News & Analysis as of

Settlement Securities Regulation Investment Adviser

SEC Compliance Consultants, Inc. (SEC³)

Regulatory Roundup for September 2024

Advisers Drafted by FinCEN for AML Duty, More Fines for E-Comm Retention Failures and a September Miracle, SEC Falls Back on Broken Windows Strategy, and a Refusal to Give Up on Private Fund Rules - FinCEN added to advisers’...more

SEC Compliance Consultants, Inc. (SEC³)

Nine Advisers Face $1.24 Million Fallout from SEC’s Marketing Rule Sweep

September 30 is the SEC’s fiscal year-end, so it's no surprise to see an uptick in enforcement cases this month. The latest slew of settlements involved violations of the Marketing Rule (Advisers Act Rule 204(4)-1) for...more

SEC Compliance Consultants, Inc. (SEC³)

Regulatory Roundup for August 2024

More Flack on WhatsApp, Hypothetical Performance SmackDown, A Timely Warning on the Pay-to-Play Rule, and Updates to Qualifying Venture Capital Fund Exemption - This month's big news from the SEC was more piggy-bank breaking...more

Stikeman Elliott LLP

OBSI Joint Regulators Committee Releases 2023 Annual Report

Stikeman Elliott LLP on

The Canadian Securities Administrators (“CSA”) and the Canadian Investment Regulatory Organization (“CIRO”) recently published the Annual Report (“Report”) of the Joint Regulators Committee (“JRC”) of the Ombudsman for...more

Mayer Brown

Securities and Exchange Commission Brings First Enforcement Actions Over “AI-Washing”

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On March 18, 2024 the US Securities and Exchange Commission (“SEC” or the “Commission”) announced that it had settled charges in separate actions against two investment advisers, Delphia (USA) Inc. (“Delphia”) and Global...more

White & Case LLP

New Settlements Demonstrate the SEC’s Ongoing Efforts to Hold Companies Accountable for AI-Washing

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In the past few months, we have published several alerts concerning the increase in regulatory attention to "AI washing," or making unfounded claims regarding artificial intelligence ("AI") capabilities.1 Senior officials at...more

Sheppard Mullin Richter & Hampton LLP

SEC Cracks Down on Over-Hyped AI Claims – Director Says This is Just the Beginning

The SEC has charged and settled claims with two Investment advisers with making false and misleading statements about their use of artificial intelligence (AI). The SEC found that Delphia (USA) Inc. and Global Predictions...more

Bass, Berry & Sims PLC

SEC Settlement against Auditing Firm Serves as Reminder of Important Independence Rules

On February 29, the Securities and Exchange Commission (the SEC) announced that it settled an administrative proceeding against Lordstown Motors Corps’ former auditor, Clark Schaefer Hackett and Co. (CSH)—the same day that...more

Ballard Spahr LLP

SEC Nears First Settlement With a Credit Rating Agency in Off-Channel Communications Sweep

Ballard Spahr LLP on

Summary - The Securities and Exchange Commission (SEC) is reportedly nearing a settlement with a nationally recognized statistical rating organization (NRSRO) over its failure to preserve certain credit-ratings...more

Seward & Kissel LLP

SEC Settles Charges with Registered Investment Adviser over Valuation Policies and Procedures

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Who may be interested: Registered Investment Advisers, Boards of Directors, Compliance staff - Quick Take: The SEC settled charges against a registered investment adviser (Adviser) for failing to adopt and implement...more

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