Which regulatory agencies enforce this type of clause?

{'agency': 'SEC', 'reason': "The SEC has jurisdiction over investment advice and broker-dealer activities; if Claude outputs constitute investment advice, the SEC's oversight of the Advisers Act and Exchange Act is directly relevant.", 'complaint_url': 'https://www.sec.gov/tcr'}, {'agency': 'FTC', 'reason': 'The FTC has authority over deceptive practices including misleading financial guidance provided by AI services to consumers.', 'complaint_url': 'https://reportfraud.ftc.gov/'}

What is the severity of this clause?

ConductAtlas classifies this Prohibition on Financial Advice and Securities Reliance clause as medium severity. Severity reflects the magnitude of rights affected, the breadth of users impacted, and the degree of discretion the platform retains.

Prohibition on Financial Advice and Securities Reliance — Anthropic

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What it is

You are expressly prohibited from using Claude to make investment decisions or to give or receive financial advice about stocks, bonds, derivatives, or other financial products.

Change history

removed Mar 9, 2026

The removal of explicit financial advice disclaimers may reduce Anthropic's protection against liability for users relying on Claude for investment or financial decisions.

View full change record →

Consumer impact (what this means for users)

If you use Claude to help make investment decisions and lose money as a result, Anthropic bears no legal responsibility and you have no recourse against them — this is a deliberate liability limitation covering a common consumer use case.

Cross-platform context

See how other platforms handle Prohibition on Financial Advice and Securities Reliance and similar clauses.

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Why it matters (compliance & risk perspective)

This prohibition shifts all legal risk to the user if they rely on Claude for investment decisions — Anthropic explicitly disclaims any regulated financial advisory status, meaning there is no regulatory oversight or liability protection if Claude provides incorrect financial information that leads to losses.

View original clause language

To rely upon the Services, the Materials, or the Actions to buy or sell securities or to provide or receive advice about securities, commodities, derivatives, or other financial products or services, as Anthropic is not a broker-dealer or a registered investment adviser under the securities laws of the United States or any other jurisdiction.

Institutional analysis (Compliance & legal intelligence)

(1) REGULATORY FRAMEWORK: This provision engages the Investment Advisers Act of 1940 (15 U.S.C. §80b-1 et seq.), the Securities Exchange Act of 1934, and FINRA rules governing broker-dealer conduct. SEC guidance on AI and automated investment advice (robo-advisers) is increasingly relevant. The Commodity Exchange Act (7 U.S.C. §1 et seq.) applies to commodities and derivatives references. State blue sky laws may impose additional requirements. The FTC Act Section 5 applies if financial advice disclaimers are found to be deceptively incomplete. (2)

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Applicable agencies

SEC

The SEC has jurisdiction over investment advice and broker-dealer activities; if Claude outputs constitute investment advice, the SEC's oversight of the Advisers Act and Exchange Act is directly relevant.
File a complaint →
FTC

The FTC has authority over deceptive practices including misleading financial guidance provided by AI services to consumers.
File a complaint →

Provision details

Document information

Document

Claude.ai Terms of Service

Entity

Anthropic

Document last updated

March 24, 2026

Tracking information

First tracked

March 6, 2026

Last verified

April 27, 2026

Record ID

CA-P-003167

Document ID

CA-D-00011

Evidence Provenance

Source URL

https://www.anthropic.com/legal/consumer-terms

Wayback Machine

View archived versions →

SHA-256

e757437a9d05ea816b5c1cddd3974f9a2ff93619333e14be4d368d9698b1e93f

Verified

✓ Snapshot stored ✓ Change verified

How to Cite

ConductAtlas Policy Archive
Entity: Anthropic | Document: Claude.ai Terms of Service | Record: CA-P-003167
Captured: 2026-03-06 19:30:31 UTC | SHA-256: e757437a9d05ea81…
URL: https://conductatlas.com/platform/anthropic/claudeai-terms-of-service/prohibition-on-financial-advice-and-securities-reliance/
Accessed: April 29, 2026

Classification

Severity

Medium

Prohibition on Financial Advice and Securities Reliance