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Podcast: The recent regulatory and enforcement developments regarding Artificial Intelligence usage in the financial services sector

Join Allen & Overy partners Gene Ingoglia and Claire Rajan as they analyze the regulatory enforcement developments in the world of AI. 

In this podcast, Gene and Claire dive into SEC Chair Gary Gensler’s speech to the National Press Club on July 17, and provide their insight on the four key areas discussed by Mr Gensler; (i) The potential for conflicts of interest; (ii) The potential for fraud and deception; (iii) The impact on privacy and intellectual property issues - so, whose data is it?; (iv) The impact on financial stability. This speech was soon followed by the SEC’s new proposed rulemaking, which Gene and Claire give their view on and how this will affect the regulation of the AI space moving forward.

Gene and Claire also discuss the Fed weighing in on AI’s impact on the financial sector and the probe launched into the use of AI in the securities industry by Massachusetts Secretary of State William Galvin, by seeking information from firms using or developing AI on what supervisory procedures are in place and how they plan to use AI.