At FinTech Week 2024, Hong Kong launched its inaugural framework for responsible AI in the financial sector, emphasizing ethical principles in trading and investment applications. Issued by the Office of the Privacy Commissioner, the policy mandates stringent standards for consumer protection, data privacy, and fairness, while promoting innovation. Key elements include transparency, accountability, and human oversight, alongside a controlled “sandbox” to pilot generative AI. This initiative aligns Hong Kong with global movements to regulate AI’s impact on critical sectors amid intensifying international competition. #ResponsibleAI https://lnkd.in/g4ixDm-8

🇨🇭 Read our last article to learn more about the regulatory landscape for AI in the Swiss financial services sector and discover how FINMA’s guidelines are steering Swiss finance towards a future where trust and innovation coexist. At Modulos, we embody this dedication through our AI Governance, Risk, and Compliance solution. Tailored for financial institutions, our platform simplifies the journey through AI compliance and governance, ensuring a seamless alignment with these new standards of responsibility. 📰 Read more: https://lnkd.in/epX3bFz7 #finma #aigovernance #airisks

The impending arrival of the EU AI Act signifies a pivotal moment for financial institutions across the EU. As regulators gear up to ensure AI systems are trustworthy and safe, the industry braces for transformative changes. From enhanced transparency measures to stringent regulations on high-risk applications, the landscape is set for a new era of innovation and compliance. A recent article from Fintech Futures highlighted the importance of transparency for building customer trust and the need for firms to balance compliance with innovation. Despite some uncertainty that exists prior to a detailed understanding of any new piece of legislation, the consensus leans towards the act as a positive step forward. The article also emphasised the need for continuous evaluation and potential adjustments and stated that the act does enough for now while advocating for collaboration and agility in its evolution. With the European Parliament set to vote in April, the countdown to implementation begins. Stay tuned as TerraAi and Qkvin continue to navigate this dynamic regulatory landscape, driving forward AI-driven solutions for financial institutions. 📈💼 #AI #Finance #Regulation #EUAIAct #Innovation #TerraAi #Qkvin    https://lnkd.in/etKBUxwm   

In this article of our Firm’s cross-sectoral AI series, we are focusing on the regulatory impact of AI in the investment services sector, particularly on those stakeholders within scope of the MIFID/MIFIR regime. #MIFID #EULaw #AI #ICT #TMT #FinancialTechnologyLaw #Fintech #InvestmentServices #ESMA #mamotcv

A topic on everybody‘s mind: GenAI. And as was stated recently in „theboardoom“: it‘s all about understanding the technology and using it responsibly. Indeed it has so much to give us if we use it right, e.g. in terms of time saved and enhanced quality - if there is a clear thinking mind on top of it! By the way, for financial services, ESMA recently published a statement pointing to some key elements - data quality and transparency - while stressing its potential. Have a look! Just a quote (exclamation marks added): „Some firms might use AI systems to summarise and analyse (!) financial regulations; compare internal policies and procedures with legal requirements; for the detection of behaviors non-compliant with MiFID II investor protection rules; answer queries on the interpretation/application of relevant legislation/policy (!); prepare drafts of internal/external compliance reports.“ See the potential! Happy Sunday to all.

🤖 Mastering Regulatory Change: Practical Strategies, RegTech Solutions, and the Role of AI - with Ruleguard, BNY Pershing, NatWest Group.   📈 The financial markets continue to face evolving regulatory landscapes, and this year presents significant challenges. With major updates to European Market Infrastructure Regulation Refit (EMIR Refit), Markets in Financial Instruments Directive (MIFID II), and Markets in Financial Instruments Regulation (MiFIR) updates, keeping up with these regulatory changes is more critical than ever.   💥 Are you ready to meet the latest compliance requirements?   Hear our industry experts address the challenges firms and compliance teams face, in managing these changes efficiently.     Webinar highlights: ✅ Upcoming regulatory changes and obligations ✅ Practical considerations for effective change management ✅ RegTech tools and solutions to streamline compliance ✅ The role of AI and machine learning in easing regulatory burdens ✅ The benefits of timely compliance, and the risks of falling behind 🏆 Enhance your regulatory change management processes, reduce risks, and ensure compliance with new obligations. Watch now! 🍿 https://lnkd.in/eVtTEuQK Learn more about our Regulatory Updates Solution here: https://lnkd.in/eUUeWpu8 #GRC BNY Pershing NatWest Group RegTech Insight, from A-Team Group #regtech #regulatorychange

Get to know the Cyprus Securities and Exchange Commission’s stance on leveraging AI in the financial sector with this article

Is AI over-hyped or under-hyped? That was the closing question posed by Ronit Ghose from Citi, to Kfir Godrich at BlackRock, and Shelley McKinley at GitHub during the Building Tomorrow: Explaining the AI Tech Stack panel at the Singapore FinTech Festival The answer? “Over-hyped in some areas, under-hyped in others,” Shelley joked, with her lawyer goggles fully on. Overall, the panel addressed AI’s benefits and challenges, particularly for financial services, where regulated, high-stakes environments require rigorous oversight and trust. Discussions highlighted the need for trustworthy AI, maintaining risk management frameworks, and ongoing training to mitigate AI’s potential pitfalls, like hallucinations and data inaccuracies.

In an exclusive op-ed by CySEC Chairman Dr. George Theocharides, we delve into the transformative impact of AI on the securities markets and the pivotal role of regulatory bodies. Here are the main takeaways from this thought-provoking piece: ❗ AI is transforming the securities market by improving efficiency and accuracy, yet its full potential is yet to be fully realized. ❗Trust and responsible deployment are essential for AI's broad adoption in financial regulations, with a focus on investor protection. ❗ESMA actively monitors AI integration, emphasizing the need for regulatory frameworks to evolve with emerging risks and opportunities. ❗The banking sector leads AI adoption, leveraging cloud solutions and Natural Language Processing, setting a trend for the securities markets. CySEC - Cyprus Securities and Exchange Commission Finance Magnates

The AI made me do it: European securities watchdog says that “banks and investment firms in the European Union cannot shirk boardroom responsibility and a legal obligation to protect customers when using artificial intelligence (AI).” The European Securities and Markets Authority (ESMA) gives directions on how to use AI in day-to-day operations without falling foul of the EU's MiFID securities law. #AI #securities #AIregulation