Regulatory News • SEC AI Rules: The US Securities and Exchange Commission (SEC) has proposed new rules addressing conflicts of interest related to the use of AI by broker-dealers and investment advisers. These rules, expected to be finalized in 2024, aim to ensure transparency and fairness in AI-driven financial services. • App Privacy: All app developers are subject to general prevailing privacy best practices like data privacy, restriction on sharing of personal data and use of third-party partners. App developers should be aware of handling personal and confidential data. The Federal Trade Commission Act applies to mobile apps and devices to protect consumers and address unfair trade practices and privacy concerns, • Other Legal Requirements: The legal landscape can vary depending on the category of the app. For instance, apps in the healthcare space are subject to Health Insurance Portability and Accountability Act (HIPAA) while apps in the financial landscape are subject to Anti Money Laundering (AML) regulations. Therefore, one must pay attention to granular legal compliance. These regulations reflect a global trend towards tighter controls on digital marketplaces, aiming to enhance competition, transparency, and consumer protection.
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