Massachusetts Issues Inquiry Letters to Financial Institutions Over Use of AI Technologies
Summary
Massachusetts Secretary of the Commonwealth William Galvin issued inquiry letters to Morgan Stanley, JP Morgan Chase, E*Trade and other firms regarding their usage of AI technologies in interactions with Massachusetts investors. The letters sought information on how the firms were using AI in business, as well as any supervisory procedures in place that “ensure that the AI will not put the interests of the firm ahead of the interests of the clients.” Firms were given until August 16, 2023 to respond to the inquiries.
Impacted Sectors
Additional Information
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