- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-12-15T13:38:00
Software company Adobe disclosed it could face “significant monetary costs or penalties” resulting from an ongoing Federal Trade Commission (FTC) investigation into its disclosure and subscription cancellation practices.
In a regulatory filing Wednesday, Adobe said it was notified by the FTC in November that it could face consent negotiations to determine a settlement regarding potential violations of the Restore Online Shoppers’ Confidence Act. The act “prohibits any post-transaction third-party seller … from charging any financial account in an internet transaction unless it has disclosed clearly all material terms of the transaction and obtained the consumer’s express informed consent to the charge.”
Adobe said it is cooperating with the FTC’s investigation, which began in June 2022.
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The Federal Trade Commission approved a measure streamlining its ability to issue civil investigative demands in investigations relating to artificial intelligence use.
Nonbank financial institutions must report certain data breaches to the Federal Trade Commission within 30 days of discovery under a new amendment to the agency’s Safeguards Rule.
The company that runs ABCmouse Early Learning Academy found itself in the FTC’s crosshairs for what the Commission alleges are unfair billing practices that are part of a wider problem across the internet.
Gurbir Grewal, director of the Securities and Exchange Commission’s Division of Enforcement, will step down from his post Oct. 11. Grewal, who had served as the division’s director since 2021, will be replaced by Sanjay Wadhwa, currently the division’s deputy director, the SEC said.
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