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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 Read the Entire Article
Selected Grant News Headlines
A customized collection of grant news from foundations and the federal government from around the Web.
The world's richest people are giving away a lot more than they used to. The world's richest people are giving away a lot more than they used to. The Sunday Times of India reports that the...more
Foundation: Communities Foundation of Texas
Robert Kent has been named the new chief philanthropy officer of the Communities Foundation of Texas, one of the biggest community foundations in the US. "Robert Kent is a strong advocate for...more
Foundation: Indianapolis Foundation
Lynne Arriale's new album, Being Human, is all about "people who exemplify Passion, courage, love, curiosity, and other human qualities," the Florida pianist tells Rita Kohn of the Indianapolis...more
An Arizona nonprofit that provides after-school and summer programs for at-risk youth is getting a major boost from two Phoenix-area companies. The Arizona Republic reports that ECM Technologies...more
"If the class register were anything to go by, education would be one of modern civilization's greatest success stories." That's what Peter Wilson, a member of the UBS Accelerate Collective, had...more
Foundation: Gates Foundation
Melinda French Gates is stepping down as co-chair of the Bill & Melinda Gates Foundation, which she founded with her ex-husband Bill Gates more than 20 years ago. As part of an agreement made...more
If you're in the market for a new car, the NADA Show in New Orleans in January is your best chance to see what's out there. Here's a look at some of the buzzy new offerings, courtesy of Jalopnik,...more
Ahmad Al-Mallahi is a professor of agricultural engineering and sensing technologies at Dalhousie University in Halifax, Canada, and he's spent the past five years developing technology that could...more
Kids who learn to play musical instruments are more likely to be successful later in life, according to a new survey out of Australia. The survey of 115 primary school teachers in South Australia...more
"We strongly believe in a Library that serves every member of our community, and we thank California Humanities for recognizing our talented and diverse Library staff." Those are the words of...more
Social Entrepreneurship
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JustFund: Pioneering Equitable Philanthropy with Simplified Grantmaking
JustFund, a grantmaking platform built by funders and organizers of color, aims to revolutionize philanthropy by making it more equitable and efficient.
