In the latest episode of The Regulatory Roundtable, co-produced with Simpson Thacher’s The Funds Channel, we discuss the SEC’s focus on artificial intelligence, including in exams and the recent settlements with two investment advisers in connection with their statements regarding their use of artificial intelligence, and considerations for looking ahead.

5/2/24 SEC Examination Lessons Learned During the Biden/Gensler Era and Looking Ahead

4/18/24 Compliance Policies Update Hot Topics

3/19/24 SEC Fines Two Investment Advisers for “AI Washing”

11/1/23 White House Issues Landmark Executive Order on Artificial Intelligence

Shannon M. O'Sullivan

Partner; host and moderator of The Funds Channel; concentrates on the formation and operation of a diverse platform of private funds

Meaghan A. Kelly, Simpson Thacher

Partner; specializes in advising fund managers with respect to SEC examinations, compliance and disclosure questions, and SEC enforcement investigations

To learn more, visit us at www.regulatoryroundtablepodcast.com. If you have any questions or any topics you would like to hear covered, contact us at regulatoryroundtable@stblaw.com.

This podcast was recorded and is being made available by Simpson Thacher for general informational purposes only. Listeners should not consider the information available via this podcast to be an invitation for an attorney-client relationship, should not rely on the information provided during the podcast as legal advice for any purpose, and should always seek the legal advice of competent counsel in the relevant jurisdiction. Listeners should not act, or refrain from acting, based on any information made available via this podcast, and Simpson Thacher expressly disclaims all liability in respect of actions taken or not taken based on any contents of this podcast. By accessing this podcast you acknowledge that Simpson Thacher makes no warranty, guaranty, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Simpson Thacher.

This episode focuses on the SEC’s new and amended rules targeting private fund advisers, which were adopted on August 23. In addition to reviewing the rules’ requirements—including some significant modifications from the rules that were proposed in February 2022—we discuss our expectations for fund advisers under the new rules and the ongoing litigation challenging them, as well as exam and enforcement observations.

9/12/23 SEC Marketing Rule Settlements Total 10 Before One Year Anniversary of Compliance Date

9/11/23 SEC Division of Examinations Releases Process-Focused Risk Alert—Exam Selection and Typical Categories of Document Requests

8/24/23 The Day Has Come: The SEC Adopts Private Fund Adviser Rules

Meaghan A. Kelly, Simpson Thacher

Partner; specializes in advising fund managers with respect to SEC examinations, compliance and disclosure questions, and SEC enforcement investigations

David W. Blass, Simpson Thacher

Partner; formerly served as General Counsel of the Investment Company Institute and also held senior roles for over a decade at the SEC

To learn more, visit us at www.regulatoryroundtablepodcast.com. If you have any questions or any topics you would like to hear covered, contact us at regulatoryroundtable@stblaw.com.

This podcast was recorded and is being made available by Simpson Thacher for general informational purposes only. Listeners should not consider the information available via this podcast to be an invitation for an attorney-client relationship, should not rely on the information provided during the podcast as legal advice for any purpose, and should always seek the legal advice of competent counsel in the relevant jurisdiction. Listeners should not act, or refrain from acting, based on any information made available via this podcast, and Simpson Thacher expressly disclaims all liability in respect of actions taken or not taken based on any contents of this podcast. By accessing this podcast you acknowledge that Simpson Thacher makes no warranty, guaranty, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Simpson Thacher.

In the latest episode of The Regulatory Roundtable, join us as we take a bird’s eye view of the current SEC private funds environment and what’s to come. Outlining policy and rulemaking, the increasingly challenging exam program, and the state of play on enforcement, we discuss the return to private funds as a marquee exam and enforcement priority.

Marc P. Berger, Simpson Thacher

Partner; former Acting Director and Deputy Director of the SEC’s Enforcement Division and Director of the SEC’s New York Office; former Chief of the Securities and Commodities Fraud Task Force, U.S. Attorney’s Office, SDNY

David W. Blass, Simpson Thacher

Partner; formerly served as General Counsel of the Investment Company Institute and also held senior roles for over a decade at the SEC

Meaghan A. Kelly, Simpson Thacher

Partner; specializes in advising fund managers with respect to SEC examinations, compliance and disclosure questions, and SEC enforcement investigations

Michael J. Osnato, Jr., Simpson Thacher

Partner and Head of the Firm’s Funds Regulatory and Investigations group; former Chief of the SEC’s Complex Financial Instruments Unit

To learn more, visit us at www.regulatoryroundtablepodcast.com. If you have any questions or any topics you would like to hear covered, contact us at regulatoryroundtable@stblaw.com.

This podcast was recorded and is being made available by Simpson Thacher for general informational purposes only. Listeners should not consider the information available via this podcast to be an invitation for an attorney-client relationship, should not rely on the information provided during the podcast as legal advice for any purpose, and should always seek the legal advice of competent counsel in the relevant jurisdiction. Listeners should not act, or refrain from acting, based on any information made available via this podcast, and Simpson Thacher expressly disclaims all liability in respect of actions taken or not taken based on any contents of this podcast. By accessing this podcast you acknowledge that Simpson Thacher makes no warranty, guaranty, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Simpson Thacher.