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.
A firm settled FINRA charges for failing to supervise the transmittal of customer funds by representatives with power of attorney and for failing to respond to red flags involving unsuitable trading recommendations.
FINRA executives highlighted risks firms face with generative AI and large language models and how FINRA is approaching these challenges.