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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.
A New Mexico nonprofit is looking for a director to help it "shift current agricultural and land stewardship practices in ways that produce good food, support meaningful livelihoods in rural places,...more
After six years as a professor of design and innovation at Clarkson University, Daved Barry is calling it a career. The professor was recently named professor emeritus for his contributions to...more
When Shaun Christie-David was growing up in Sydney, Australia, his Sri Lankan mother's famous dhal sandwichmade with lentils, tempered mustard seeds, spices, and fried onionswas teased for being...more
Swiss Re is putting its money where its mouth is in Southeast Asia. The insurance giant is launching its Shine social entrepreneurship program in Indonesia, Malaysia, Singapore, and Thailand,...more
Students in Palm Beach County, Fla., are experiencing a " concerning uptick" in mental health disorders over the past few years, says the Education Foundation of Palm Beach County. Nearly 3,000...more
Arizona's OneAZ Credit Union is putting its money where its mouth is. Every time a member uses their debit card at the bank, OneAZ contributes 1 cent to the OneAZ Community Foundation, which in...more
"We are the only resource for free mental health services in Snohomish County and often the only available option for older adults experiencing depression, anxiety, and grief," says Nancy Brosemer,...more
When you think of Berkshire County, Massachusetts, you probably don't think of the Great Depression. But when you think of the crumbling chimneys on Ventfort Hall, the 19th-century mansion that's...more
"Mental illness is something that every jail in the state of Alabama deals with," Calhoun County Sheriff Matthew Wade tells the Calhoun Journal. "Resources are not there to properly take care of...more
It's a good thing Jake Barrow has a soft spot for old buildings. "I love really good modern architecture, but I appreciate that we can save some of the older buildings," he tells the Albuquerque...more
Social Entrepreneurship
Spotlight
Social Entrepreneurship: The Right Balance of Doing Good and Doing Well
Social entrepreneur and co-founder of nonprofit Jolkona, Adnan Mahmud, discusses his definition of a successful social entrepreneur. He describes the social entrepreneur as someone who has found the right balance between doing good while doing well.
