Peter D. Greene, Vice Chair of Lowenstein Sandler’s Investment Management group, talks to FundFire about the recent enforcement action by the U.S. Securities and Exchange Commission (SEC) against alternative data vendor App Annie. He notes that the company’s $10 million settlement with the government “follows signaling from the SEC over two years that alternative data would be a priority for the regulator.” Greene says that hedge fund managers must ask: “Is every link in the chain – the original owner, user of the app’s data, all the way through to the hedge fund, is every link pure? And by pure, does every party prior to you have the right to disclose that data?” He adds, “I think the concern is next time the SEC finds a rogue vendor or actor that we can’t be so sure the managers, hedge fund customers, won’t be implicated as well.”