Category Archives: Securities and Exchange Commission (SEC)

Agentic AI in Retail Investing: Navigating Regulatory and Operational Risk

by Charu Chandrasekhar, Avi Gesser, Jeff Robins, Kristin Snyder and Achutha Raman

Left to Right: Charu Chandrasekhar, Avi Gesser, Jeff Robins, Kristin Snyder and Achutha Raman (Photos courtesy of Debevoise & Plimpton LLP)

The Rise of AI-Driven Investing in Retail Finance

Generative artificial intelligence (“GenAI”) innovations are rapidly transforming the formulation, analysis, and delivery of investment advice. Many broker-dealers and investment advisers are embracing GenAI to support one or more parts of the investment lifecycle—synthesizing investment research; undertaking trend analysis, anomaly detection, and pattern recognition for risk modeling and market surveillance; and performing large-scale data extraction and analysis.

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Extracting Value Amid Rising Risk: Compliance and M&A Pressures in the Global Resources Sector

by T. Markus Funk, PhD, Stephen Shergold, David Lewis, and Allan Taylor

photos of authors

Left to Right: T. Markus Funk, Stephen Shergold, David Lewis and Allan Taylor (Photos courtesy of White & Case LLP)

The natural resources extraction industry—spanning mining, oil and gas, and critical minerals—faces an increasingly complex compliance, legal and regulatory environment. Over the next three years, operators will encounter heightened scrutiny across environmental, social and governance (ESG) domains, as well as greater geopolitical and enforcement risks.

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SEC Chairman Announces Reforms to Wells Process and Settlement Procedures

by Courtney Andrews, Darryl Lew, Tami Stark, and Olivia Hussey

Photos of authors.

Courtney Andrews, Darryl Lew, Tami Stark, and Olivia Hussey (Photos courtesy of White & Case)

On October 7, 2025, U.S. Securities and Exchange Commission (“SEC” or “Commission”) Chairman Paul S. Atkins announced procedural reforms aimed at enhancing fairness and transparency in the agency’s enforcement program.[1] Chairman Atkins emphasized that the reforms focus on the SEC’s three-part mission: to protect investors; to maintain fair, orderly, and efficient markets; and to facilitate capital formation. These changes will have implications for companies and individuals facing potential enforcement actions.

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SEC’s Newest Task Force Takes Cross-Border Aim

by Jina L. Choi, Gabriela Li, David Woodcock, and Emily Rumble

photos of authors

From left to right: Jina L. Choi, Gabriela Li, David Woodcock, and Emily Rumble (photos courtesy of Gibson, Dunn & Crutcher LLP)

In line with the Trump Administration’s America First Investment Policy and perhaps in response to entreaties from Congress and state regulators to protect the U.S. capital markets from unscrupulous foreign actors, the SEC announced the formation of a Cross-Border Task Force within its Division of Enforcement on September 5, 2025.[1] The task force will focus on investigating foreign-based issuers for potential market manipulation, such as pump-and-dump and ramp-and-dump schemes, and will increase scrutiny of gatekeepers, particularly auditors and underwriters, who help foreign issuers access the U.S. capital markets. The statement notably singles out China as a jurisdiction where governmental control and other factors pose unique investor risks.

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SEC Chair Atkins Unveils “Project Crypto” to Modernize US Securities Regulation

by Jeremy Moorehouse, Zachary Goldman, Benjamin Neaderland, and Matthew Beville

Left to right: Jeremy Moorehouse, Zachary Goldman, Benjamin Neaderland, and Matthew Beville (photos courtesy of WilmerHale)

Introduction

On July 31, 2025, SEC Chairman Paul Atkins delivered a major policy address at the America First Policy Institute in Washington, D.C., unveiling “Project Crypto”—a Commission-wide initiative to modernize securities regulation in support of President Trump’s vision of the United States as the “crypto capital of the world.” Framing the moment as a defining opportunity for American leadership in digital finance, Atkins outlined a regulatory agenda focused on integrating “on-chain” (on blockchain technology) software systems into US markets, enabling decentralized finance, and launching a new “innovation exemption” to accelerate the commercial deployment of novel technologies. His remarks signal a significant shift toward a more flexible regulatory posture that could shape the future of the US digital asset market for years to come.

