FIA and FIA EPTA have submitted a response to the European Commission’s AI Office consultation on prohibited AI practices and the definition of an AI System. Following the consultation, the Commission will develop guidelines, under Article 96(1) of the AI Act, which are expected to be published in early 2025.
In the response the associations recognise that policymakers around the world are examining current and future uses of AI technology in the financial sector. They stress that regulatory coordination and a globally harmonised approach to regulation is essential to avoid regulatory divergence and overlap, which will create unnecessary complexities while also acting as a barrier to AI entry and adoption. The associations urge policymakers to avoid stifling innovation via excess regulation.
They also caution against overly prescriptive guidance beyond that already provided within the various Articles and Recitals of the AI Act and encourage policymakers and regulatory authorities to give sufficient time to allow the AI Act to embed within market practice.
The associations understand that the Commission is obliged to develop guidelines on the practical implementation of the AI Act and, as such, appreciate the opportunity to share input on areas where guidelines would benefit members.
Read more in the response here.
