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Once the topic of science fiction, AI is now a practical reality being utilized by companies and individuals all over the world. While the advent of new technologies brings with it exciting advancements in productivity, we cannot overlook the potential risks and liabilities associated with its adoption. Three key areas of focus for advisers and boards when thinking about the potential exposures that AI brings are governance, cybersecurity threats and the regulatory environment.
The IAA has signed a letter, with over 200 other organizations, requesting that the Federal Trade Commission (FTC) stay its rule that that would prohibit most non-compete clauses while litigation is pending.
The IAA has submitted a comment letter in response to the Federal Trade Commission’s proposed rule, which would prohibit most non-compete clauses. Our comment letter makes several recommendations that we believe would better achieve the FTC’s goals with less of a negative effect on advisers that use non-compete clauses in their employment agreements for a wide range of purposes to meet their regulatory obligations and protect their businesses, employees, and clients.
The IAA urged the SEC to exclude SEC-registered investment advisers and their clients, including private funds, from the proposed definition of dealer.
The IAA and other trade associations urge the SEC to extend the comment period for a proposal that would expand the definition of dealer to capture certain advisers and private funds.
The IAA objected to FINRA’s questions on whether standards for complex products and options should apply to investment advisers because FINRA has no authority over investment advisers.
The IAA opposes the proposed private fund adviser prohibited activities and the preferential treatment rules. We offer reasonable alternatives to increase transparency and address investor protection concerns that do not depart from the principles-based approach to the Advisers Act. We also oppose retroactive application of the rules
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