Hermes – Center for European Studies is pleased to announce the successful submission of our comprehensive response to the European Commission’s targeted consultation on artificial intelligence in the financial sector.
This document provides an in-depth analysis of the concrete application and impact of AI in financial services, with a particular focus on the latest developments across various use cases.
Our submission aims to support the European Commission in its ongoing efforts to assess market developments and risks associated with AI, as well as to inform the effective implementation of both the AI Act and existing financial services legislation.
The consultation is specifically designed to align with the objectives of the financial sector acquis (i.e., the body of EU law and obligations) and the AI Act, ensuring a focused approach that avoids overlapping with other policy areas such as competition policy.
The consultation process included a detailed questionnaire structured into three key sections:
- General questions on AI development
- Specific questions related to use cases in the financial sector
- AI Act-related queries pertinent to the financial industry
We are committed to contributing to a well-regulated and innovative financial ecosystem in Europe, and we look forward to seeing how our insights will shape the future of AI in this critical sector.
Special thanks to Alessandra Chirico, PhD, for her tireless and profesional support, and to Valeria Lazzaroli and Maurizio Pimpinella for their invaluable contribution.
