Thomson Reuters Regulatory Intelligence Publishes Akin Gump Article on EU Artificial Intelligence Draft Law

Akin Gump partner Justin Williams and counsel Jenny Arlington have written the article “How the EU Artificial Intelligence Draft Law Could Affect Your Business,” first published on Thomson Reuters Regulatory Intelligence on May 28, 2021.

Williams and Arlington write that the European Commission’s artificial intelligence (AI) draft law, expected to be the world’s first piece of legislation exclusively governing the use of AI, could have “a significant impact on financial services firms in all aspects of their practice, from the prevention of financial crime, to investment algorithms and recruitment procedures.”

The authors outline the four levels of risk identified in the draft regulation before offering some suggestions on how one might achieve compliance with the proposed law. They conclude with a look at the specific impact of the law on financial services firms, by observing that “financial services firms will soon have to consider the use of which AI system falls into which risk category and how in practice they can implement compliance with the extensive new obligations.”

To read the article in its entirety, please click here.