Odaily News The U.S. Securities and Exchange Commission officially released the speech of its acting chairman Mark T. Uyeda at the Financial Industry Artificial Intelligence Roundtable. Mark T. Uyeda stated that the U.S. financial market has been making continuous progress using technological innovation, and various forms of artificial intelligence have been used in financial products and services. The use of these technologies has promoted transactions and investments as well as improvements in financial products and processes.
Financial regulators should adopt a technology-neutral regulatory approach and avoid an overly prescriptive approach that can lead to rules that quickly become outdated, duplication, a “check-the-box” approach to compliance, and a disincentive to innovation. If technological advances such as AI create potential gaps in the regulatory structure or indicate a need for additional guidance, the SEC has a responsibility to address those gaps or provide guidance in a way that encourages innovation while protecting investors. The SEC must be mindful of its statutory authority and prioritize efficient and cost-effective regulation in this area.