Australia’s corporate regulator has placed at the top of its agenda the regulation of artificial intelligence development in the financial markets amid the “new and different ” risks attached to the quickly evolving technology, partly driven by the fear of being “left behind”.
In a recent speech at a financial markets forum, Australian Securities and Investment Commission (ASIC) chairman Joe Longo made it clear that oversight of AI is crucial to the integrity of the financial ecosystem.
“I want to take this opportunity, as an aside, to emphasise that ASIC has AI as a high and important priority,” he said. “Not just in regards to wholesale markets, but also its role in – and for – the whole economy, including consumers and small business.”…