Standards Setter Floats New AI Rules For Asset Managers
Law360, London (June 26, 2020, 4:30 PM BST) -- An international body for regulators in securities markets is proposing new requirements that will hold senior asset managers responsible for monitoring risks associated with artificial intelligence and machine learning.
New guidance from the International Organization of Securities Commissions also includes plans for national regulators to require companies to scrutinize suppliers as part of proposed measures to help regulate the use of AI in financial services.
The new technologies may help firms with factors such as increasing execution speed and driving down investment costs, but there is concern that such technology could create risks and harm consumers, IOSCO said in nonbinding guidance published...
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