Build an AI-use gap table against an adviser's compliance program
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- List the adviser's written policies, the date of the last annual review, the person designated to administer them, and where AI tools are mentioned. Mark blanks. Do not draft the policies.
- What the lawyer must review
- 17 C.F.R. § 275.206(4)-7 makes it unlawful for a registered adviser, within the meaning of Advisers Act section 206, to give advice unless it adopts written policies and procedures reasonably designed to prevent violations of the Act and the rules, reviews them at least annually, and designates a chief compliance officer. You decide whether those policies cover the tools in use, including tools that draft client communications. Formal Opinion 512 and Model Rule 1.6 still govern how lawyers in the matter put client information into a tool. The gap table is not the compliance manual.
- Written for / version
- United States versionUSCth
Who does what
| Role | What they do |
|---|---|
| Assistance | Potential support includes preparing preliminary structure or wording and identifying points for review. Confirm the tool’s capability and permitted scope. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- Obtain and inspect the relevant current official register or search result. Confirm identities, interests and the date and scope of the search.
- Confirm the output against the client’s instructions and the complete relevant source material, including omissions or contradictions.
- Resolve exceptions and record the responsible lawyer’s approval of the exact output and intended use.