By adopting Artificial Intelligence (AI), banks can help drive the efficiency and innovation of European capital markets, while improving client experience and opportunities. AFME therefore advocates for reasonable regulatory and supervisory expectations in relation to AI, including Generative and Agentic AI. Existing financial-services regulations already provide substantial safeguards, therefore avoiding undue obstacles or duplication of requirements from cross-sectoral regulation is important.
With respect to the EU AI Act, AFME believes it is key that the scope remains reasonable and sufficiently narrow, focusing on Machine Learning models and excluding traditional statistical methods, such as regression models. Banks must be able to fine-tune General Purpose AI models for specific financial-sector tasks to ensure quality and appropriateness of such AI models.
