Please Treat the Information in the Digest as Confidential. Do Not Circulate Outside of the Lex Mundi Network.

If you are interested in a matter, please let us know as soon as possible by emailing Isis Bous and Allison Laubach through the “Ask About a Matter” button on the details page or directly (; and let us know which project(s) interests you. We will place matches with Lex Mundi member firms on a first-come, first-served basis.

You can view all matter summaries on the “Digest” page(s). To view summaries by legal need, select the category of interest. See details of individual matters via the “Read More” link in a matter. To view all details of all available matters, choose “View All”.


Advise on Whether Product Requires Registered Investment Advisor


Advise on whether a social entrepreneur needs to become a registered investment advisor to provide new, socially-conscious, investment-related product.

Referred by:

Jurisdiction(s): US (registered DE C-corp)
About the Organization: Filament is social enterprise that is building a free, user-friendly, product that allows people to find investment products (mostly mutual funds and ETFs) that align with the causes that they care about (e.g., racial equity and clean energy) and their financial goals. The product will essentially be taking the things that are important to a user, filtering a giant dataset on those things, and showing the investment products that meet those criteria.
Legal Entity Type: For-profit
SDG(s): Clean Water and Sanitation, Climate Action, Gender Equality, Peace, Justice, and Strong Institutions
Legal Issue(s):

Filament’s founder is seeking a consultation to understand whether he needs to be a registered investment advisor to provide these services. If so, he would also appreciate guidance on what his next steps would need to be.