Igor Rozenblit

“ Unless they are confident that it is not, we advise funds to treat alt data as MNPI. ”

Igor Rozenblit is an expert in financial regulation and a former officer at the the U.S. Securities and Exchange Commission where he served as the SEC’s primary private markets expert. Igor currently works as the managing partner at the compan Iron Road Partners. While at the SEC he held various leadership positions including, Fellow in the Division of Enforcement’s Asset Management Unit, founder and co-head of the Division of Examinations’ Private Funds Unit and co-lead for the agency’s inter-divisional Private Fund Specialized Working Group.

Talks by Igor Rozenblit

Alt Data and the SEC

Alternative data or alt data is now fueling investment decisions at the world’s leading private investment funds, but what is alt data and when does its use trigger a violation of U.S. securities laws? Igor Rozenblit, the long time co-head of the private funds unit of the U.S. Securities and Exchange Commission (SEC) explains.

Alt data can include internet scrapings, satellite data, mobile data, credit card transactions, and much more. In what can be massive data sets, how do companies parse out material nonpublic information (NMPI) that may trigger securities law obligations? Rozenblit shares examples including the infamous case involving the app data seller, App Annie. He goes on to share how alt data users (those who are trading on the data) can violate policy and due diligence obligations by simply relying on data provided by data sellers. Rozenblit also weighs in on whether internet data scraping can trigger NMPI and deceptive practices concerns.

Igor Rozenblit is a securities law and investment professional. He served as the co-head of the private funds unit of the SEC from 2010 to 2021.

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