The Treasury Department reported on the state of AI-cybersecurity risk and recommended that financial institutions broaden risk management and cybersecurity practices, consider greater integration of AI solutions into cybersecurity practices and collaborate on threat information sharing.
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The SEC adopted final amendments to exemptions permitting certain internet investment advisers to register with the SEC, rather than to register with the States.
SEC Chair Gary Gensler warned investment advisers, broker-dealers and public companies that misstating their use of AI in investment strategies or company operations may violate securities laws.
Two affiliated broker-dealers settled FINRA charges for lacking reasonable cybersecurity controls at branch offices. The failures resulted in multiple incidents that exposed thousands of customers' personal information.
FINRA executives highlighted risks firms face with generative AI and large language models and how FINRA is approaching these challenges.