Europe’s new AI Act threatens supervisory ‘chaos’ for banks
Policy-maker says new role for European Commission could collide with ECB model risk regulation
Policy insiders say banks in the European Union could find themselves caught in a supervisory turf war, because the recently agreed Artificial Intelligence Act will create new regulators purely for the technology. Existing financial regulators such as the European Central Bank already oversee the use of AI by EU banks as part of their supervision of model risk.
Kai Zenner, head of office and digital policy adviser to Axel Voss – a member of the European parliament who was shadow rapporteur for
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