United States: Corporate/Commercial Law

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Article
AI, MNPI, And The SEC: How Existing Law Applies To Model-Driven Trading
When an AI system is trained on material nonpublic information, MNPI, and then used to inform or execute trades, the firm deploying that system may face insider trading liability, even if no human trader ever directly reviewed the underlying data. The SEC has not yet brought a case on this precise theory, but recent enforcement actions, particularly its 2023 settlement with Virtu Financial, establish the compliance framework most likely to govern AI-driven trading. The legal risk is no longer hypothetical.
United States Commercial
GU
Gesmer Updegrove LLP
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Franchising
PE
Private Equity
E
ESG
PM
Private M&A

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Charities & Non-Profits

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M&A/Private Equity

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Compliance

Article
Built For One Era, Operating Across Four Generations
Federal banking agencies have issued revised model risk management guidance in SR 26-2, introducing a more explicitly risk-based approach to model governance, validation, and monitoring. While primarily targeting organizations with over $30 billion in assets, the principles-based framework has broader implications for regional and community banks navigating evolving regulatory expectations.
United States Finance
AC
Ankura Consulting Group LLC
Article
AI, MNPI, And The SEC: How Existing Law Applies To Model-Driven Trading
When an AI system is trained on material nonpublic information, MNPI, and then used to inform or execute trades, the firm deploying that system may face insider trading liability, even if no human trader ever directly reviewed the underlying data. The SEC has not yet brought a case on this precise theory, but recent enforcement actions, particularly its 2023 settlement with Virtu Financial, establish the compliance framework most likely to govern AI-driven trading. The legal risk is no longer hypothetical.
United States Commercial
GU
Gesmer Updegrove LLP
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Venture Capital

Article
Founders’ Toolkit – Choosing The Right Fundraising Method
Early-stage startups have three primary methods to raise capital: convertible notes, SAFEs, and equity financing rounds. Each option carries different levels of complexity and suits different stages of company growth. Understanding the mechanics of convertible notes—including valuation caps, discount rates, and conversion triggers—is essential for founders navigating their first fundraising decisions.
United States Commercial
LS
Lowenstein Sandler
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