Commission seeks input from industry on the use of artificial intelligence in finance

The initiatives cover use cases, benefits, barriers, risks and stakeholder needs.

The consultation and workshops target all financial stakeholders. The input received will enable the Commission to provide guidance to the financial sector for the implementation of the AI Act, the EU's legal framework for AI, in their specific market areas. Stakeholders are invited to respond to the consultation by 13 September. Views are particularly welcome from companies that already provide or develop AI systems.

Moreover, a series of workshops co-hosted with the European Supervisory Authorities and national supervisors will give stakeholders the opportunity to present projects and exchange about the latest developments. Registration for the workshops, which will take place in autumn, is open until 26 July.

Commissioner for Financial Services, Financial Stability and Capital Markets Union, Mairead McGuinness, said:

“The EU's AI Act and existing financial sector rules provide a solid basis to allow for technological innovation while understanding and managing risks. It is vital that the Commission and other relevant authorities work closely together - and also with market participants - to implement these rules in a sensible, responsible and coherent manner. We invite all stakeholders to contribute actively to this process and share their views on what is a fast-changing and increasingly important area of technological advancement.”