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Transparency Financial Services Industry Artificial Intelligence

Bond Schoeneck & King PLLC

The EU AI Act: What U.S. Companies Need to Know

The European Union's (“EU”) Artificial Intelligence Act (the “AI Act” or “Act”), enacted in Aug. 2024, is the first comprehensive legal framework governing artificial intelligence having global reach. The Act aims to ensure...more

A&O Shearman

Zooming In on AI - #6: AI under financial regulations in the U.S., EU and U.K.

A&O Shearman on

Many governments are grappling with the question of how to regulate artificial intelligence to ensure it is adopted safely and used responsibly without hampering innovation. Governments have generally indicated similar...more

Walkers

Initial guidance on the use of AI in the provision of investment services

Walkers on

With the Regulation on Artificial Intelligence (the "AI Act") entering into force in due course, following its publication in the Official Journal of the EU, there has been an increasing focus of supervisory bodies to provide...more

American Conference Institute (ACI)

U.S. Implications of the EU AI Act

The European Union (EU) is leading the global charge with AI regulations. U.S. companies are not beyond their regulatory reach, however, and should be preparing their AI risk mitigation efforts accordingly....more

Pillsbury Winthrop Shaw Pittman LLP

Congress Continues to Address AI in Bipartisan Fashion, Launching House AI Task Force as Latest Step

House leadership announced the launch of the Task Force on Artificial Intelligence (AI), a bipartisan group that will develop a report outlining AI regulatory priorities and setting guiding principles to help shape the AI...more

K&L Gates LLP

Brussels Regulatory Brief: February 2024

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Antitrust and Competition - The European Commission Carried Out Unannounced Inspections in the Tires Sector - On 30 January 2024, the Commission conducted dawn raids at the premises of several companies active in the tires...more

Skadden, Arps, Slate, Meagher & Flom LLP

CFPB Applies Adverse Action Notification Requirement to Artificial Intelligence Models

As technology continues to advance, regulators are increasingly addressing the fair lending implications of artificial intelligence (AI), even though comprehensive rules governing AI have yet to be promulgated. Notably, the...more

Patterson Belknap Webb & Tyler LLP

New York’s Department of Financial Services Seeks Comment on the Use of Artificial Intelligence in Insurance Underwriting and...

The New York State Department of Financial Services (“DFS”) has entered its voice regarding the use of artificial intelligence (“AI”) by insurers by issuing for public comment a proposed circular letter addressing the use of...more

Davis Wright Tremaine LLP

Automated Decisionmaking Technology in California: New Rules Would Impose Transparency, Notice, and Consumer Opt-Out Obligations...

On November 27, 2023, the California Privacy Protection Agency (CPPA) released draft regulations mandating notice, opt-out, and information access requirements for companies using automated decision-making technology (ADMT)...more

Skadden, Arps, Slate, Meagher & Flom LLP

AI in Europe: Road Map for Navigating the IP, Data Protection and Regulatory Considerations

Organizations developing or using generative AI tools should implement cross-functional governance frameworks to develop and continuously monitor their use of such tools. From the earliest stages of generative AI use,...more

WilmerHale

AI and Algorithms in Financial Services - Future Areas of Focus

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Artificial intelligence (AI) and algorithmic models are used extensively in the financial services sector across a broad range of business areas. Two-thirds of respondents to a survey conducted jointly by the UK’s Prudential...more

Herbert Smith Freehills Kramer

NY Regulatory Guidance on AI Illustrates Compliance Challenges

The New York Department of Financial Services’ (DFS) January 2019 insurance circular letter, which advised New York-licensed life insurance carriers on the use of external consumer data and information sources in...more

Herbert Smith Freehills Kramer

European Commission Issues ‘Ethics Guidelines for Trustworthy AI’

Following extensive consultations, the European Commission’s High-Level Expert Group on AI released ethics guidelines on the use of artificial intelligence. Three broad principles emerged from those guidelines, suggesting...more

Herbert Smith Freehills Kramer

Artificial Intelligence in Financial Services: Tips for Risk Management

Technology is rapidly changing the way investment advisers deliver services to their clients. Funds are now using a range of technology solutions, from advanced trading algorithms to artificial intelligence and machine...more

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