AI採用，網絡攻擊風險和加密貨幣交易的增加可能會給顧問事務帶來新的審查。

不過，最大的影響力可能是美國證券交易委員會的警衛改變。

Increased AI adoption, cyberattack risk and cryptocurrency trading may bring new scrutiny to advisors’ affairs. Additional regulations, processes and exam foci are possible. The greatest influence, though, could be the changing of the guard at the US Securities and Exchange Commission. To better understand the 2025 regulatory outlook, SmartBrief asked Michelle L. Jacko, CEO of compliance consultancy Core Compliance, about all of these factors and how advisors should prepare.

AI採用，網絡攻擊風險和加密貨幣交易的增加可能會給顧問事務帶來新的審查。其他法規，過程和考試焦點是可能的。不過，最大的影響力可能是美國證券交易委員會的警衛改變。為了更好地了解2025年的監管前景，Smartbrief要求合規性諮詢核心合規性首席執行官Michelle L. Jacko關於所有這些因素以及顧問應如何準備。

SmartBrief: How may SEC leadership changes affect advisors?

SmartBrief：SEC領導力變化如何影響顧問？

Michelle L. Jacko: While only time can tell, we can expect an overall shift in approach. New Chair Paul Atkins served as SEC Commissioner from 2002 to 2008 and was known for advocating for market efficiencies and reducing regulatory burden, along with applying principal-based guidelines. Under his direction, we can expect an SEC focused on fraud prevention and the protection of retail investors from investment losses and material harm, not necessarily rapid new rulemaking.

米歇爾·傑克（Michelle L. Jacko）：雖然只有時間才能說明，但我們可以期待進近的整體轉變。新任主席保羅·阿特金斯（Paul Atkins）從2002年到2008年擔任SEC專員，並以提倡市場效率和減輕監管負擔以及採用基於主要的指導方針而聞名。在他的指導下，我們可以預料，SEC專注於預防欺詐，並保護散戶投資者免受投資損失和物質危害的影響，不一定是新的新規則制定。

The SEC has announced the formation of a Crypto Task Force led by Hester Peirce. Peirce, who recognizes that the crypto industry is in limbo following many proposed rules, wants to allow for innovation while keeping fraud at bay. We can expect rulemaking to focus on the status of crypto assets under securities laws, and, potentially, temporary relief for free trade of coin and token offerings (providing certain provisions are met), as well as additional guidance on registration and custody solutions for advisers.

SEC宣布了由Hester Peirce領導的加密特遣部隊的組成。皮爾斯（Peirce）認識到加密貨幣行業遵循許多擬議的規則陷入困境，他希望在避免欺詐行為的同時進行創新。我們可以預期，規則制定將專注於證券法中的加密資產的地位，並可能暫時減輕硬幣和代幣產品的自由貿易（提供某些規定），以及有關顧問的註冊和託管解決方案的其他指導。

SB: How have SEC examination focus areas evolved for 2025?

SB：SEC考試重點領域如何發展到2025年？

MJ: The SEC has increased attention on evolving risks, including the use of AI, alternative revenue streams (e.g., selling non-securities products such as real estate, insurance and tax planning services to clients), appropriateness and accuracy of disclosures (such as fee-related conflict disclosures and best interest analysis for the conversion of broker-dealer accounts to advisory accounts).

MJ：SEC越來越關注不斷發展的風險，包括使用AI，替代收入來源（例如，向客戶出售非安全產品，例如房地產，保險和稅收計劃服務），披露的適當性和準確性（與費用相關的衝突披露以及諸如對經紀人 - 核對客戶轉換為諮詢帳戶轉換的最佳利息分析））。

Additionally, the SEC is placing greater scrutiny on private fund adviser oversight, such as consistency of disclosures with actual practices, clear allocation of fees and expenses, and compliance with recently adopted rules, including Form PF.

此外，SEC對私人基金顧問監督進行了更大的審查，例如披露與實際做法的一致性，清晰的費用和費用分配以及遵守最近採用的規則，包括PF表格。

The SEC will also continue to focus on oversight of remote workers and vendors.

