, 2024) (“As we have done from time to time with other rules, I’ve asked staff to consider whether it would be appropriate to seek further comment, possibly, on a modified proposal.”).5 For example, over time, the SEC has brought administrative proceedings against investment advisers related to quantitative investment strategies, and in recent years has focused on automated investment advice being given by so-called “robo-advisers.”6 See Cybersecurity Risk Management Rule for Broker-Dealers, Clearing Agencies, Major Security-Based Swap Participants, the Municipal Securities Rulemaking Board, National Securities Associations, National Securities Exchanges, Security-Based Swap Data Repositories, Security-Based Swap Dealers, and Transfer Agents, Exchange Act Release No. 97142 (Mar. 15, 2023), 88 FR 20212 (Apr. 5, 2023) (available here); Cybersecurity Risk Management for Investment Advisers, Registered Investment Companies, and Business Development Companies, Advisers Act Release No. 5956 (Feb. 9, 2022), 87 FR 13524 (Mar. 9, 2022) (available here). See also, Outsourcing by Investment Advisers, Advisers Act Release No. 6176 (Oct. 26, 2022), 87 FR 68816 (Nov. 16, 2022) (“Outsourcing Proposal”) (available here).7 Financial Crimes Enforcement Network: Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers, 89 FR 72156 (Sept. 4, 2024) (available here).8 This examination focus may relate to the fairly recent administrative proceedings against investment advisers involving the use of hedge clauses, particularly with retail clients. Accordingly, given those proceedings and this examination focus, advisers should be cautious in using arbitration clauses as a general matter, but particularly cautious when using them with retail clients.9 See Outsourcing Proposal, supra note 6.10 EXAMS specifically references “independent contractors.” The SEC and its staff usually refer to branch