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B. G., Opalesque Geneva:

The U.S. Securities and Exchange Commission is concerned about the discretionary activity of information providers and wants your opinion on the matter.

In June, the SEC said it was requesting information and public comment on matters related to the activities of certain information providers. The Request specifically focuses on index providers, model portfolio providers, and pricing services.

Are information providers, under particular facts and circumstances, acting as investment advisers under the Investment Advisers Act of 1940? How should SEC's framework for registering and regulating investment advisers apply to those providers (if at all)?

"In recent decades, the use of information providers has grown, changing the asset management industry," said SEC chair Gary Gensler. "The role of these information providers today raises important questions under the securities laws as to when they are providing investment advice rather than merely information."

"Index providers, model portfolio providers, and pricing services have come to play prominent roles in today's asset management industry," said commissioner Caroline Censhaw. "Take index providers as an example. In 2020, there were approximately 3 million indexes, ra......................

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