The Hong Kong Monetary Authority (HKMA) has imposed additional principles on the use of big data analytics and artificial intelligence (BDAI) and specifically, generative artificial intelligence (GenAI) by authorized...more
In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important SEC enforcement developments from the past month, with links to primary resources. ...more
Canadian fintech industries, particularly digital payments, digital trading, robo-advising and open banking, continued to experience significant growth until 2022. The pace of innovation had been accelerated by expansive...more
On November 9, 2021, the U.S. Securities and Exchange Commission’s (SEC) Division of Examinations (the “Division”) released a Risk Alert regarding various compliance issues for investment advisory firms offering robo-advisory...more
In This Issue. The Consumer Financial Protection Bureau (CFPB) reminded institutions of a new threshold for reporting Home Mortgage Disclosure Act data about open-end lines of credit; the Financial Crimes Enforcement Network...more
We recently discussed the topic of risk management as it relates to artificial intelligence (AI) in financial services, and suggested certain tips for the financial services sector. This article is the first of a series that...more
Have you ever considered investing your money with a robot? A new category of investment advisers known as robo-advisors are automated, low-cost services that provide investment advice via web or mobile platforms....more
Many auto advisers and automated discretionary investment managers risk poor outcomes for customers by falling short of FCA expectations. The Financial Conduct Authority (FCA) has issued a statement outlining its...more
Since 2016, record keepers for large 401(k) plans have been defending litigation over investment advice provided by the Financial Engines investment advice algorithm. (This kind of arrangement is commonly referred to as...more
SEC/CORPORATE - On November 1, the Division of Corporation Finance of the Securities and Exchange Commission (Division) published Staff Legal Bulletin No. 14I (SLB 14I), which provides new, issuer-friendly guidance on...more
In February, the SEC staff issued a guidance update focusing on "robo-advisers," i.e., registered investment advisers (RIAs) who provide online, automated investment advice, through the use of an algorithmic program. As RIAs,...more
UAE-based fintech companies should understand the applicable onshore regulations — many of which are new and largely untested — when providing specific services. Key Points: ..UAE fintech companies need sophisticated...more
With the rapid development of technology, there is an increasing trend of intermediaries providing investment services and distributing investment products over the internet. Whilst the Securities and Futures Commission...more
“Hello, Dave. You're looking well today.” In the iconic science fiction movie, 2001: A Space Odyssey, the HAL 9000 computer courteously greeted his astronaut human companion Dave Bowman. HAL was a Heuristically...more
Wilson Sonsini Goodrich & Rosati is pleased to introduce the first in a series of monthly updates from the FinTech practice. The purpose of the updates is to provide timely information on issues of interest to WSGR’s FinTech...more
Editor's Note - In This Issue. The New York Department of Financial Services issued its highly anticipated cybersecurity regulation in its final form, the Securities and Exchange Commission (SEC) issued updated guidance...more