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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.
Foundation: Susan Thompson Buffett Foundation, Gates Foundation
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Foundation: Heinz Endowments, Richard King Mellon Foundation
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The World Bank is calling for urgent action to help small island developing states (SIDS) deal with the effects of climate change as leaders from the nations meet in Antigua this week. The bank's...more
Fast fashion is here to stay, at least according to a new report from the European Commission, which notes that by 2050, the fashion industry is expected to be responsible for more than one-third of...more
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Richard II is coming to the Asheville, NC, stage this summer. The Montford Park Players will perform the English king's rivalry with his successor, Henry IV, in the 2024 season, titled Muse of...more
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Social Entrepreneurship
Spotlight
5 Steps to Social Innovation
While philanthropy, social responsibility and corporate governance all already play a role, we will probably see more powerful contributions when companies embed social innovation into their core business strategies and operations.
