What is an IACCP® designation? How do you go about obtaining a designation? And why, as a compliance professional serving an investment advisory firm in 2022, does it matter?
Compliance professionals are tasked with the near impossible: mitigate firm-wide risk, stay up to date on all new compliance regulations and rulings applicable to investment advisers, maintain a culture of compliance and continue to prioritize your education (and your team’s) through it all. Talk about a packed schedule. However, while we might have listed education last, this specific facet of your role is the key to achieving and maintaining compliance.
Why?
By prioritizing continued learning, you ensure you and your team stay at the top of their compliance game, proactively identifying new risks and working with fellow compliance professionals to discover best practices which could very well be the answer to your toughest compliance challenge.
With that in mind, we’re here to break down the benefits of an IACCP® designation, the requirements and how you can achieve your designation in 2022 and beyond.
The benefits of achieving an Investment Adviser Certified Compliance Professional (IACCP®) certification
Before we dig into the benefits, let’s breakdown what exactly an IACCP® designation means. The National Regulatory Services (NRS®) company initially developed this program to acknowledge the heightened role of compliance and the growing industry demands for advanced compliance education and nationally recognized professional standards. Joining forces with the Investment Adviser Association (IAA) in 2007, the IACCP® Program has become nationally renowned for providing the foundational knowledge associated with compliance professional job responsibilities and functions.
Throughout the coursework, participants receive an education on the full extent of the rules and regulations required for investment advisers. The program provides a step-by-step examination of the Investment Advisers Act of 1940 and related state and federal regulations, guidance for building a strong compliance program and highlights best practices that can immediately be implemented at firms.
NRS IACCP® program provides:
- Industry-wide recognition of an enhanced knowledge, skill level and competency requirements.
- Flexibility for busy professionals to achieve their education requirements.
- An additional layer of risk management for firms.
- Increased credibility.
- Continuing education credits for attorneys, accountants/CPAs, certified financial planners and compliance professionals.
Requirements for the Investment Adviser Certified Compliance Professional program
Now that we understand why an IACCP® designation can benefit you and your firm, you might be wondering: how do I achieve this? Let’s break it down.
IACCP® designees are required to complete the following courses and pass the IACCP® designation exam, after which, you can maintain your designee status by completing yearly continuing education coursework.
Advisers Act (Six Required Courses)
- AA01: Introduction to the Advisers Act: Framework; Registration, Exclusions and Exemptions; Exempt Reporting Advisers; Private Fund Advisers; and More.
- AA02: Books and Records Requirements for Investment Advisers.
- AA03: Insider Trading, Contracts and ADV Delivery Requirements for Investment Advisers.
- AA04: Understanding Fiduciary Duties and a Sweep of the Anti-Fraud Provisions of the Advisers Act.
- AA05: Selected Advisers Act Anti-Fraud Rules: Custody, Political Contributions, Solicitors and Proxy Voting Requirements.
- AA06: Compliance Program Rules and Strategies for Managing the Annual Review.
Disclosure (Three Required Courses)
- DIS01: Form ADV Part 1: Annual Updating Amendment and More.
- DIS02: Form ADV Part 2 and 3: Identifying and Disclosing Conflicts.
- DIS03: Investment Adviser Performance and Advertising.
Trading (Three Required Courses)
- TRA01: Trading Practices, Portfolio Compliance and Related Enforcement Cases.
- TRA02: Trading Compliance: Best Execution, Soft Dollars and Directed Brokerage.
- TRA03: Two Trading Compliance Challenges: Valuation and Trade Errors.
Mandates (Two Required Courses)
- MAN01: Mandates Beyond the Advisers Act: AML, ERISA, and ’34 Act Section 13 Reporting.
- MAN02: Data Protection: Privacy, Identity Theft, and Cybersecurity.
Ethics (Two Required Courses)
- ETH01: Investment Adviser Codes of Ethics—The Rule Plus Implications of Pay to Play, Gifts and Whistleblowers.
- ETH02: Professional Ethics: Ethical Decision-Making for Compliance Professionals.
Skills (One Required Course)
- SKL01: Critical Skills for High-Performance Compliance Professionals.
Electives (Three Courses)
- Complete your coursework by selecting three additional 2-hour courses.
Additional Requirements
- Two years of work experience.
- Submission of Ethics commitment and assessment.
- Certifying IACCP® Examination.
How to achieve your IACCP® designation with NRS
For those looking to achieve their IACCP® designation (and those simply looking to continue their education), NRS provides numerous education opportunities throughout the year. In fact, in less than 30 days, the ComplyConnect Conference & Expo, founded in part by NRS, will take plan in Austin, Texas.
This conference will provide attendees with up to 18 continuing education credits, with sessions covering topics such as:
- What’s happening in DC right now?
- The new IA Marketing Rule.
- Cryptocurrency and digital assets.
- Recent trends in enforcement proceedings.
- BI.
Learn more about achieving your IACCP® designation today!
