Artificial intelligence is rapidly reshaping the financial sector: from credit scoring and robo-advisory services to fraud detection and automated claims processing in insurance. But alongside these innovations come major challenges around regulation, transparency, data protection, and legal accountability.
At the request of the French Prudential Supervision and Resolution Authority (ACPR) and the French Financial Markets Authority (AMF), the Legal High Committee for Financial Markets of Paris (HCJP) conducted a comprehensive review of the legal and regulatory implications of AI across the banking, financial, and insurance sectors.
Our partners Brice Henry and Laurie-Anne Ancenys led the working group, which brought together representatives from public institutions (ACPR, AMF, Ministry of Justice, Directorate General of the Treasury, Banque de France), academics, lawyers, and industry professionals.
The report provides a structured analysis on the legal and regulatory challenges of AI. Key takeaways include:
- New legal and operational risks linked to algorithms, data management, and technological dependency
- How the EU AI Regulation interacts with existing sector-specific rules
- Governance, oversight, and compliance requirements for financial institutions
- Clarifying liability in the event of AI system failures
- Key considerations for supervisors and institutions.
Watch the video featuring Brice Henry and Laurie-Anne Ancenys as they highlight the report's main findings.
To know more, read the HCJP report "The legal and regulatory impacts of artificial intelligence in banking, financial and insurance matters".
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