Details
- Status
- Closed
- Opening date
- Deadline
- Department
- Directorate-General for Financial Stability, Financial Services and Capital Markets Union
Target audience
The targeted consultation will gather input from all financial services stakeholders including companies and consumer associations. Views are particularly welcome from financial firms that provide or deploy/use AI systems. This consultation is designed for respondents developing or planning to develop or use AI applications in financial services.
Why we are consulting
The present targeted consultation will inform the Commission services on the concrete application and impact of AI in financial services, considering the developments in the different financial services use cases.
The views from stakeholders will support the Commission services in their assessment of market developments and risks related to AI and in the implementation of the AI Act in the financial sector. The consultation is focused on the objectives of the financial sector acquis and the AI Act and is not intended to focus on other policy objectives such as competition policy. It is intended to improve the effective implementation of these legal frameworks.
This targeted consultation will include questions with multiple choice and open answers. The questionnaire contains three parts:
- a first part with general questions on the development of AI
- a second part with questions related to specific use cases in finance
- and a third part on the AI Act related to the financial sector
For the purpose of this targeted consultation, the concept of AI corresponds to the definition of an AI system established in the AI Act, which covers “any machine-based system designed to operate with varying levels of autonomy and that may exhibit adaptiveness after deployment and that, for explicit or implicit objectives, infers, from the input it receives, how to generate outputs such as predictions, content, recommendations, or decisions that can influence physical or virtual environments”.