Featured Product

    EC Outlines Approach to Set Guidelines for Artificial Intelligence

    April 25, 2018

    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

     

    Related Links

    Keywords: Europe, EU, Banking, Insurance, Securities, Artificial Intelligence, Fintech, Regtech, EC

    Related Articles
    News

    APRA Consults to Standardize Submission Date for Quarterly Reporting

    APRA proposed to standardize quarterly reporting due dates for authorized deposit-taking institutions. The proposed standardized due date is 35 calendar days after the last day of the reference quarter, which will create a 14-calendar-day extension for credit unions and building societies.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Single Rulebook Q&A: First Update for November 2019

    EBA updated the Single Rulebook question and answer (Q&A) tool with answers to two questions. The answers provide clarifications on topics related to own funds and strong customer authentication under the revised Payment Services Directive or PSD2.

    November 08, 2019 WebPage Regulatory News
    News

    FED Proposes to Extend Initial Compliance Dates Under SCCL Rule

    FED published a proposal to extend, by 18 months, the initial compliance dates for foreign banks subject to the single-counterparty credit limit (SCCL) rule.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Publishes Technical Package on Reporting Framework 2.9.1

    EBA published a new release of the reporting framework 2.9.1. This release includes validation rules, Data Point Model (DPM) data dictionary, XBRL taxonomy, and other supporting documents. Additionally, the release fixes some modeling issues on COREP Liquidity and FINREP.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Publishes Methodology and Draft Templates for Stress Tests in 2020

    EBA published a package for the 2020 EU-wide stress test exercise for banks.

    November 07, 2019 WebPage Regulatory News
    News

    EC Publishes Results of Fitness Check of Reporting Requirements in EU

    EC published results of the fitness check of supervisory reporting requirements in financial services legislation in EU.

    November 07, 2019 WebPage Regulatory News
    News

    BCBS Assesses NSFR and LE Rules in Argentina and China as Compliant

    BCBS published reports that assess the implementation of net stable funding ratio (NSFR) and large exposures, or LE, framework in Argentina and China.

    November 07, 2019 WebPage Regulatory News
    News

    FSB Publishes Summary of Plenary Meeting in Paris

    At the meeting, the Plenary reviewed vulnerabilities in the global financial system, fintech developments (including developments in the crypto-asset markets), ongoing work of FSB, and the work program for 2020.

    November 07, 2019 WebPage Regulatory News
    News

    HKMA Highlights Technology Initiatives at the Hong Kong FinTech Week

    HKMA co-organized, with InvestHK, the Hong Kong FinTech Week 2019, which was a five-day flagship fintech event that attracted thousands of attendees worldwide.

    November 06, 2019 WebPage Regulatory News
    News

    ECB Report on Fallback Provisions in Contracts Referencing EURIBOR

    ECB published a report, by private sector working group on euro risk-free rates, presenting recommendations for fallback provisions in contracts for cash products and derivative transactions referencing EURIBOR.

    November 06, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4119