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.
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.
FINRA proposed rule amendments to strengthen the general prohibition against borrowing and lending arrangements with customers, narrow certain exceptions to those prohibitions and enhance the notification requirements for approval of such arrangements.
The SEC set an effective date of February 5, 2024 effective date for its final rule prohibiting an asset-backed "securitization participant" from engaging in any transaction that could involve or result in a material conflict of interest.