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EU asks for industry's contribution over AI use in finance

EU asks for industry's contribution over AI use in finance

Commission opens public consultation until September 13

ROME, 21 June 2024, 13:09

ANSA English Desk



The European Commission on Friday launched a targeted consultation and a series of workshops to gather input from all financial services stakeholders on the use of artificial intelligence (AI) in finance, the EU executive said in a note.
    The Commission added that the initiatives concern the use, benefits, obstacles, risks and needs of affected parties.
    "The EU's AI Act and existing financial sector rules provide a solid basis to allow for technological innovation", Mairead McGuiness, the European Commissioner for financial service, said in a statement.
    McGuinness stressed how it is fundamental for the Commission and other authorities in charge to work in close contact - including with financial stakeholders - "to implement these rules in a reasonable, responsible and coherent way".
    Consultations and workshops are aimed at all interested financial sector operators.
    The contributions received will allow the Commission to provide indications to the financial sector to implement the AI Act, the European law on artificial intelligence, in their specific market areas.
    The interested parties are invited to participate in the consultation by September 13.
    The opinions of companies already providing or developing AI systems are of particular interest.
    Moreover, a series of workshops organized in cooperation with European and national watchdogs will give the interested parties the opportunity of presenting projects and exchanging information on the latest developments.
    Enrolment in workshops to be held in the fall are open until July 16.


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