We spoke with four experts to explore how AI use is likely to evolve in the financial industry in the years to come.
Financial institutions (FIs) continue to expect cybersecurity and data disputes in the coming year, along with ESG disputes. We will see growth in climate-related litigation against financial institutions from NGOs and activist shareholders. Until recently, claims have focused on the disclosure of climate-related information. However, the trend is now moving to scrutiny of what prudent financial management means. For example, what fiduciary duties are owed when acting as a financial advisor in investment planning or M&A transactions?
Our new report – What Does 2023 Hold? Key Upcoming Developments and Enforcement Trends covers nine major areas we expect will shape 2023.
On February 9, 2023, the SEC announced that it had settled charges against the world’s third largest centralized crypto exchange by volume for offering a crypto staking program that the SEC deemed to be the offering and selling of unregistered securities.
Following a host of notable bankruptcy filings in the digital asset industry, the New York State Department of Financial Services (DFS) recently issued guidance (the DFS Guidance) to emphasize sound custody and disclosure practices for firms providing digital asset custody services to better protect customers in the event of an insolvency or similar proceeding.
FINRA recently updated the industry on observations to date from its August 2021 sweep on broker-dealer practices and controls concerning the opening of options accounts and related issues (options account supervision, communications, and diligence).