Daily Archives: August 15, 2023, 6:37 am

SEC lawyers subpoena fund managers over ESG disclosures | Financial Times

The US Securities and Exchange Commission enforcement division has sent document requests, including subpoenas, to several asset managers relating to their environmental, social and governance investment marketing this year, lawyers said, suggesting a potential crackdown looming for the sustainable fund world. Among the SEC’s areas of inquiry are conventional investment funds that have repurposed themselves as ESG funds, the asset…

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Law Firms Sound Alarm Over SEC’s Proposed Clampdown on Robo Advisers’ Use of AI | Law.com

Several major law firms have expressed concern that a proposed U.S. Securities and Exchange Commission rule seeking to restrict robo advisers’ use of artificial intelligence is overbroad. The proposed rule aims to address conflicts of interest that occur when broker-dealer and investment advisers use predictive data analytics in investor interactions. Firms have begun using technologies, such as predictive data analytics or artificial intelligence,…

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Prosecutors Detail Evidence Against Sam Bankman-Fried – The New York Times

In a 70-page court filing, the prosecutors said they would draw on testimony from some of Mr. Bankman-Fried’s closest advisers, as well as an expert witness and other employees of FTX and Alameda Research, a crypto hedge fund he also founded. The prosecutors also said they planned to use notes that Caroline Ellison, one of Mr. Bankman-Fried’s top lieutenants, took…

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Binance files for protective order against SEC | Reuters

Crypto exchange Binance late on Monday filed for a protective court order against the U.S. Securities and Exchange Commission saying the regulator’s requests for information were “over broad” and “unduly burdensome”. In a court filing in the US District Court of Columbia, BAM Trading, Binance U.S.’s operating company and BAM Management said the group had already provided sufficient information to…

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SEC Charges UK Audit Firm, CEO, and Senior Auditor for Failures in Connection with De-SPAC Transaction

The Securities and Exchange Commission today charged Crowe U.K. LLP, a London based audit firm, its CEO, Nigel Bostock, and senior auditor, Matthew Stallabrass, for the firm’s deficient audit of music streaming company Akazoo Limited. Crowe U.K., Bostock, and Stallabrass have agreed to settle the SEC’s charges. According to the SEC’s order, Crowe U.K. issued a clean audit report of…

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