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.
The U.S. House of Representatives passed the Expanding Access to Capital Act of 2023 in a party line vote. The bill is intended to build on the JOBS Act of 2012 by reducing the regulatory burdens on certain capital raising transactions.
FINRA executives highlighted risks firms face with generative AI and large language models and how FINRA is approaching these challenges.