robert S. Risoleo
  • Collateralized Debt Obligations (Outline)
    Lee Ann Anderson
  • Gary M. Brown, Ch. 6: Securities Act Registration Exemptions, Practising Law Institute, Securities Law and Practice Deskbook (6th Edition) (September 2018)
    Gary M. Brown
  • Gary M. Brown, Ch. 7: Resales of Securities Under the Securities Act, Practising Law Institute, Securities Law and Practice Deskbook (6th Edition) (September 2018)
    Gary M. Brown
  • Hedge Policies and Procedures (December 2013)
    Joyce A. Frost
  • Daniel A. Rabinowitz, Ch. 25: Insurance-Linked Securities, Practising Law Institute, Financial Product Fundamentals: Law, Business, Compliance (2nd Edition) (October 2018)
    Gary M. Brown
  • Lee Ann Anderson and George H. White III, Ch. 24: Exchange-Traded Notes and Similar Structured Notes, Practising Law Institute, Financial Product Fundamentals: Law, Business, Compliance (2nd Edition) (October 2018)
    Lee Ann Anderson
  • CFTC Backgrounder on Self-Certified Contracts for Bitcoin Products
  • New York Codes, Rules and Regulations—Title 23: Department of Financial Services, Chapter I: Regulations of the Superintendent of Financial Services, Part 200: Virtual Currencies (§200.1–§200.22)
  • Dror Futter, Ch. 29: Blockchain Law: ICO Regulation and Other Legal Considerations in the Blockchain Ecosystem, Practising Law Institute, Financial Product Fundamentals: Law, Business, Compliance (2nd Edition) (October 2018)
    Dror Futter
  • Sullivan & Cromwell LLP, Memo, Recent Virtual Currency Actions by the CFTC and State Regulators (May 29, 2018)
    Rebecca J. Simmons
  • William Hinman, Director, Division of Corporation Finance, U.S. Securities and Exchange Commission, Speech, Remarks at the Yahoo Finance All Markets Summit: Crypto, “Digital Asset Transactions: When Howey Met Gary (Plastic)” (San Francisco, CA, June 14, 2018)
    Rebecca J. Simmons
  • Sullivan & Cromwell LLP, Memo, Digital Assets as Securities (June 18, 2018)
    Rebecca J. Simmons
  • Stuart M. Litwin, Ch. 14: Securitization of Equipment and Auto Leases, Practising Law Institute, Equipment Leasing–Leveraged Leasing (5th Edition) (February 2018)
    Stuart M. Litwin
  • Margery K. Neale, Barry P. Barbash, Benjamin J. Haskin, Jay Spinola, P. Georgia Bullitt and Anne C. Choe, Willkie Farr & Gallagher LLP, Client Alert, SEC Proposes New ETF Rule (July 24, 2018)
    Margery K. Neale
  • Laurin Blumenthal Kleiman and Carla G. Teodoro, Ch. 1B: Forming, Organizing, and Operating a Mutual Fund: Legal and Practical Considerations, Practising Law Institute, Mutal Funds and Exchange Traded Funds Regulation (3rd Edition) (Updated June 6, 2018)
    Laurin Blumenthal Kleiman
  • Understanding Financial Products 2019: Hedge Funds
    Scott J. Lederman
  • Appearing and Practicing Before the SEC: Ethical Considerations for Corporate Counsel (Updated: October 12, 2018)
    Charles F. Walker, Sydney P. Sgambato, Alexandra M. Arango, Andrew M. Lawrence

