LNB News 18/09/2024
Document Information
Issue Date: 18 September 2024
Published Date: 18 September 2024
Jurisdiction(s): United Kingdom
The Association for Financial Markets in Europe (AFME) has responded to the European Commission's targeted consultation on artificial intelligence (AI) in the financial sector. AFME does not support additional AI-specific regulations as existing regulatory frameworks already encompass AI applications and members have implemented comprehensive governance and controls. AFME recognises the transformative potential of AI for value creation in areas such as service delivery, software development, and operational efficiencies. Regarding the EU AI Act, AFME express a preference for industry-agnostic principles rather than sector-specific guidance, seeking clarity on implementation details applicable across sectors.
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