On April 7, 2016, the Securities and Exchange Commission approved the Financial Industry Regulatory Authority’s proposed amendments to NASD rule 1032 (Categories of Representative Registration). These amendments will require FINRA members to register associated persons who are primarily responsible for the design, development or significant modification of “algorithmic trading strategies” (or for the day-to-day supervision

Since the financial crisis, new, innovative online investment platforms have begun to offer financial advice to hundreds of thousands of customers. Many of these companies offer advanced portfolio designs using low-cost investments such as exchange traded funds (ETFs), automatic rebalancing and tax loss harvesting — and charge substantially lower fees than traditional investment advisers. This