Presentation Material

  • Laying the Foundation – Capital Markets Products
    Robert S. Risoleo
  • CDO Basics
    Lee Ann Anderson
  • Securities Act Exemptions
    Robert S. Risoleo
  • Derivatives Products Overview
    Christine Ayotte-Brennan, Kerri N. Durso, Joyce A. Frost
  • Derivatives Products Overview - Continued
    Christine Ayotte-Brennan, Kerri N. Durso, Joyce A. Frost
  • Introduction to Convertible Notes and Hedges
    James P.C. Barri, Bethany Knight
  • Legal Issues Relating to Offerings of “Securitized Derivatives”
    Lee Ann Anderson, Kenneth L. Josselyn
  • Blockchain, ICOs/STOs and Smart Contracts
    Dror Futter
  • Legal Implications of Blockchain and Digital Assets
    Rebecca J. Simmons
  • Introduction to Securitization
    Stuart M. Litwin
  • Permanent Capital: An Overview of the Concept and Structure
    Barry J. Cohen, Jeff Hammer, James G. Silk, Christopher M. Zochowski
  • Permanent Capital and Private Equity: Privately Offered BDCs and Closed-End Funds
    James G. Silk
  • Mutual Funds, Exchange-Traded Funds and Closed-End Funds
    Laurin Blumenthal Kleiman, Margery K. Neale, Charles C.S. Park
  • Hedge Funds
    Scott J. Lederman, Tram N. Nguyen
  • Legal Ethics: The Special Role of the Securities Lawyer
    Andrew M. Lawrence
Co-Chair(s)
Margery K. Neale ~ Willkie Farr & Gallagher LLP
Robert S. Risoleo ~ Sullivan & Cromwell LLP
Speaker(s)
Lee Ann Anderson ~ Shareholder, Greenberg Traurig LLP
Christine Ayotte-Brennan ~ Senior Vice President, Deputy General Counsel, Fidelity Investments
James P.C. Barri ~ Goodwin Procter LLP
Barry J. Cohen ~ Managing Director, Credit, Apollo Global Management, LLC
Kerri N. Durso ~ Shearman & Sterling LLP
Joyce A. Frost ~ Riverside Risk Advisors LLC
Dror Futter ~ RIMÔN Law
Jeff Hammer ~ Managing Director; Co-Head, Illiquid Financial Assets, Houlihan Lokey
Kenneth L. Josselyn ~ Managing Director, General Counsel-Finance & Corporate, Goldman Sachs & Co. LLC
Laurin Blumenthal Kleiman ~ Sidley Austin LLP
Bethany Knight ~ Riverside Risk Advisors LLC
Andrew M. Lawrence ~ Skadden Arps Slate Meagher & Flom LLP
Scott J. Lederman ~ Managing Director, GCM Grosvenor
Stuart M. Litwin ~ Mayer Brown LLP
Tram N. Nguyen ~ Paul Hastings LLP
Charles CS Park ~ Managing Director, Legal & Compliance, BlackRock Inc
James G. Silk ~ Willkie Farr & Gallagher LLP
Rebecca J. Simmons ~ Sullivan & Cromwell LLP
Christopher M. Zochowski ~ Winston & Strawn LLP
General credit information about this format appears below. For credit information specific to this program, please choose your jurisdiction(s) in the Credit Information box on the right-hand side of this page.

PLI’s live and on-demand webcasts are single-user license products intended for an individual registrant only. Credit will be issued only to the individual registered.


U.S. MCLE States

Alabama:  PLI’s on-demand web programs qualify as “online” credit. Attorneys are limited to 6 credits of online programs per reporting period.

Alaska:  All PLI products can fulfill Alaska’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Arizona:  PLI’s on-demand web programs qualify as “interactive CLE” credit. There is no limit to the number of credits an attorney can earn via interactive CLE programs.

Arkansas:  PLI’s on-demand web programs are not approved for Arkansas CLE credit.

California:  PLI’s on-demand web programs qualify as “participatory” credit. There is no limit to the number of credits an attorney can earn via participatory programs.

Colorado:  All PLI products can fulfill Colorado’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Connecticut: Effective January 1, 2017, all PLI products can fulfill Connecticut’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Delaware:  PLI’s on-demand web programs qualify as “eCLE” credit. Attorneys are limited to 12 credits of eCLE per reporting period, no more than 6 of which may be audio-only.

Florida:  All PLI products can fulfill Florida’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Georgia:  PLI’s on-demand web programs qualify as “in-house” credit. Attorneys are limited to 6 in-house credits per reporting period.

