The SEC has created a new position on AI and examinations for broker-dealers and investment advisers. The move should signal to regulated entities that the SEC may begin applying more sophisticated AI tools to scour advertisements made by firms for false or misleading claims
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Posted inFinancial Services
Lawyers warn U.K. financial firms to prepare for faster regulatory changes with less consultation
The U.K. government is giving the financial and banking regulators more flexibility to make regulations without submitting these to a full consultation process.
Posted inData Privacy
GDPR 10 years on: Differences in regulatory enforcement still problematic
In the decade since the EU’s groundbreaking privacy legislation, the GDPR was approved, companies have faced increased scrutiny over the reasons they collect, retain, and share personal information, as well as the measures they take to ensure its security.
Posted inRegulatory Enforcement
U.K. regulator fines Virgin Media $38 million for repeat competition offense
Virgin Media has been fined a record $37.5 million for making it unreasonably difficult for customers to close accounts or switch to a better telecoms deal.
Posted inTop Stories
Former AstraZeneca due diligence member settles insider trading allegations
A former AstraZeneca employee and member of a company due diligence team has agreed to settle insider trading charges brought by the Securities and Exchange Commission (SEC). Weiguo Zhai allegedly engaged in illegal insider trading prior to AstraZeneca’s announcement in 2023 that it would acquire Icosavax. Zhai was a member of the due diligence […]
Posted inSanctions
Sanctions penalty for Scottish energy company marks ‘new era’ of sanctions enforcement
A Scottish energy company has become the first to be named by the U.K. customs and excise authority for breaching Russian sanctions rules.
Posted inArtificial Intelligence
Companies risk violating data, consumer laws over agentic AI use
Companies are at increased risk of violating Europe’s tough privacy laws because boards have little awareness of the different types of AI or their inherent risks. While many organizations are more familiar with predictive and conversational AI tools, such as chatbots that carry little or no discernible risk, they have not grasped that generative AI—and especially agentic AI—are different animals.
Posted inTop Stories
Travel app company ignored complaints about hidden fees, FTC alleges
Travel app Hopper has agreed to pay $35 million and prove compliance for 15 years, to resolve allegations it charged hidden fees to customers— issues that were raised internally by numerous employees but were ignored, the Federal Trade Commission (FTC) said. Hopper, a Canadian company, and its Massachusetts subsidiary charged extra, undisclosed fees to customers […]
Posted inRegulatory Enforcement
FTC, states settle right-to-repair suit with John Deere
The FTC and five states reached a settlement with Deere & Company that requires the agricultural equipment maker to overhaul practices that limited farmers’ ability to repair their own machinery, the FTC announced Wednesday.
Posted inBanking
Banks gave $39M in loans to construction fraudster
A California man was sentenced Tuesday to more than six years in prison for fraudulently obtaining about $39 million in business loans from seven banks, which were tricked into believing the loans were for construction equipment, the DOJ said.
