In the ever-evolving world of securities and financial services, artificial intelligence (AI) has emerged as a virtuoso, seamlessly weaving its way through the intricate tapestry of the industry via its use in trading platforms, investment strategies and even regulatory compliance processes.
In the same way that it has gracefully orchestrated its way into the securities industry of a global financial hub like Singapore, the use of AI has similarly captured the attention of key industry players along with another important audience member - the regulatory authorities.
As the tempo of technological innovation quickens its pace, Singapore has made the strategic move of taking centre stage to lead the charge in re-assessing its existing regulations and developing a robust regulatory framework to ensure the responsible and ethical use of AI in such a critical sector.
Despite being in the early stages of its symphony, the state regulators have meticulously crafted a set of guidelines and principles to guide the industry in finding the delicate balance between fostering technological innovation and mitigating unnecessary risks.
This Legal Update delves into the legal and regulatory landscape governing use of AI in Singapore's securities industry; exploring key players, guiding melodies and the harmonies that may lie ahead. It plays out a captivating performance that intricately interplays between technology, finance and regulation – and highlights Singapore's commitment to shaping the future of technological advancement in this dynamic industry.
Other Author Maria Chang, senior associate of PKWN
Visit us at mayerbrown.com
Mayer Brown is a global services provider comprising associated legal practices that are separate entities, including Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England & Wales), Mayer Brown (a Hong Kong partnership) and Tauil & Chequer Advogados (a Brazilian law partnership) and non-legal service providers, which provide consultancy services (collectively, the "Mayer Brown Practices"). The Mayer Brown Practices are established in various jurisdictions and may be a legal person or a partnership. PK Wong & Nair LLC ("PKWN") is the constituent Singapore law practice of our licensed joint law venture in Singapore, Mayer Brown PK Wong & Nair Pte. Ltd. Details of the individual Mayer Brown Practices and PKWN can be found in the Legal Notices section of our website. "Mayer Brown" and the Mayer Brown logo are the trademarks of Mayer Brown.
© Copyright 2024. The Mayer Brown Practices. All rights reserved.
This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.