AI regulation: a pro-innovation approach

The Department for Science, Innovation and Technology (DSIT) has published a revised version of its consultation on a proposed high level regulatory framework for and as regards the use of artificial intelligence (AI). The publication follows several corrections in the document which are pointed out in the beginning of the text and which are minor in nature. The consultation has meanwhile closed (June 21, 2023). However, due to the correction, the DSIT encourages interested parties to contact the DSIT at evidence@officeforai.gov.uk., if seeking to engage with the regulator on the issues addressed in the consultation.
To recall, the DSIT seeks to create an overarching, high level regulatory framework for the deployment of AI without hindering (financial) innovation and technology and without imposing unnecessary burdens upon (financial) market participants. In fact, the new framework shall facilitate public trust in the (use of) AI, shall drive innovation, shall create economic benefits for users, and shall „strengthen the UK’s position as a global leader in AI“. Upon implementation of the new high level framework, individual regulators such as the Financial Conduct Authority (FCA) would then have to adopt adequate rules to transpose this framework into individual regulatory requirements. Please see EventID 20542 in this context for more detailed information.