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.
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FINRA executives highlighted risks firms face with generative AI and large language models and how FINRA is approaching these challenges.
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.
House Financial Services Committee Chair, Patrick McHenry (R-NC) reintroduced a bill to "promote innovation in financial services" by establishing Financial Services Innovation Offices (FSIO) across various agencies.
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.