Topic: Artificial intelligence and digitalisation

On 1 March 2024, Singapore’s Personal Data Protection Commission (PDPC) issued the Advisory Guidelines on the Use of Personal Data in AI Recommendation and Decision Systems (AI Advisory Guidelines). These AI Advisory Guidelines followed a public consultation which concluded in August 2023. Our blog post on the public consultation for the draft AI Advisory Guidelines can be accessed here.

On March 13, the EU Parliament voted to adopt the EU’s AI Act. The AI Act is the EU’s first comprehensive legislation setting rules regulating artificial intelligence on an EU-wide basis. It will impose new and significant obligations on those developers, distributors, and users of AI systems that affect people in the EU.

On 1 and 2 February 2024, at the fourth 4th ASEAN Digital Ministers Meeting (ADGMIN) in Singapore, ASEAN unveiled.

The UK Department for Science, Innovation, and Technology (DSIT) has published its response to its consultation on its white paper, ‘A pro innovation approach to AI regulation’ (the Response). The Response outlines key investment initiatives and regulatory steps.

On 16 January 2024, Singapore’s Infocomm Media Development Authority (IMDA), in collaboration with the AI Verify Foundation, announced a public consultation on its draft Model AI Governance Framework for Generative AI (Draft GenAI Governance Framework), showing the areas where future policy interventions relating to generative AI may take place and options for such intervention.

Political agreement was achieved at the beginning of December in relation to the EU’s AI Act (AIA) – the first major step in the regulation of artificial intelligence.

On 14 December 2023, the European Securities and Markets Authority (ESMA) issued a Discussion Paper on MiFID II investor protection topics linked to digitalisation.

The CMA’s Initial Report (Report), published on 18 September 2023, considers three levels of the AI Foundation Model (FM) value chain (although it focuses predominantly on the first two levels).

We have published a new global report, The Power of AI: How is artificial intelligence transforming financing services, which features responses from a cross-section of financial services clients surveyed around the world in relation to the use of artificial intelligence (AI) or machine learning (ML) solutions.

In the early hours of the morning of Saturday 9 December 2023, the European Parliament (the Parliament) and the Council of the EU (the Council) reached an agreement on the outstanding points on the EU’s Regulation on artificial intelligence (AI Act). Talks had previously stalled over how to regulate AI trained on large amounts of data and able to perform a wide range of functions, referred to as ‘foundation models’ or ‘general purpose AI’. The lack of progress had led to questions over whether the AI Act would be finalised before the end of Spain’s presidency of the Council at the end of the year, and whether an agreement would be possible before the next Parliament elections in June 2024. Extending this week’s talks by a further day, however, the Parliament and Council were able to reach an agreement on the outstanding points.