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ARTICLE · 18 NOVEMBER 2021

Implications Of SEC's Scrutiny Of Data Use Representations

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The SEC's enforcement action with a leading seller of market data signals its concern with misleading data use representations.

United StatesPrivacy
Liisa Thomas
Liisa Thomas
Kari M. Rollins
Kari M. Rollins
Sarah Aberg
Sarah Aberg
Elfin L. Noce
Elfin L. Noce
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The SEC's enforcement action with a leading seller of market data (App Annie Inc.) signals its concern with misleading data use representations. While the data at issue was not "personally identifiable" information, but instead corporate confidential information, the SEC's concerns mirrored those that we have previously seen from that agency, as well as others, regarding representations made about personal information.

App Annie provides investment insights to help its trading firm clients identify potential investment opportunities. Information it provides includes information about mobile application performance, like app downloads, usage, and revenue. One of App Annie's products, App Annie Connect, provides statistical model-generated "estimates" of application performance for its customers based on "aggregated pools of information."  The App Annie Connect Terms of Service indicate this is done in order to ensure the data cannot be identified as coming from a

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