With two recent publications, regulatory bodies at both Luxembourg and EU level provided the community of AI developers and users with ample material to digest — and act upon.
The CSSF recently published its AI-specific white paper on the “Opportunities, Risks and Recommendations for the Financial Sector”. Simultaneously, the European Commission’s High-Level Expert Group on Artificial Intelligence (AI HLEG) published its draft “Ethics Guidelines for Trustworthy AI”. Later this year, it will publish a more binding AI-related “Policy & Investment Recommendations” which will address the extent to which existing regulation may need to be revised, adapted or introduced.
Both publications take on slightly different directions, with the CSSF paper focusing on AI use cases as well as inherent risks and opportunities, and the European Commission guidelines centering around the trustworthiness of AI systems.