The EU's top financial regulator, ESMA, mandates that banks and investment firms ensure AI tools prioritize client interests, reinforcing accountability under MiFID.
The European Securities and Markets Authority (ESMA) said that banks and investment firms must have “unwavering commitment” to clients' best interest when it comes to the usage artificial intelligence (AI).
On May 30, ESMA released a public statement that outlines the ways in which financial services companies within the European Union (EU) can use AI in their operations.
The statement stresses the use of AI in relation to the EU’s Markets in Financial Instruments Directive MiFID securities law and says that such institutions will be fully responsible legally to protect consumers.
