A report published in 1940 , commissioned by asset manager, SEC , challenges DoL (DoL) Secretary Thomas Perez's support of robo-advisors. The paper, which examines the robo phenomenon, makes a number of claims that in short do not meet the DoL 's proposed best interest contract. It also alleges that robo-advisors may be unregistered investment companies in violation of both the Investment Company Act of June and Department of Labour regulation.
A report published in June, commissioned by asset manager, Federated Investors, challenges Department of Labour (DoL) Secretary Thomas Perez's support of robo-advisors. The paper, which examines the robo phenomenon, makes a number of claims that in short do not meet the DoL's proposed best interest contract. It also alleges that robo-advisors may be unregistered investment companies in violation of both the Investment Company Act of 1940 and SEC regulation.