FIA and FIA EPTA have responded to the European Commission’s consultation on artificial intelligence, which sets out to identify the main use cases along with the benefits, barriers and risks related to the development of AI applications in the financial sector.
In the response, the associations caution against AI-specific legislation for the financial sector, which would cause regulatory overlap when considered alongside existing regulation. Existing rules and regulations, including MiFID II, GDPR and DORA, already provide the controls and oversight needed to promote and protect the integrity and resilience of European markets.
Furthermore, they note that regulatory coordination and a globally harmonised approach to regulation are essential to avoid divergence and overlap, which would create unnecessary complexities. The associations warn that failure to do so would act as a barrier to AI adoption and may stifle innovation in the markets.
Read the response in full.
