Featured Product

    BoE and FCA Launch Public Private Forum on Artificial Intelligence

    October 12, 2020

    BoE and FCA established the Financial Services Artificial Intelligence Public Private Forum (AIPPF) to explore means to support safe adoption of the artificial intelligence and machine learning technologies in financial services. The forum is expected to run for one year and will hold a series of quarterly meetings and workshops structured around the topics of data, model risk management, and governance. BoE and FCA has also made available the names of the three co-chairs from BoE and PRA, along with the list of 21 forum members, belonging mostly to the prominent institutions in the private sector.

    One of the goals of the forum is to facilitate dialog between the public and private sectors to better understand the use and impact of artificial intelligence in financial services. While speaking at the launch of the forum, Dave Ramsden of BoE, who is also one of the co-chairs of the forum, pointed out that the forum will draw on the knowledge and experience of 21 leading artificial intelligence experts from across the financial and technology sectors as well as academia. The forum also has observers from the Information Commissioner’s Office and the Centre for Data Ethics and Innovation and more may be invited. The forum, which held its first meeting on October 12, 2020, seeks to:

    • Share information and understand the practical challenges of using artificial intelligence and machine learning within financial services, including the barriers to deployment and potential risks
    • Gather views on potential areas where principles, guidance, or good practice examples could be useful in supporting safe adoption of these technologies
    • Consider whether ongoing industry input could be useful and what form this could take

    The forum plans to publish summary reports of all forum and workshop discussions. It will also aim to deliver a final report of its findings and conclusions. However, the outputs of the forum should not be considered as an indication of future policy by BoE or FCA. Participation in forum is at the invitation of FCA and BoE and includes firms active in the development of artificial intelligence (and use of machine learning), alongside public authorities and academics. 


    Related Links

    Keywords: Europe, UK, Banking, Insurance, Securities, Artificial Intelligence, Governance, Artificial Intelligence Public Private Forum, Machine Learning, Regtech, FCA, BoE

    Related Articles
    News

    OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities

    The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.

    May 17, 2022 WebPage Regulatory News
    News

    EBA Proposes Standards to Support Secondary NPL Markets

    The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.

    May 17, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).

    May 13, 2022 WebPage Regulatory News
    News

    EBA Issues Standards for Crowdfunding Service Providers Under ECSPR

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.

    May 13, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.

    May 12, 2022 WebPage Regulatory News
    News

    EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA

    The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.

    May 11, 2022 WebPage Regulatory News
    News

    EC Mandates ESAs to Propose Amendments to SFDR Technical Standards

    The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.

    May 11, 2022 WebPage Regulatory News
    News

    EBA Examines Supervisory Practices, Issues Deposits Reporting Template

    The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),

    May 11, 2022 WebPage Regulatory News
    News

    SNB Updates NSFR Forms and FINMA Consults on Operational Risk Circular

    The Swiss National Bank (SNB) published Version 1.2 of the reporting forms (NSFR_G and NSFR_P) on the net stable funding ratio (NSFR) of banks, along with the associated documentation.

    May 10, 2022 WebPage Regulatory News
    News

    US Agency Publications Address Basel, Reporting, and CECL Developments

    The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances

    May 09, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8191