SEC還將繼續專注於對遠程工人和供應商的監督。

SB: What are some other hot topics you’re seeing from the SEC?

SB：您從SEC中看到了哪些其他熱門話題？

MJ: Regulators have shown a heightened focus on:

MJ：監管機構對：

* Cybersecurity breaches and ransomware attacks.

*網絡安全漏洞和勒索軟件攻擊。

* Anti-money laundering (AML) and know your customer (KYC) compliance, particularly in the context of emerging technologies and evolving risk profiles.

*反洗錢（AML），並了解您的客戶（KYC）合規性，尤其是在新興技術和不斷發展的風險概況的背景下。

* The use of digital assets, cryptocurrencies and blockchain technology, and the implications for investor protection and financial stability.

*使用數字資產，加密貨幣和區塊鏈技術以及對投資者保護和財務穩定的影響。

* Environmental, social and governance (ESG) investing practices and the integration of ESG factors into investment decision-making.

*環境，社會和治理（ESG）投資實踐以及將ESG因素整合到投資決策中。

* The development and use of artificial intelligence (AI) in financial services, including algorithms, biases and data privacy.

*人工智能（AI）在金融服務中的開發和使用，包括算法，偏見和數據隱私。

* Unconventional investment strategies, such as emerging technologies, derivatives and private equity.

*非常規投資策略，例如新興技術，衍生品和私募股權。

SB: Do you see any new regulations on the horizon?

SB：您是否看到任何新法規在地平線上？

MJ: Commissioner Peirce has made plain her ideal of a framework that allows crypto projects to develop freely while keeping fraud in check. With the creation of the Crypto Task Force, a temporary “Safe Harbor Rule” for token offerings could be in the works. Peirce has commented on the possibility of recommending the Commission provide temporary relief for coin or token offerings, as long as the issuing entity (or other entity) ensures certain information is kept accurate and updated.

MJ：專員皮爾斯（Peirce）使她成為一個框架的理想，該框架允許加密項目自由開發，同時檢查欺詐行為。隨著加密特遣部隊的創建，可以進行代幣產品的臨時“安全港規則”。皮爾斯（Peirce）評論了建議委員會為硬幣或代幣產品提供臨時救濟的可能性，只要發行實體（或其他實體）確保確保某些信息保持準確和更新。

We also believe that the SEC will provide guidance on the use of generative AI, with expectations on how registrants fully vet AI products, supervise its use and safeguard client data to fulfill fiduciary duty obligations.

我們還認為，SEC將提供有關使用生成AI的指導，並期望註冊人如何完全審查AI產品，監督其使用和保護客戶數據以履行信託義務義務。

SB: From a compliance perspective, what does the rise of AI mean for advisers?

SB：從合規的角度來看，AI的興起對顧問意味著什麼？

MJ: In addition to being a focus area within the 2025 Exam Priorities, the SEC has established a working group specifically focused on artificial intelligence. As industry adoption grows, so does the need for robust oversight. The SEC is prioritizing review of firms’ representations of their AI capabilities and use, adequacy of disclosures and procedures governing AI use in applications such as fraud prevention, back-office operations, AML, trading and protection against the loss or misuse of sensitive information when using third-party AI systems. Consequently, advisers should begin developing adequate policies and procedures to monitor and supervise their firm’s use of AI to mitigate associated risks.

MJ：除了成為2025年考試優先級的重點領域外，SEC還建立了一個專門針對人工智能的工作組。隨著行業採用的增長，對強大的監督的需求也隨之增長。 SEC正在優先考慮對公司的AI功能和使用的代表性的審查，在使用第三方AI系統時，在欺詐預防，後台操作，AML，AML，AML，AML，AML，AML，AML，AML，AML，貿易和濫用方面的披露和程序的是否適用。因此，顧問應開始製定足夠的政策和程序，以監視和監督其公司使用AI來減輕相關風險的情況。