When is alt data illegal?

Alternative data or alt data is now fueling the investment decisions of the world's leading private investment funds, so when does the use of alt data violate U.S. securities laws? We asked a leading securities law expert. Igor Rozenblit previously served as the co-head of the private funds unit of the SEC. Rozenblit explains which securities laws are implicated in the misuse of alt data and where grey areas remain. Rozenblit shares insights from prior SEC actions and discusses the infamous App Annie case and what it means for private funds that use alt data to power investment decisions. ► http://www.talksonlaw.com for more legal explainers and interviews with the titans of law. ____________________ 00:00 The Importance of Alt Data 00:20 Introduction of Igor Rosenblit, Formerly of the SEC 00:40 Definition of Alt Data 01:30 When is the use of alt data illegal? 02:12 Alt Data as Material Nonpublic Information (MNPI) 03:27 The App Annie Case 06:40 What securities laws restrict the use of alt data? 07:01 When is alt data from web scraping MNPI? 09:00 Alt Data and Deceptive Practices 10:36 Policies and Procedures for Alt Data Use and Section 204A