A footwear company settled with the SEC for failing to make required disclosures of related person transactions in its annual reports and proxy statements.
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An investment adviser settled charges with the SEC for failing to timely disclose the adviser's "control" purpose, with respect to an issuer whose shares it had acquired for the account of a hedge fund that it managed.
A broker-dealer settled SEC charges for failing to comply with Regulation Best Interest in connection with recommendations to retail brokerage customers purchasing mutual fund shares in their IRAs.
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."