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"It is simply not good enough that, for many advisers, their understanding of AI is that information goes into a black box,'magic happens' and something comes out."
So said the outgoing director of the Securities and Exchange Commission's Investment Management Division in March.
The Wall Street Journal reports William Birdthistle was speaking at the Investment Advisers Association Conference, and that's when things got a little more complicated.
Birdthistle was referring to robo-advisers, which, as the name suggests, use artificial intelligence to get around SEC rules.
Robo-advisers, as they're known, " rely on algorithms, provide advisory services over the internet, and may offer limited, if any, direct human interaction to their clients, their unique business models may raise certain considerations when seeking to comply with the Advisers Act," the SEC said in its 2017 guidance on robo-advisers, which noted that advisers must " obtain information from clients about the robo-adviser and the investment advisory services it offers" and must "implement effective compliance programs reasonably designed to address particular concerns relevant to providing automated advice."
The Journal reports the SEC is now looking into the use of robo-advisers by registered investment advisers, or RIAs, which, as the name suggests
Selected Grant News Headlines
A customized collection of grant news from foundations and the federal government from around the Web.
"The integration of whole person care across our service lines is at the core of our mission and service strategy. After an exhaustive review process, it was clear there was only one partner who...more
"It has been reported that as many as 80% of adults in the United States have never learned about personal finances," writes Nataliya Vaitkevich in Nonprofit Quarterly. "Leaders of color may be...more
Foundation: Logan Healthcare Foundation
If you're looking for a way to give back to your community, West Virginia may have just the training you're looking for. The Pallottine Foundation of Huntington, in partnership with the Logan...more
"As a new mother, I knew I had to do something to create a better world for my child's future generations." That's what 29-year-old Malaysian woman Saila Saidie says she wanted to do after she...more
Gov. Ron DeSantis has banned the use of the term "climate change" in his state, and meteorologist Steve MacLaughlin isn't happy about it. "I live in Florida, where the governor has banned...more
A South Carolina nonprofit that helps high school students who are in the country illegally stay in school has been awarded a $25,000 grant, the Greenville News reports. The Hispanic Alliance...more
Dennis Lancaster started out as an English and journalism instructor at Missouri State University-West Plains more than 30 years ago. Today, he's the chancellor of the school in West Plains, Mo.,...more
Foundation: Ontario Trillium Foundation
"It helped me see that I can help guide, encourage, and... connect with my children to be who they are meant to be in this world." So says one mom of a 9-year-old who's now thriving after...more
A California high school senior has been named one of the nation's top students for the second year in a row, the San Jose Mercury News reports.Zz Asai of Redwood City was named second place in the...more
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Spotlight
Partnerships in Social Enterprises Can Increase Social Impact
Chief executive of HCT, Dai Powell, shares the experiences and practical lessons he learned along the way when teaming up with Ealing Community Transport to deliver site transport during the Olympic Park construction.