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Second Circuit Reinstates FIFA Bribery Convictions, Reviving Honest Services Fraud Prosecutions for Foreign Commercial Bribery

by David A. Last, Rahul Mukhi, Victor L. Hou, Lisa Vicens, Matthew M. Yelovich, and Sarah Pyun

From left to right:  David A. Last, Rahul Mukhi, Victor L. Hou, Lisa Vicens, Matthew M. Yelovich, and Sarah Pyun (photos courtesy of Cleary Gottlieb Steen & Hamilton LLP)

In a significant decision with broad implications for companies and individuals operating internationally, the U.S. Court of Appeals for the Second Circuit has reversed the acquittal of a former media executive and a sports marketing company in the long-running FIFA bribery investigation.[1]  The ruling reinstates jury convictions for honest services wire fraud and money laundering conspiracy, holding that the federal honest services fraud statute, 18 U.S.C. § 1346, can apply to foreign commercial bribery schemes.[2]

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New Orders Lifting Bars Signal Shift by SEC

by Joel M. Cohen, Ladan Stewart, and Robert DeNault

Photos of the authors

Left to right: Joel M. Cohen, Ladan Stewart, and Robert DeNault (photos courtesy of White & Case LLP)

In recent months, the U.S. Securities and Exchange Commission has signaled a shift in its approach to applications to lift administrative bars that restrict participation in the securities industry.  This suggests there is presently a window of opportunity for individuals subject to temporary or permanent bars to seek relief from the Commission.  Along the same lines, we expect the Commission to be more open to applications for waivers from statutory disqualifications triggered by many SEC orders.

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Bipartisan Bill Offers Needed Reforms to SEC Whistleblower Program

By Stephen M. Kohn and Geoff Schweller

Photos of the authors

Stephen M. Kohn and Geoff Schweller (photos courtesy of the authors)

Since it was established in 2010, the U.S. Securities and Exchange Commission (SEC) Whistleblower Program has emerged as the gold standard for whistleblower award programs. Through a combination of anonymous reporting channels, anti-retaliation protections, transnational reach, and mandatory whistleblower awards, the program has generated tens of thousands of tips, resulted in the collection of over $6 billion in sanctions from fraudsters and the return of over $1.3 billion directly to harmed investors.

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Evolution of AI Washing Enforcement: DOJ Enters the Picture

by Joel M. Cohen, Gabriella Margaux Pérez Klein, and Robert DeNault

Left to right: Joel M. Cohen, Gabriella Margaux Pérez Klein, and Robert DeNault (photos courtesy of White & Case LLP)

On April 9, the U.S. Department of Justice and Securities and Exchange Commission announced parallel cases against the founder and former CEO of an artificial intelligence startup for allegedly misleading investors about his former company’s product capabilities.  The cases are the latest salvo in regulatory focus on AI companies and their public statements about the products they offer.

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SEC Now Requires Commission Approval for Subpoenas, but Says It Is Not ‘Walking Away’ From Enforcement

by Andrew Goldstein, Elizabeth Skey, and Bingxin Wu

Photos of the authors

Left to right: Andrew Goldstein, Elizabeth Skey and Bingxin Wu (photos courtesy of Cooley LLP)

On March 10, 2025, the US Securities and Exchange Commission (SEC) adopted a final rule that will require a majority of the commissioners to agree before the SEC formally opens an investigation. For the past 15 years, that power had been delegated to the SEC’s director of enforcement – enabling SEC staff attorneys to issue subpoenas to companies and individuals without approval of the commission. The new rule will make it more difficult for staff to gain subpoena power, adding a bureaucratic hurdle that could slow investigations down. At the same time, however, Acting Deputy Director of the Division of Enforcement Antonia Apps has insisted publicly that the SEC is not “walking away” from enforcement, but will focus on core areas, such as fraud and deceptive market practices.

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