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File No. 3-21894 是本站记录的正式程序编号，程序由 U.S. Securities and Exchange Commission 处理。", "kind": "procedural-fact", "status": "confirmed", "documentIds": [ "matter-16:document-1" ], "asOf": "2024-03-18" } ], "caseBackground": { "narrativeZh": "SEC 对 Delphia (USA) Inc. 与 Global Predictions, Inc. 分别启动行政程序，指控两家投资顾问对实际使用 AI 的方式作出虚假或误导性陈述。两项独立命令编号 3-21894 和 3-21895，网站将其作为相关监管事项展示，但不自动并为同一程序。", "partiesZh": [ "美国证券交易委员会", "Delphia (USA) Inc.", "Global Predictions, Inc." ], "aiSystemZh": "两家投资顾问宣传中所称的 AI 投资或预测能力", "challengedConductZh": "在投资顾问网站和营销中陈述使用 AI 的方式，而被 SEC 指与实际能力或流程不符。", "allegedHarmZh": "SEC 认为投资者可能被有关 AI 投资能力的陈述误导；两公司和解时不承认也不否认调查结果。", "proceduralOriginZh": "SEC 于 2024 年 3 月 18 日发布 3-21894 与 3-21895 两项独立和解命令。", "claimIds": [ "matter-16:claim-1", "matter-16:claim-2", "matter-16:claim-procedure" ], "documentIds": [ "matter-16:document-1", "matter-16:document-2" ] }, "issues": [ { "id": "matter-16:issue-ai-marketing-accuracy", "matterId": "matter-16", "titleZh": "投资顾问 AI 宣传的真实性", "questionZh": "投资顾问关于其使用 AI 进行投资决策或预测的陈述，是否与实际系统和流程相符？", "contextZh": "所谓“AI 洗白”在本案中通过既有证券披露和广告规则处理，而不是另设一个独立违法类型。", "topic": "consumer-protection", "status": "partly-resolved", "courtTreatmentZh": "SEC 以两项最终和解命令对误导性 AI 陈述设置罚款和命令合规义务。", "claimIds": [ "matter-16:claim-1" ], "positions": [ { "id": "matter-16:issue-ai-marketing-accuracy:position-1", "issueId": "matter-16:issue-ai-marketing-accuracy", "sideZh": "SEC", "positionZh": "指控两家投资顾问对 AI 使用方式作出虚假或误导性陈述。", "claimIds": [], "documentIds": [] }, { "id": "matter-16:issue-ai-marketing-accuracy:position-2", "issueId": "matter-16:issue-ai-marketing-accuracy", "sideZh": "两家投资顾问", "positionZh": "在不承认也不否认命令调查结果的情况下和解。", "claimIds": [ "matter-16:claim-1" ], "documentIds": [ "matter-16:document-1" ] } ] }, { "id": "matter-16:issue-marketing-rule", "matterId": "matter-16", "titleZh": "Marketing Rule 与 AI 能力表述", "questionZh": "AI 投资能力陈述如何适用《投资顾问法》和 Marketing Rule 的既有准确性要求？", "contextZh": "技术标签不会降低投资顾问对广告、业绩或方法陈述的核验义务。", "topic": "professional-responsibility", "status": "partly-resolved", "courtTreatmentZh": "3-21894 和 3-21895 分别以现有投资顾问监管规则处理相关 AI 营销陈述。", "claimIds": [ "matter-16:claim-1", "matter-16:claim-2" ], "positions": [ { "id": "matter-16:issue-marketing-rule:position-1", "issueId": "matter-16:issue-marketing-rule", "sideZh": "SEC", "positionZh": "认为 AI 陈述必须遵守投资顾问广告与披露规则，不能超出实际能力。", "claimIds": [], "documentIds": [] }, { "id": "matter-16:issue-marketing-rule:position-2", "issueId": "matter-16:issue-marketing-rule", "sideZh": "两家投资顾问", "positionZh": "接受各自命令所设合规义务，但没有承认调查结果。", "claimIds": [], "documentIds": [] } ] }, { "id": "matter-16:issue-separate-proceedings", "matterId": "matter-16", "titleZh": "两项行政程序不得混同", "questionZh": "Delphia 与 Global Predictions 的命令应如何作为关联行动展示而不混合当事方、案号和义务？", "contextZh": "SEC 同日发布并共同宣传两项行动，但每家公司对应独立行政案号和命令。", "topic": "consumer-protection", "status": "partly-resolved", "courtTreatmentZh": "SEC 分别录入 3-21894 与 3-21895；网站仅在同一监管主题下建立关联。", "claimIds": [ "matter-16:claim-1", "matter-16:claim-2" ], "positions": [ { "id": "matter-16:issue-separate-proceedings:position-1", "issueId": "matter-16:issue-separate-proceedings", "sideZh": "程序记录", "positionZh": "两项命令可比较但不能把一家公司事实或义务归给另一家公司。", "claimIds": [], "documentIds": [] }, { "id": "matter-16:issue-separate-proceedings:position-2", "issueId": "matter-16:issue-separate-proceedings", "sideZh": "两家投资顾问", "positionZh": "各自仅受其对应行政命令约束。", "claimIds": [], "documentIds": [] } ] } ], "decisions": [ { "id": "matter-16:decision-1", "matterId": "matter-16", "proceedingId": "matter-16:proceeding-1", "eventId": "matter-16:event-1", "date": "2024-03-18", "outcomeZh": "SEC 分别发布 Delphia 的 3-21894 与 Global Predictions 的 3-21895 和解命令，两家公司在不承认也不否认调查结果的情况下接受罚款和合规义务。", "holdingsZh": [ "两项命令是彼此独立的行政程序和最终义务。", "AI 能力宣传受既有《投资顾问法》和 Marketing Rule 约束。", "和解不把命令中的全部调查结果转化为公司承认。" ], "reasoningZh": [ "投资顾问对其方法和技术能力的陈述会影响投资者判断，必须与实际使用情况相符。", "SEC 通过现有披露与营销规则处理相关陈述，无需创设独立的“AI 洗白”罪名。" ], "reliefZh": 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