Trusted Insight for Independent Oversight

Among several practice points and recommendations, the Fried Frank attorneys stated that companies should monitor the evolution of the law in this area as more cases are decided and inform and train directors, management, and employees with respect to AI use on legal-related matters and issues. 

The report highlights that in April 2026, “sponsors filed registration statements with the SEC for additional prediction market ETFs on other topics such as the price of cryptocurrencies and oil next year and whether there will be a recession in the future, and ETFs investing in contracts related to sports outcomes are also in registration.”

In a statement supporting the proposal, SEC Chair Paul Atkins noted “the proposed rules include tailored offering exemptions, as well as a safe harbor that would provide clarity for issuers, investors and other market participants as to when the related investment contract ceases to exist.” He also emphasized that while the proposal is a step toward clarity, “legislation remains indispensable to enacting “future-proofed” rules of the road that are durable enough to protect the work we are undertaking today from being unwound by a future rogue regulator.”

The panel discussion will explore how boards can better understand quantum risk, strengthen oversight, and prepare their organizations for a future that may arrive sooner than expected. Key discussion topics will include a changing risk environment, potential governance gaps, and board preparedness.

In this webinar, moderated by IAA President & CEO Karen Barr, authors Jon Fulkerson and Timothy B. Riley will discuss the study’s methodology and review its findings. The study argues that the SPIVA U.S. Scorecard “consistently and substantially” understates the performance of actively managed funds due to certain “empirical choices” in its methodology.