AI采用，网络攻击风险和加密货币交易的增加可能会给顾问事务带来新的审查。

不过，最大的影响力可能是美国证券交易委员会的警卫改变。

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采用，网络攻击风险和加密货币交易的增加可能会给顾问事务带来新的审查。其他法规，过程和考试焦点是可能的。不过，最大的影响力可能是美国证券交易委员会的警卫改变。为了更好地了解2025年的监管前景，Smartbrief要求合规性咨询核心合规性首席执行官Michelle L. Jacko关于所有这些因素以及顾问应如何准备。

SmartBrief: How may SEC leadership changes affect advisors?

SmartBrief：SEC领导力变化如何影响顾问？

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.

米歇尔·杰克（Michelle L. Jacko）：虽然只有时间才能说明，但我们可以期待进近的整体转变。新任主席保罗·阿特金斯（Paul Atkins）从2002年到2008年担任SEC专员，并以提倡市场效率和减轻监管负担以及采用基于主要的指导方针而闻名。在他的指导下，我们可以预料，SEC专注于预防欺诈，并保护散户投资者免受投资损失和物质危害的影响，不一定是新的新规则制定。

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领导的加密特遣部队的组成。皮尔斯（Peirce）认识到加密货币行业遵循许多拟议的规则陷入困境，他希望在避免欺诈行为的同时进行创新。我们可以预期，规则制定将专注于证券法中的加密资产的地位，并可能暂时减轻硬币和代币产品的自由贸易（提供某些规定），以及有关顾问的注册和托管解决方案的其他指导。

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

SB：SEC考试重点领域如何发展到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越来越关注不断发展的风险，包括使用AI，替代收入来源（例如，向客户出售非安全产品，例如房地产，保险和税收计划服务），披露的适当性和准确性（与费用相关的冲突披露以及诸如对经纪人 - 核对客户转换为咨询帐户转换的最佳利息分析））。

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对私人基金顾问监督进行了更大的审查，例如披露与实际做法的一致性，清晰的费用和费用分配以及遵守最近采用的规则，包括PF表格。

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

SEC还将继续专注于对远程工人和供应商的监督。

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

SB：您从SEC中看到了哪些其他热门话题？

MJ: Regulators have shown a heightened focus on:

MJ：监管机构对：

* Cybersecurity breaches and ransomware attacks.

*网络安全漏洞和勒索软件攻击。

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

*反洗钱（AML），并了解您的客户（KYC）合规性，尤其是在新兴技术和不断发展的风险概况的背景下。

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

*使用数字资产，加密货币和区块链技术以及对投资者保护和财务稳定的影响。

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

*环境，社会和治理（ESG）投资实践以及将ESG因素整合到投资决策中。

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

*人工智能（AI）在金融服务中的开发和使用，包括算法，偏见和数据隐私。

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

*非常规投资策略，例如新兴技术，衍生品和私募股权。

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

SB：您是否看到任何新法规在地平线上？

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：专员皮尔斯（Peirce）使她成为一个框架的理想，该框架允许加密项目自由开发，同时检查欺诈行为。随着加密特遣部队的创建，可以进行代币产品的临时“安全港规则”。皮尔斯（Peirce）评论了建议委员会为硬币或代币产品提供临时救济的可能性，只要发行实体（或其他实体）确保确保某些信息保持准确和更新。

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.

我们还认为，SEC将提供有关使用生成AI的指导，并期望注册人如何完全审查AI产品，监督其使用和保护客户数据以履行信托义务义务。

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

SB：从合规的角度来看，AI的兴起对顾问意味着什么？

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：除了成为2025年考试优先级的重点领域外，SEC还建立了一个专门针对人工智能的工作组。随着行业采用的增长，对强大的监督的需求也随之增长。 SEC正在优先考虑对公司的AI功能和使用的代表性的审查，在使用第三方AI系统时，在欺诈预防，后台操作，AML，AML，AML，AML，AML，AML，AML，AML，AML，贸易和滥用方面的披露和程序的是否适用。因此，顾问应开始制定足够的政策和程序，以监视和监督其公司使用AI来减轻相关风险的情况。