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Commentary by Steven Lofchie

SEC Chair Gary Gensler warned of broad challenges and increased risk resulting from the use of AI models in the financial sector. He highlighted the need to update regulatory guidelines, establish strict oversight mechanisms and enhance disclosure requirements for companies utilizing AI.

In a jointly issued investor alert, the SEC Office of Investor Education and Advocacy, the North American Securities Administrators Association and FINRA warned investors of the increased risks of fraud involving "the purported use of artificial intelligence and other emerging technologies."