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Foley & Lardner LLP partners James Lundy, Peter Fetzer, Chanley Howell, Shabbi Khan, and associate William McCaughey assess artificial intelligence risks relevant to broker-dealers and investment advisers in their LexisNexis article, “Artificial Intelligence (AI) and the SEC: Present and Future Risks.”
The authors provide a brief history and definition of AI and highlight the technology’s influence on financial markets, various AI risks for broker-dealers and investment advisers, ways to safeguard against AI-related risks, the U.S. Securities and Exchange Commission’s recent approach to the evolving technology, and potential next steps.
“Given the current and proposed regulatory framework, it is vital for broker-dealers and investment advisers to have a firm understanding of the Al tools they use and then implement appropriate policies and procedures for those Al tools,” the authors conclude. “Firms should not wait to assess their use of Al, including future use, and put guardrails in place to ensure customers are protected and the firms satisfy all regulatory expectations.”
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