MFA submitted a comment letter to the European Commission in response to its consultation on the use of AI in the financial sector.
MFA recommend that the EC take into account the following in considering the use of AI in the financial sector:
- Alternative Asset Managers Use AI to Enhance Existing Processes and Procedures
- Fiduciary Duty and other Existing Regulations Already Sufficiently Address Potential Concerns Posed by the Use of AI Tools
- Past Attempts to Regulate Specific Technologies Confirm that Regulators Should Remain Technology Neutral and Prioritize Regulating Activities
- Potential Use Cases for AI Are Still Developing and Could Unlock Important Benefits
