Future themes in regulating artificial intelligence in investment management

IF 3.3 3区社会学 Q1 LAW

Computer Law & Security Review Pub Date : 2025-03-06 DOI:10.1016/j.clsr.2025.106111

Wojtek Buczynski , Felix Steffek , Mateja Jamnik , Fabio Cuzzolin , Barbara Sahakian

{"title":"Future themes in regulating artificial intelligence in investment management","authors":"Wojtek Buczynski , Felix Steffek , Mateja Jamnik , Fabio Cuzzolin , Barbara Sahakian","doi":"10.1016/j.clsr.2025.106111","DOIUrl":null,"url":null,"abstract":"<div><div>We are witnessing the emergence of the “first generation” of AI and AI-adjacent soft and hard laws such as the EU AI Act or South Korea's Basic Act on AI. In parallel, existing industry regulations, such as GDPR, MIFID II or SM&CR, are being “retrofitted” and reinterpreted from the perspective of AI. In this paper we identify and analyze ten novel, “second generation” themes which are likely to become regulatory considerations in the near future: non-personal data, managerial accountability, robo-advisory, generative AI, privacy enhancing techniques (PETs), profiling, emergent behaviours, smart contracts, ESG and algorithm management. The themes have been identified on the basis of ongoing developments in AI, existing regulations and industry discussions. Prior to making any new regulatory recommendations we explore whether novel issues can be solved by existing regulations. The contribution of this paper is a comprehensive picture of emerging regulatory considerations for AI in investment management, as well as broader financial services, and the ways they might be addressed by regulations – future or existing ones.</div></div>","PeriodicalId":51516,"journal":{"name":"Computer Law & Security Review","volume":"56 ","pages":"Article 106111"},"PeriodicalIF":3.3000,"publicationDate":"2025-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Computer Law & Security Review","FirstCategoryId":"90","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0267364925000068","RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"LAW","Score":null,"Total":0}

引用次数: 0

Abstract

We are witnessing the emergence of the “first generation” of AI and AI-adjacent soft and hard laws such as the EU AI Act or South Korea's Basic Act on AI. In parallel, existing industry regulations, such as GDPR, MIFID II or SM&CR, are being “retrofitted” and reinterpreted from the perspective of AI. In this paper we identify and analyze ten novel, “second generation” themes which are likely to become regulatory considerations in the near future: non-personal data, managerial accountability, robo-advisory, generative AI, privacy enhancing techniques (PETs), profiling, emergent behaviours, smart contracts, ESG and algorithm management. The themes have been identified on the basis of ongoing developments in AI, existing regulations and industry discussions. Prior to making any new regulatory recommendations we explore whether novel issues can be solved by existing regulations. The contribution of this paper is a comprehensive picture of emerging regulatory considerations for AI in investment management, as well as broader financial services, and the ways they might be addressed by regulations – future or existing ones.

查看原文本刊更多论文

在投资管理中规范人工智能的未来主题

我们正在见证“第一代”人工智能和与人工智能相关的软硬法律的出现，比如欧盟的人工智能法案或韩国的人工智能基本法。与此同时，现有的行业法规，如GDPR、MIFID II或sm&； CR，正在从人工智能的角度进行“改造”和重新解释。在本文中，我们确定并分析了在不久的将来可能成为监管考虑因素的十个新颖的“第二代”主题：非个人数据，管理问责制，机器人咨询，生成人工智能，隐私增强技术（pet），分析，紧急行为，智能合约，ESG和算法管理。这些主题是根据人工智能的持续发展、现有法规和行业讨论确定的。在提出任何新的监管建议之前，我们会探讨现有法规是否可以解决新问题。本文的贡献是全面描述了人工智能在投资管理以及更广泛的金融服务方面的新兴监管考虑，以及未来或现有法规可能解决这些问题的方式。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Computer Law & Security Review LAW-

CiteScore

5.60

自引率

10.30%

发文量

审稿时长

67 days

期刊介绍： CLSR publishes refereed academic and practitioner papers on topics such as Web 2.0, IT security, Identity management, ID cards, RFID, interference with privacy, Internet law, telecoms regulation, online broadcasting, intellectual property, software law, e-commerce, outsourcing, data protection, EU policy, freedom of information, computer security and many other topics. In addition it provides a regular update on European Union developments, national news from more than 20 jurisdictions in both Europe and the Pacific Rim. It is looking for papers within the subject area that display good quality legal analysis and new lines of legal thought or policy development that go beyond mere description of the subject area, however accurate that may be.