Hawaii:  All PLI products can fulfill Hawaii’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Idaho:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 15 credits of self-study per reporting period.

Illinois:  All PLI products can fulfill Illinois' CLE requirements for experienced attorneys. There is no limit to the number of credits an attorney can earn via PLI products.

Indiana:  PLI’s on-demand web programs qualify as “distance education” credit. Attorneys are limited to 9 credits of distance education per reporting period. Effective January 1, 2019, the limit of distance education per reporting period will increase from 9 to 18 credits.

Iowa:  PLI’s on-demand web programs qualify as “unmoderated” credit. Attorneys are limited to 6 credits of unmoderated programs per reporting period.

Kansas:  PLI’s on-demand web programs qualify as “prerecorded” credit. Attorneys are limited to 6 credits of prerecorded programs per reporting period.

Kentucky:  PLI’s on-demand web programs qualify as “non-live” credit. Attorneys are limited to 6 non-live credits per reporting period.

Louisiana:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 4 credits of self-study per reporting period.

Maine:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 5.5 credits of self-study per reporting period.

Minnesota:  PLI’s on-demand web programs qualify as “on-demand” credit. Attorneys are limited to 15 on-demand credits per reporting period.

Mississippi:  PLI’s on-demand web programs qualify as “distance learning” credit. Attorneys are limited to 6 credits of distance learning per reporting period.

Missouri:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 6 credits of self-study per reporting period.

Montana:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 5 credits of self-study per reporting period.

Nebraska:  PLI’s on-demand web programs qualify as “computer-based learning” credit. Attorneys are limited to 5 credits of computer-based learning per reporting period.

Nevada:  PLI’s on-demand web programs qualify as “self-study” credit. There is no limit to the number of credits an attorney can earn via self-study programs.

New Hampshire:  All PLI products can fulfill New Hampshire’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

New Jersey:  PLI’s on-demand web programs qualify as “alternative verifiable learning formats” credit. Attorneys are limited to 12 credits of alternative verifiable learning formats per reporting period.

New Mexico:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 4 credits of self-study per reporting period.

New York

Experienced Attorneys:  All PLI products can fulfill New York’s CLE requirements for experienced attorneys. There is no limit to the number of credits an attorney can earn via PLI products.

Newly Admitted Attorneys:  PLI’s transitional on-demand web programs can be used to fulfill the requirements for New York newly admitted attorneys. Only professional practice and law practice management credits may be earned via transitional on-demand web programs. Ethics and skills credits may not be earned via on-demand web programs.

North Carolina:  PLI’s on-demand web programs qualify as “online” credit. Attorneys are limited to 6 credits of online programs per reporting period.

North Dakota:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 15 credits of self-study per reporting period.

Ohio:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 12 credits of self-study per reporting period.

Oklahoma:  PLI’s on-demand web programs qualify as “online, on-demand” credit. Attorneys are limited to 6 credits of online, on-demand programs per reporting period.

Oregon:  All PLI products can fulfill Oregon’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Pennsylvania:  PLI’s on-demand web programs qualify as “distance learning” credit. Attorneys are limited to 6 credits of distance learning per reporting period.

Puerto Rico:  All PLI products can fulfill Puerto Rico’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Rhode Island:  PLI’s on-demand web programs qualify as “video replay” credit. Attorneys are limited to 6 video replay credits per reporting period.

South Carolina:  PLI’s on-demand web programs qualify as “alternatively delivered” credit. Attorneys are limited to 6 credits of alternatively delivered programs per reporting period.

Tennessee:  PLI’s on-demand web programs qualify as “distance learning” credit. Attorneys are limited to 8 credits of distance learning per reporting period.

Texas:  All PLI products can fulfill Texas’ CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Utah:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 12 credits of self-study per reporting period.

Vermont:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 10 credits of self-study per reporting period.

Virgin Islands:  All PLI products can fulfill the Virgin Islands’ CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Virginia:  PLI’s on-demand web programs qualify as “pre-recorded” credit. Attorneys are limited to 8 credits of pre-recorded programs per reporting period.

