An investment adviser settled charges with the SEC for failing to disclose to the Board of an ETF managed by the adviser, the terms of a contract with a social media influencer.
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The SEC adopted two new rules requiring certain market participants that "play an increasingly significant liquidity providing role," to register with the SEC as broker-dealers or as government securities broker-dealers under the Securities Exchange Act.
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.
Sixteen firms, including investment advisers as well as broker-dealers, settled SEC charges for failures by the firms and their employees to maintain and preserve electronic communications.
In a joint final rule, the SEC and CFTC adopted amendments to Form PF that require more information on private funds.