US SEC developing rules on AI 'conflicts of interest'

USA-SEC:US SEC developing rules on AI 'conflicts of interest'

By:REUTERS
| Updated on: Jul 18 2023, 06:42 IST
Microsoft Teams app: AI to avatars, check out the big changes coming to you
image caption
1/5 Teams App is faster than before: Microsoft has worked with the independent benchmarking firm GigaOm to quantify some of the performance gains, which reports that both app launch and join meeting are already twice as fast, and memory consumption has decreased by half. (Unsplash)
image caption
2/5 It is simpler: The new app will make it easier for you to stay on top of your notifications, search for information, manage your messages, and organize your channels. (Reuters)
image caption
3/5 More flexible: Earlier, when users needed to collaborate with people across organizational boundaries, they had to use Teams across multiple tenants or accounts. Instead of logging in and out of different tenants and accounts, you can now stay signed in across them all—receiving notifications no matter which one you are currently using. (Pexels)
Wall Street's top regulator is developing rules to govern the use of artificial intelligence on trading platforms.
4/5 Use of AI: Microsoft says in a blog post that the new app will be the foundation for next-generation AI experiences, such as  intelligent recap and Copilot for Microsoft Teams. (Unsplash)
image caption
5/5 Not just this, there are 50+ additional new features coming to your Microsoft Teams, including collaborative note, speaker coach, Avatars, dynamic emergency calling enhancements, click-to-call, and a lot more. (Pexels)
Wall Street's top regulator is developing rules to govern the use of artificial intelligence on trading platforms.
icon View all Images
Wall Street's top regulator is developing rules to govern the use of artificial intelligence on trading platforms. (REUTERS)

Wall Street's top regulator is developing rules to govern the use of artificial intelligence on trading platforms, which poses a risk of conflicts of interest, the agency chief said in a speech on Monday.

The U.S. Securities and Exchange Commission will also need "new thinking" to confront challenges to financial stability presented by the use of technologies such as predictive analytics and machine learning, according to Chair Gary Gensler.

Gensler's remarks are part of a broader U.S. government effort to promote what officials call "responsible" innovation while also managing what they say are threats the emerging technology poses to public safety.

Also read
Looking for a smartphone? To check mobile finder click here.

If a trading platform's AI system considers the interest of both the platform and its customers, "this can lead to conflicts of interest," Gensler said, according to a copy of prepared remarks, adding that he had tasked SEC staff with recommending new regulatory proposals to address this.

AI could also amplify the world financial system's interconnectedness, something for which current risk management models may not be prepared, Gensler said.

"Many of the challenges to financial stability that AI may pose in the future ... will require new thinking on system-wide or macro-prudential policy interventions."

Gensler's remarks echoed statements he has made in recent months on managing risks created by the use of AI in finance.

According to the SEC's most recent agenda for developing new regulations, officials are considering possible rule proposals, which could be unveiled later this year, to govern the potential for conflicts of interest in the use of AI and machine learning by investment advisers and broker-dealers.

Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 18 Jul, 06:42 IST
NEXT ARTICLE BEGINS