In our previous alert we mentioned a joint letter from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to the UK Government on their strategic approach to artificial intelligence (AI) and...more
11/6/2024
/ Artificial Intelligence ,
Bank of England ,
Banking Sector ,
Banks ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Financial Stability Board ,
FinTech ,
Machine Learning ,
Prudential Regulation Authority (PRA) ,
Risk Assessment ,
Risk Mitigation ,
UK
The EU AI Act, which went into force on August 1, 2024, introduces specific rules for artificial intelligence (AI) systems, especially those deemed “high risk.”
Medtech devices, products, and services — such as...more
The act’s rules kick in on a rolling basis over the next few years, with the first set of prohibitions coming into effect in February 2025.
The European Union's Artificial Intelligence (AI) Act is the first comprehensive...more
The new EU Artificial Intelligence Act (“AI Act”) is a risk-based framework, ranging from outright prohibitions on certain types of systems to light regulation of others. The AI Act sets out to define AI systems, their levels...more
In our previous alert AI and Machine Learning in UK financial services, we discussed the response in FS 2/23 of the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to its discussion paper on...more
Yesterday, March 13, 2024, the European Parliament approved the EU Artificial Intelligence Act (“AI Act”), a sweeping AI governance framework which presents the first comprehensive law in the world aimed at ensuring AI...more
3/15/2024
/ Artificial Intelligence ,
Compliance ,
Compliance Dates ,
Digital Services ,
EU ,
European Commission ,
European Parliament ,
Exceptions ,
General Data Protection Regulation (GDPR) ,
Machine Learning ,
Member State ,
Multinationals ,
Penalties ,
Regulatory Authority ,
Risk-Based Approaches ,
Technology
Generative AI (GenAI) surged to the forefront of corporate agendas and public policy debates last year, promising to boost productivity and innovation. What’s in store for AI in 2024?...more
1/17/2024
/ Artificial Intelligence ,
Authors ,
Authorship ,
Copyright ,
Copyright Infringement ,
Data Privacy ,
EU ,
General Data Protection Regulation (GDPR) ,
Innovative Technology ,
Inventors ,
Investors ,
IP License ,
Machine Learning ,
Patents ,
Pharmaceutical Industry ,
Popular ,
Privacy Concerns ,
Regulatory Oversight ,
Software ,
Technology Sector
In our previous alert, we noted the speech made by Nikhil Rathi, CEO of the UK Financial Conduct Authority (FCA), which built on the points made in a joint paper published by the Bank of England (BoE) and FCA on artificial...more
10/12/2023
/ Artificial Intelligence ,
Bank of England ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Information Reports ,
Joint Statements ,
Machine Learning ,
Prudential Regulation Authority (PRA) ,
Risk Assessment ,
Risk Management ,
UK
In a recent speech, Nikhil Rathi, CEO of the UK Financial Conduct Authority (FCA), set out the FCA’s latest views on the role of artificial intelligence (AI) in financial services. The speech highlights many benefits but also...more
7/28/2023
/ Artificial Intelligence ,
Competition ,
Consumer Privacy Rights ,
Cyber Attacks ,
Cyber Crimes ,
Deep Fake ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Identity Theft ,
Machine Learning ,
Privacy Laws ,
Regulatory Agenda ,
Risk Assessment ,
Scams ,
SMCR ,
UK
The Department for Science, Innovation and Technology published a white paper on 29 March 2023 titled "AI Regulation: A Pro-Innovation Approach", which sets out the UK Government’s proposals to regulate artificial...more