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The SEC permitted an associated person, who had been subject to statutory disqualification, to effect security-based swaps after he had (i) paid a penalty, (ii) completed a number of remedial requirements and (iii) maintained a clean record.

Commentary by Steven Lofchie

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.