In response to the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) consultation on the use of AI in financial services, the Alternative Investment Management Association (AIMA) made the following points:
- With established regulations and guidelines already governing investment managers’ operations, there is no need for new AI-specific policy-making. Policy actions regulating specific innovative technologies would stifle innovation to the detriment of investors.
- Alternative investment managers have used advanced technologies for many decades to increase business and compliance efficiencies, but generative AI now offers new opportunities for enhanced efficiency gains.
AIMA CEO Jack Inglis said in a statement: “Generative AI presents new avenues for efficiency gains in the alternative investment sector, especially for administrative and operational tasks. However, existing regulations already provide effective oversight of technology use, making additional AI-specific policies unnecessary. A prescriptive approach to policy-making in this area could stifle innovation, placing European investment managers at a competitive disadvantage globally.”