Remarks at the Meeting of the Asset Management Advisory Committee
Sarah ten Siethoff
Deputy Director
Sept. 27, 2021
Good morning and welcome to this meeting of the Asset Management Advisory Committee.
Before I start, I would like to remind you that I am speaking only for myself and not for the Commission, the Commissioners, or the staff.[1]
Incredibly, we are entering the last quarter of 2021 and it is without surprise that the Committee members are ready to share the great amount of work they have accomplished since the Committee last met. I understand that, today, the Private Investments Subcommittee will present recommendations after over a year of consideration. I am also looking forward to hearing an update from the new subcommittee on the Evolution of Advice.
As you may have seen, the Commission recently issued a request for comment on digital engagement practices. [2] The Commission is focused on understanding better how the use of technology impacts clients receiving advice. Specifically, the Commission is currently seeking to understand better the analytical tools and other technology used by investment advisers to develop and provide investment advice to clients. The Commission is further interested in assessing the impact of digital engagement practices such as behavioral prompts, differential marketing or game-like features on advisers’ interactions with their clients.[3] The subcommittee’s input on these subjects will be valuable. I also expect the panel discussion on Small Advisers and Small Funds Subcommittee to be very informative.
I would like to thank Chair Gensler and the Commissioners for their participation today. My thanks also to Ed Bernard for his leadership and to all subcommittee leaders and Committee members for their contributions. I would also like to thank Christian Broadbent, Jay Williamson, Emily Rowland, Neil Lombardo and other Division staff who continue working tirelessly to support the Committee. Thank you also to the Division’s Managing Executive Office and the Commission’s Office of Information Technology for enabling us to meet virtually. With that, Ed I turn it over to you and I look forward to the discussion.
[1] The Securities and Exchange Commission disclaims responsibility for any private publication or statement of any SEC employee or Commissioner. This speech expresses the author's views and does not necessarily reflect those of the Commission, the Commissioners, or other members of the staff.
[2] See SEC Requests Information and Comment on Broker-Dealer and Investment Adviser Digital Engagement Practices, Related Tools and Methods, and Regulatory Considerations and Potential Approaches; Information and Comments on Investment Adviser Use of Technology available at https://www.sec.gov/news/press-release/2021-167.
[3] Id.