The Securities and Exchange Commission recently announced that it will host a compliance outreach program on November 7, 2024 (see the program’s agenda) on Advisers Act and Investment Company Act related topics. The agenda covers a broad array of issues from exam priorities and enforcement activities to areas that have been the topic of
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The State of Disclosure Review
By Ali Perry & Carlos Juarez
The Director of the SEC’s Division of Corporation Finance (the “Division”), Erik Gerding, shared his views on the state of public company disclosures during 2023 and the SEC Staff’s review priorities for 2024. The statements were made in April 2024 at the Practicing Law Institute’s 2024 The SEC Speaks Conference and were recently published in…
SEC Investor Advocate Report on Objectives
The Securities and Exchange Commission’s Office of the Investor Advocate recently issued its fiscal year 2025 Report on Objectives. The Report is one of two annual reports required to be filed by the Investor Advocate with the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the…
FINRA Reminds Members of Regulatory Obligations When Using Generative Artificial Intelligence (AI) and Large Language Models
On June 27, 2024, the Financial Industry Regulatory Authority, Inc. (“FINRA”) issued Regulatory Notice 24-09 (the “Notice”) reminding member firms that FINRA’s rules and the securities laws apply to the use of artificial intelligence (“AI”), including large language models and other generative AI (“Gen AI”) technology, just as they apply when member firms use any…
Frequently Asked Questions for FINRA Member Firms on AI Use in Public Communications
Several days ago, FINRA released guidance updating its Frequently Asked Questions relating to Rule 2210 on Advertising and Public Communications to address Artificial Intelligence. This follows after FINRA has consistently been noting that the use of AI and AI tools should be addressed by member firms in their policies and procedures and may implicate their…
SEC’s Upcoming Investor Advisory Committee Meeting: Finfluencers and AI
The Securities and Exchange Commission announced an upcoming meeting of its Investor Advisory Committee, which will be held on June 6, 2024. The agenda includes a number of interesting topics.
The Committee will consider and address the impact of “finfluencers.” The agenda notes that recent studies have found that these social media influencers who focus…
Emerging Trends in Asset Management
Speaking at the recent conference on Emerging Trends in Asset Management hosted by the SEC’s Division of Investment Management, the Director the Division of Investment Management Natasha Vij Greiner cited a number of statistics from the SEC’s recently published “Registered Fund Statistics.” She cited the rapid growth of the asset management industry—now comprised of more…
A ‘Byte-Sized’ Breakfast Discussion: Cybersecurity Risk Management Strategies and Regulator Expectations
May 21, 20248:30 a.m. – 10:00 a.m. ETRegister here.
Join us for breakfast and a ‘byte-sized’ discussion of emerging cybersecurity risks and regulator expectations for the securities industry. We will:
- Delve into emerging cybersecurity threats and defenses, including API security and vendor risk;
- Discuss the current regulatory framework and proposed SEC cybersecurity risk management
…
The 3 E’s for Proactive Compliance Against AI-Washing
By Gonzalo Go & Anna T. Pinedo
On April 15, 2024, Securities and Exchange Commission Division of Enforcement Director Gurbir Grewal delivered remarks during a Program on Corporate Compliance and Enforcement Spring Conference 2024. He addressed artificial intelligence (“AI”) and the concept of “AI-washing,” wherein public companies make overly positive, misleading or false claims in an effort to benefit from investor interest…