EC outlined an approach to artificial intelligence (AI) and robotics. It presented a series of measures to put AI at the service of Europeans and boost Europe's competitiveness in this field. EC proposed a three-pronged approach to increase public and private investment in AI, prepare for socio-economic changes, and ensure an appropriate ethical and legal framework. Along with its communication on AI, EC also published a working paper on liability for emerging technologies.
This approach to AI shows the way forward and highlights the need to join forces at the European level, to ensure that all Europeans are part of the digital transformation, that adequate resources are devoted to AI, and that the EU’s values and fundamental rights are at the forefront of the AI landscape. Following the Declaration of cooperation signed by 24 member states and Norway on April 10, 2018, EC will start work with member states to have a coordinated plan on AI by the end of the year. EC will present ethical guidelines on AI development by the end of 2018, based on the EU's Charter of Fundamental Rights, taking into account principles such as data protection and transparency. By mid-2019, EC will also issue guidance on the interpretation of the Product Liability Directive in the light of technological developments, to ensure legal clarity for consumers and producers in case of defective products. To help develop these guidelines, EC will bring together all relevant stakeholders in a European AI Alliance.
EC is increasing its annual investments in AI by 70% under the research and innovation program Horizon 2020. The EC communication also highlights that EC proposals under the next EU multi-annual financial framework (2021-2027) will open the door to investments. These investments include upgrading the pan-European network of AI excellence centers; additional Digital Innovation Hubs, supported by regulatory sandboxes; supporting the adoption of AI by organizations across all sectors; and a support center for data sharing, which will be closely linked with the AI-on-demand platform to facilitate development of business and public sector applications
- Press Release
- Communication on AI
- Working Paper Accompanying Communication
- EU Digital Single Market Policies
Keywords: Europe, EU, Banking, Insurance, Securities, Artificial Intelligence, Fintech, Regtech, EC
Previous ArticleCentral Bank of Ireland Issues Credit Data Templates Under AnaCredit
PRA, via the consultation paper CP12/20, proposed changes to its rules, supervisory statements, and statements of policy to implement certain elements of the Capital Requirements Directive (CRD5).
EIOPA published the financial stability report that provides detailed quantitative and qualitative assessment of the key risks identified for the insurance and occupational pensions sectors in the European Economic Area.
EBA published its risk dashboard for the first quarter of 2020 together with the results of the risk assessment questionnaire.
EBA announced that the next stress testing exercise is expected to be launched at the end of January 2021 and its results are to be published at the end of July 2021.
PRA published the consultation paper CP11/20 that sets out its expectations and guidance related to auditors’ work on the matching adjustment under Solvency II.
MAS published a statement guidance on dividend distribution by banks.
APRA updated its capital management guidance for banks, particularly easing restrictions around paying dividends as institutions continue to manage the disruption caused by COVID-19 pandemic.
FSB published a report that reviews the progress on data collection for macro-prudential analysis and the availability and use of macro-prudential tools in Germany.
EBA issued a statement reminding financial institutions that the transition period between EU and UK will expire on December 31, 2020; this will end the possibility for the UK-based financial institutions to offer financial services to EU customers on a cross-border basis via passporting.
SRB published guidance on operational continuity in resolution and financial market infrastructure (FMI) contingency plans.