Washington:  All PLI products can fulfill Washington’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

West Virginia:  PLI’s on-demand web programs qualify as “online” credit. Attorneys are limited to 12 credits of online instruction per reporting period.

Wisconsin:  PLI’s on-demand web programs qualify as “repeated, on-demand” credit. Attorneys are limited to 15 credits of repeated, on-demand programs per reporting period. No ethics credits can be earned via on-demand web programs.

Wyoming:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 6 credits of self-study per reporting period.


CPD Jurisdictions

British Columbia (CPD-BC):  PLI’s on-demand web programs are not eligible for CPD-BC credit unless viewed with at least one other attorney or an articled student. In this case, the credit must be recorded as a “study group.”

Ontario (CPD-ON):  PLI’s on-demand web programs qualify as “recorded” credit. If viewed without a colleague, attorneys are limited to 6 credits of recorded programs per year. If viewed with at least one colleague, there is no limit to the number of credits that can be earned via recorded programs.

Quebec (CPD-QC):  PLI’s on-demand web programs can fulfill Quebec’s CPD requirements.

Hong Kong (CPD-HK):  PLI’s on-demand web programs are not approved for CPD-HK credit.

United Kingdom (CPD-UK):  PLI’s on-demand web programs can fulfill the United Kingdom’s CPD requirements.

Australia (CPD-AUS):  PLI’s on-demand web programs may fulfill Australia’s CPD requirements. Credit limits for on-demand web programs vary according to jurisdiction. Please refer to your jurisdiction’s CPD information page for specifics.

Alberta (CPD-ALBERTA):  All PLI products can fulfill Alberta’s CPD requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Dubai (CLPD-DUBAI):  PLI’s on-demand web programs may fulfill CLPD credit requirements.


Other Credit Types

CPE Credit (NASBA):  Select on-demand web programs qualify as the “QAS Self-Study” delivery method. Please check the Credit Information box on the right-hand side of this page to verify CPE credit availability.

IRS Continuing Education (IRS-CE):  PLI’s on-demand web programs may fulfill IRS-CE requirements. To request IRS-CE credit, please notify PLI at plicredits@pli.edu of your request and include your Preparer Tax Identification Number (PTIN).

Certified Fraud Examiner CPE:  PLI’s on-demand web programs may fulfill Certified Fraud Examiner CPE requirements. To request CPE credit or find out which programs offer CPE, please contact PLI at plicredits@pli.edu.

IAPP Continuing Privacy Credit (CPE):  PLI’s on-demand web programs may fulfill Privacy CPE credit requirements.

HR Recertification (HRCI):  PLI’s on-demand web programs may fulfill HR credit requirements.

SHRM Recertification (SHRM):  PLI’s on-demand web programs qualify as "self-paced" credit. SHRM professionals are limited to 30 credits of self-paced programs per recertification period.

Compliance Certification Board (CCB):  PLI’s on-demand web programs qualify as “self-study” credit. Candidates are limited to 10 self-study credits per 12-month period, and certification holders are limited to 20 self-study credits per 2-year renewal period.

Certified Anti-Money Laundering Specialists Certification (CAMS):  PLI’s on-demand web programs are not approved for CAMS credit.

New York State Social Worker Continuing Education (SW CPE):  PLI’s on-demand web programs are not approved for SW CPE credit.

American Bankers Association Professional Certification (ABA):  PLI’s on-demand web programs may fulfill ABA credit requirements.

Certified Financial Planners (CFP):  PLI’s on-demand web programs are not approved for CFP credit.

 

Related Items

Handbook  Course Handbook Archive

Understanding Financial Products 2019 Margery K. Neale, Willkie Farr & Gallagher LLP
Robert S. Risoleo, Sullivan & Cromwell LLP
 
Understanding Financial Products 2018 Margery K. Neale, Willkie Farr & Gallagher LLP
Robert S. Risoleo, Sullivan & Cromwell LLP
 
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