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.
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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.
An investment adviser settled charges with the SEC for failing to disclose conflicts of interest to clients involving payments received by an affiliated custodian.
An investment adviser for private funds settled charges with the SEC for breach of fiduciary duty related to undisclosed account fees, transfers and accessibility.
The CFTC Division of Market Oversight extended no-action relief from the ownership and control reporting requirements for reporting entities.