SEC Issues Guidance for Robo-Advisers

February 24, 2017

Client Alert
The staff of the Securities and Exchange Commission’s Division of Investment Management recently released guidance on disclosure, suitability and compliance obligations for automated advisers—often referred to as “robo-advisers.” The guidance notes that robo-advisers represent a fast-growing part of the investment advisory industry with unique client relationships that often occur with limited (if any) human interaction and asset management that makes significant use of algorithms. Given the unique aspects of robo-adviser business models, the staff issued guidance focused on:

The full text of the IM Guidance Update is available here.

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