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
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Financial market infrastructure
The GFXC chair on the next steps for the global FX code
Gerardo García speaks about updating FX best practice, improving buy-side engagement and changes to the BIS’s triennial survey
BNM eases rules on ringgit bond issuances
Change makes it easier for foreign institutions to issue debt denominated in Malaysian currency
Georgia and Namibia sign MoUs with MAS’s new fintech network
Singapore’s GFTN agrees to provide advisory services to emerging economies’ central banks
AI combines age-old issues with new opportunities, say panel
Governors from Rwanda, South Africa, and Sweden weigh in on how AI will change central banking
HKMA sets up company to run bond settlement system
Business will run the Central Moneymarkets Unit under new governance structure
New Zealand looks into expanding RTGS access to smaller firms
Central bank seeks to strike balance between opening access and mitigating risks from non-banks
MAS boosts support for training financial leaders
Singapore’s central bank to provide more funding to upskill promising finance professionals
Bank of Thailand launches data-sharing initiative
Central bank and regulators plan to make consent-based data-sharing mechanism operational in 2026