The Securities and Exchange Commission issued 15 pages of dos and don’ts to robo advisors Thursday.

The guidance by the SEC’s Division of Investment Management is aimed primarily at advisors that provide services directly to clients over the web. However, the SEC said the it may be helpful to other robos and non robos as well.

Among the Dos:

• Do be clear on what specific functions the algorithm does for clients and their portfolios and what the risks are. If a client’s assets are invested and rebalanced by the algorithm, say so.

• Do say when the algorithm might be overridden, such as to stop trading during a market panic.

• Do tell the amount and kinds of human advice being employed in addition to the algorithm.

• Do emphasize vital disclosures through prominent visual features on the website such as a pop-up box.

• Do use pop-up boxes or other prominent displays, too, to alert a client of potential inconsistencies between his or her stated objectives and the selected portfolio.

• Do have written compliance policies and procedures that address the development, testing and back testing of algorithms

Among the Don’ts:

• Don’t tell a client a comprehensive plan is being provided if it is not.

“(The service is not comprehensive) if the robo-advisor does not take into consideration a client’s tax situation or debt obligations, or if the investment advice is only targeted to meet a specific goal -- such as paying for a large purchase or college tuition -- without regard to the client’s broader financial situation,” the directive said.

• Don’t get too little information from a client via a web questionnaire to make suitable and appropriate recommendations for the customer based on his or her financial situation and investment objectives.

• Don’t forget as registered investment advisors, robo-advisors are subject to the fiduciary and other substantive requirements of the Advisers Act.