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AMF launches its "innovation workshops"

In line with its Impact 2027 strategic plan, on June 28 the AMF organized its first workshop dedicated to innovation, on the theme of artificial intelligence in financial services. The workshop brought together members of the AMF Board and Comex with experts from a variety of private and public organizations.

Supporting innovation

When it presented its strategic orientations in June 2023, the AMF made supporting innovation one of its priorities and reaffirmed its position as an open, innovation-friendly regulator. It has also proposed the creation of a dialogue committee dedicated to innovative topics, to encourage exchange and feedback on innovation trends in financial services.

Chaired by AMF Chairman Marie-Anne Barbat-Layani, the first session of the "innovation workshops" was held on June 28, 2024, on the theme of artificial intelligence in financial services. Attended by members of the AMF Board and Comex, this morning of discussion enabled participants to gain a better understanding of the extent of the use of artificial intelligence (AI) within financial markets and services, its opportunities and risks, as well as to assess the possible effects of AI-related regulatory developments.

Eight external speakers from private and public institutions were invited to present their views on the use of AI by financial market players, regulatory issues and the use of AI by financial authorities in their supervisory activities.

The AMF's work on artificial intelligence

These innovation workshops highlighted the major role of AI in the transformation of financial markets and services, addressing the strategic, operational, regulatory and societal aspects of this technology on the financial services industry.

The AMF intends to pursue its work on AI in several areas:

  • Concerning the use of AI by financial market players: the AMF will continue its survey work. The authority will work at European level with ESMA - notably via the Digital Finance and Investor Protection standing committees - and at international level via the International Organization of Securities Commissions (IOSCO), where the AMF is an active member of the AI working group. This aims to develop a common understanding of AI among international regulators and will publish a report by the end of 2024. At a national level, the AMF also intends to continue its work, via the AMF Consultative Commissions, with regard to asset management, market issues or, more broadly, the protection of savers and investors.
  • With regard to European regulatory issues, the European AI Act regulation raises questions about supervision and the division of powers between authorities. The AMF Board, which will shortly be examining this issue, will assess - on the basis of concrete proposals - the role of financial authorities and the AMF's position on the subject. At European level, the AMF is also involved in various European Commission initiatives, including a public consultation on the use of AI in the financial sector, which will establish the impact of the AI Act for players in the sector, and the organization of thematic workshops with players using AI in the presence of several European authorities, including the AMF, which is taking an active part in their organization.
  • Concerning the use of AI at the AMF: AI has already been deployed at the AMF as part of its ICData program launched in 2021 for more intensive exploitation of data and associated tools. The AMF has thus been equipped for several years with tools using AI on specialized tasks. The AMF intends to take advantage of new AI opportunities by developing new tools that will enable it to enhance its operational performance and take initiatives in collaboration with other public institutions.