Notice: You are viewing a detailed profile of an entity in our US Agency Mapping resource, in which we have compiled all information relevant for the regulation of advanced AI technologies in the US. To see an overview of all entities, return to the entity overview page.
Index
Department of Commerce (DoC)
International Trade Administration (ITA)
US Patent and Trade Administration (USPTO)
Bureau of Industry and Security (BIS)
National Institute of Standards and Technology (NIST)
US AI Safety Institute (USAISI)
National Telecommunication and Information Administration (NTIA)
Department of Energy (DoE)
Office of Cybersecurity, Energy Security, and Emergency Response (CESER)
Advanced Scientific Computing Research (ASCR)
Office of Critical and Emerging Technology (OCET)
Department of Homeland Security (DoHS)
Cybersecurity and & Infrastructure Security Agency (CISA)
Office of Cyber, Infrastructure, Risk, and Resilience (CIRR)
Independent Agencies
Securities and Exchange Commission
The SEC is an independent federal agency responsible for enforcing federal securities laws, proposing securities rules, and regulating the securities industry, the nation's stock and options exchanges, and other securities markets (including crypto) in the United States.
Gary Gensler - Chair, and David Bottom - Chief Information Officer
Description
The SEC is an independent federal agency responsible for enforcing federal securities laws, proposing securities rules, and regulating the securities industry, the nation’s stock and options exchanges, and other securities markets (including crypto) in the United States.
Recently, OpenAI whistleblowers filed a complaint with the SEC to conduct an investigation into the company’s non-disclosure agreements. The whistleblowers alleged that OpenAI required employees to sign agreements waiving their rights to federal whistleblower protections. They also claim the company mandated prior consent for disclosing information to federal regulators and failed to create exemptions in non-disparagement clauses for reporting securities violations to the SEC.
Authority
List of general authorities:
| Legislation / Code | Authority | Description |
|---|---|---|
| Securities Act of 1933 | Securities Registration and Disclosure | Oversees registration of public securities offerings; mandates disclosure of financial information |
| Securities Exchange Act of 1934 | Market Regulation and Enforcement | Regulates securities exchanges, brokers, and dealers; enforces securities laws; oversees corporate reporting |
| Trust Indenture Act of 1939 | Debt Securities Oversight | Regulates public offerings of debt securities; ensures compliance with indenture standards |
| Investment Company Act of 1940 | Investment Company Regulation | Oversees companies primarily engaged in securities investment; requires disclosure of fund information and policies |
| Investment Advisers Act of 1940 | Investment Adviser Oversight | Regulates and registers investment advisers; sets compliance standards for the profession |
| Sarbanes-Oxley Act of 2002 | Corporate Governance and Accounting | Enhances corporate accountability; oversees accounting practices; establishes auditing standards |
| Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 | Financial System Reform | Expands regulatory reach; enhances consumer protection (including whistleblower protections); increases oversight of financial products and corporate practices |
| Jumpstart Our Business Startups (JOBS) Act of 2012 | Capital Formation Facilitation | Eases regulations for small businesses; creates new categories of securities offerings |
In March 2024, the SEC announced that it had settled charges against two investment advisers, Delphia (USA) Inc. and Global Predictions Inc., for making false and misleading statements about their use of AI in their investment processes. This practice, which the SEC refers to as “AI washing,” involves investment firms falsely claiming or overstating their use of artificial intelligence technology to attract clients and investors. This follows their proposed rule on Conflicts of Interest Associated With the Use of Predictive Data Analytics by Broker-Dealers and Investment Advisers which requires firms to evaluate and address potential conflicts of interest arising from their use of AI and predictive analytics in investor interactions.
References
https://corpgov.law.harvard.edu/2024/04/18/decoding-the-secs-first-ai-washing-enforcement-actions/
Index
Department of Commerce (DoC)
International Trade Administration (ITA)
US Patent and Trade Administration (USPTO)
Bureau of Industry and Security (BIS)
National Institute of Standards and Technology (NIST)
US AI Safety Institute (USAISI)
National Telecommunication and Information Administration (NTIA)
Department of Energy (DoE)
Office of Cybersecurity, Energy Security, and Emergency Response (CESER)
Advanced Scientific Computing Research (ASCR)
Office of Critical and Emerging Technology (OCET)
Department of Homeland Security (DoHS)
Cybersecurity and & Infrastructure Security Agency (CISA)
Office of Cyber, Infrastructure, Risk, and Resilience (CIRR)