Artificial Intelligence

Recent Articles

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  30/04/2024

  Financial Services Webinars On Demand

  View recordings of CMS financial services webinars available on demand.Webinars are a convenient way to stay informed and hear from our legal experts. Webinars On Demand

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  11/04/2024

  Lexology Masterclass: The future of AI in financial services, where innovation meets regulation

  On 29 February, our CMS Financial Services Regulatory team and Nextwave hosted a Lexology Masterclass on the future of AI in financial services.In this webinar, we offered practical insights into how financial institutions are navigating the AI landscape, and looked at the challenges to regulating AI, how firms are approaching AI and how they can leverage existing technologies.By using the link below, anyone who wants to learn more or revisit the session can view the webinar on demand: Watch webinar  

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  08/02/2024

  UK government publishes delayed update on AI policy

  The UK government has published its delayed response to the consultation accompanying its March 2023 white paper on artificial intelligence (AI). It had been expected by the end of September 2023, but was delayed until after the AI Safety Summit at Bletchley Park in November 2023.The government has not put forward any legislative proposals at this stage and remains committed to a sector-by-sector approach to regulating AI. Instead, the government will continually review whether its approach of issuing non-binding principles to UK regulators remains appropriate, recognising that legislative action...

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  07/11/2023

  Financial services outsourcings and AI

  With the AI summit last week in Bletchley Park where a world-first agreement has been made between the UK, EU, US and China on the opportunities and risks posed by AI, we thought it was a good time to provide our initial thoughts on AI and the potential impact on regulated outsourcing arrangements. As outlined in the Bletchley Declaration, AI presents a significant opportunity for regulated firms to enhance and automate processes and tasks, both internally and externally via third party service providers, alongside some complex challenges and risks.Ultimately, our view is that the challenges are...

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  06/11/2023

  Pathways to progress: Intelligent Design for an AI World

  IntroductionThe UK financial regulators are finally beginning to turn their minds in a serious way towards how they will supervise firms seeking to deploy artificial intelligence (AI) in an increasingly automated industry.  In Discussion Paper 5/22 (DP5/22), the UK regulators split the AI lifecycle into three distinct stages: pre-deployment, deployment and recovery/redress.This briefing focuses on the matters firms should have in mind when in the pre-deployment phase.  It builds on previous statements made by the regulators in relation to the use of AI, machine learning (for example in...

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  27/10/2023

  AI in financial services: industry feedback published and other developments

  On 26 October 2023, the Bank of England (“BoE”), Prudential Regulation Authority (“PRA”) and Financial Conduct Authority (“FCA”) (together, the “Supervisory Authorities”) published a joint Feedback Statement on ‘Artificial Intelligence and Machine Learning’ (FS2/23) (the “Feedback Statement”). The Feedback Statement is a follow-up to the Discussion Paper (DP5/22) on the same topic published in October 2022 (the “BoE/FCA Discussion Paper”).On 26 October 2023, the UK Government also published a Discussion Paper on...

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