Commission seeks input from industry on the use of artificial intelligence in the financial sector

Published

Jun 24 2024

Written By

Senior Associate
France

I am a tech-friendly lawyer based in Paris, specialising in Fintech, Cybersecurity, and Data Protection, committed to providing business-oriented and sustainable advice.

Cathie-Rosalie Joly

Partner
France

I'm a partner in our Finance & Financial Regulation, Tech & Comms and Media Groups, and lead Bird & Bird's French Fintech sub-group. I assist clients with disruptive digital technology adoption, providing legal advice and acting in regulatory litigation. I'm based out of Paris and often work in our Belgium office.

Giuseppe D'Agostino

Of Counsel
Italy

I joined Bird & Bird in March 2020 as Of Counsel, taking up the position of Co-Head of the International Finance & Financial Regulation Practice with a focus on regulatory compliance and FinTech.

Practices

Finance & Financial Regulation

Sectors

In order to provide guidance to the financial sector for the implementation of the AI Act, the European Commission has launched a targeted consultation and a series of workshops seeking input on the concrete application of artificial intelligence in the financial sector. In order to provide guidance to the financial sector for the implementation of the AI Act.

The consultation and workshops target all financial service stakeholders.

The goal is to identify the main use cases and the benefits, barriers and risks related to the development of AI applications in the financial sector.

This targeted consultation includes questions with multiple choice and open answers, divided in three parts:

a first part with general questions on AI applications in financial services
a second part with questions related to specific use cases in financial services
and a third part on the AI Act related to the financial sector

The input received will enable the Commission to provide guidance to the financial sector for the implementation of the AI Act, the EU's legal framework for AI, in their specific market areas.

Stakeholders are invited to respond to the consultation by 13 September.

Moreover, a series of workshops co-hosted with the European Supervisory Authorities and national supervisors will give stakeholders the opportunity to present projects and exchange about the latest developments. Registration for the workshops, which will take place in autumn, is open until 26 July.