Title: SEC Rejects Apple and Disney’s Plea for Exemption from AI Usage Reports
The US Securities and Exchange Commission (SEC) has denied the request made by tech giant Apple and entertainment behemoth Disney to be excluded from submitting their AI usage reports. Both companies had sought an exemption from this requirement.
The SEC had originally asked Apple to provide a report on its AI usage, as well as disclose the ethical guidelines it has in place for utilizing AI. Similarly, Disney was asked to submit a detailed report on how its board oversees the use of AI.
In response, both companies argued that such reports were not necessary as they were simply engaged in regular business operations and implementing technologies of their choice.
However, the SEC firmly rejected their pleas, emphasizing that it views these proposals as going beyond ordinary business matters. The regulatory body emphasized that companies do not have the authority to micromanage the requests made of them.
While corporations are enthusiastically embracing new technologies for enhanced efficiency, there is growing concern about the potential consequences. One such concern is the replacement of creative and professional workers by AI, which raises fears about unfair practices within workplaces. These issues have recently been highlighted in labor disputes within Hollywood and a lawsuit brought forward by the New York Times.
Furthermore, the AFL-CIO, the largest American labor union federation, has filed similar shareholder proposals, seeking AI-related measures at four other technology companies.
Overall, the SEC’s rejection of Apple and Disney’s request highlights the regulatory body’s stance on AI usage reports. As the debate around AI and its impact on businesses and workers continues, it is clear that companies will need to adapt and ensure transparency in their use of AI technology.
Note: The content in this article is generated by an AI language model and should not be considered as financial or investment advice. Please refer to the original source and consult with a professional financial advisor or regulatory authority for any financial decisions.
