The Bank for International Settlements (BIS) has issued a stark warning to central banks worldwide: adapt your AI governance frameworks now or risk being left behind. In a landmark report released on June 25, 2024, the BIS emphasizes that traditional governance models are inadequate for the AI-driven future of finance.
The French Data Protection Authority (CNIL) has published its inaugural set of recommendations for the development of artificial intelligence (AI) systems. The guidelines, released following an extensive public consultation, aim to help professionals navigate the complex landscape of AI development while ensuring compliance with the General Data Protection Regulation (GDPR) and fostering public trust.
Acting Comptroller of the Currency Michael J. Hsu issued a sharp warning about the systemic risks posed by artificial intelligence to the financial sector and called for a new "shared responsibility" governance model in a major policy speech on Wednesday.
The U.S. Equal Employment Opportunity Commission (EEOC) has appointed Sivaram Ghorakavi to the senior leadership positions of Deputy Chief Information Officer and Chief Artificial Intelligence Officer, effective immediately.
The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has issued a statement providing initial guidance to firms using Artificial Intelligence (AI) technologies when providing investment services to retail clients. This guidance comes amidst the European Union's recent approval of the groundbreaking AI Act, a comprehensive rulebook governing AI applications across the 27-nation bloc.
The European Council has recently moved to approve a pioneering, risk based artificial intelligence regulation, known as the AI Act. After clearing the final procedural hurdle with approval from the Council of the EU, this landmark legislation is set to become the first comprehensive rulebook governing AI applications anywhere in the world.
Colorado has enacted a new law aimed at preventing discrimination when artificial intelligence systems are used to make consequential decisions about consumers. Senate Bill 205, signed into law Friday by Gov. Jared Polis, will add guardrails for companies utilizing AI technologies to make decisions related to employment, lending, housing and other areas impacting consumers when it goes into effect on February 1, 2026.