European Union: Opened consultation on use of artificial intelligence in finance

On 18 June 2024, the European Commission launched a targeted consultation and a series of workshops to gather input from stakeholders on the application of artificial intelligence (AI) in the financial sector. The consultation remains open until 13 September 2024. The initiative aims to collect information on use cases, benefits, barriers, risks, and stakeholder needs related to AI in finance. The feedback will assist the Commission in providing sector-specific guidance for the implementation of the AI Act within the financial market areas. The consultation seeks to inform the Commission about the practical application and impact of AI in financial services, focusing on the objectives of the financial sector acquis and the AI Act without delving into other policy areas, such as competition policy.