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Abstract
This piece examines the EU’s ‘Proposal for a Regulation of the European Parliament and of the Council Laying Down Harmonised Rules on Artificial Intelligence’ (‘AI Act’) with a view to determining the extent to which it addresses the systemic risk created by AI FinTech. Ultimately, it is argued that the notion of ‘high risk’ at the centre of the AI Act leaves out financial systemic risk. This exclusion can neither be justified by reasons of technology neutrality, nor by reasons of proportionality: neither is AI-driven financial systemic risk already covered by existing (or proposed) macroprudential frameworks and tools, nor can its omission from the AI Act be justified by the prioritisation of other types of risk. Moving forward, it is suggested that the EU’s AI Act would have benefited from a broader definition of ‘high risk’. It is also hoped that EU policy makers will soon begin to strengthen existing macroprudential toolkits to address the financial systemic risk created by AI.
| Original language | English |
|---|---|
| Title of host publication | Multidisciplinary perspectives on artificial intelligence and the law |
| Editors | Henrique Sousa Antunes, Arlindo L. Oliveira, Elsa Vaz de Sequeira, Pedro Miguel Freitas, Clara Martins Pereira, Luís Barreto Xavier |
| Publisher | Springer Nature |
| Pages | 415-439 |
| Number of pages | 25 |
| ISBN (Electronic) | 9783031412646 |
| ISBN (Print) | 9783031412639 |
| DOIs | |
| Publication status | Published - 2024 |
Publication series
| Name | Law, Governance and Technology Series |
|---|---|
| Volume | 58 |
| ISSN (Print) | 2352-1902 |
| ISSN (Electronic) | 2352-1910 |
Keywords
- AI
- AI Act
- Artificial intelligence
- EU regulation
- FinTech
- Systemic risk
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Dive into the research topics of 'The European Union’s approach to artificial intelligence and the challenge of financial systemic risk'. Together they form a unique fingerprint.Projects
- 1 Active
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CEID-CRCFL: Católica Research Centre for the Future of Law
Pais, S. O. (Associate Professor), Costa, A. C. R. (Invited Assistant Professor), Afonso, A. (Assistant Professor), Ribeiro, A. T. (PI), Martins, A. A. (Invited Assistant Professor), Guedes, A. (Associate Professor), Sousa, A. F. D. (Assistant Professor), Triunfante, A. (Assistant Professor), Botelho, C. S. (Assistant Professor), Fraipont, C. D. (Student), Tavares, E. (Student), Ferreira, A. S. (Student), Antunes, A. F. M. (PI), Fonseca, A. (PI), Abrantes, A. M. (Student), Amaro, A. E. L. (Scholarship holder), Cortês, A. U. (Associate Professor), Rocha, A. (Assistant Professor), Baldé, A. (Student), Sardinha, C. (Assistant Professor), Lucena, C. (Student), Sequeira, E. V. D. (Assistant Professor), Ferreira-Pinto, F. A. (Assistant Professor), Calvão, F. (Associate Professor), Alves, F. C. (Invited Assistant Teacher), Ribeiro, G. A. (Assistant Professor), Matias, G. (Assistant Professor), Ferreira, H. P. (Student), Salinas, H. (Assistant Professor), Antunes, H. S. (Associate Professor), Sousa, I. P. D. (Invited Assistant Teacher), Costa, I. G. (Student), Duarte, I. T. (Scholarship holder), Dalhuisen, J. (Invited Professor), Geng, J. (Student), Vasconcelos, J. (Associate Professor), Gomes, J. S. (Student), Lopes, J. F. (Student), Silva, J. P. D. (Assistant Professor), Lopes, J. A. (Associate Professor), Moutinho, J. L. (Associate Professor), Antunes, J. E. (Associate Professor), Proença, J. C. B. (Invited Associate Professor), Estaca, J. N. (Student), Domingos, J. L. (Student), Cunha, J. D. D. (Associate Professor), Rodrigues, J. (Student), Taborda, J. (Student), Araújo, L. (Student), Fábrica, L. (Assistant Professor), Naia, L. R. (Scholarship holder), Campos, M. F. (Associate Professor), Queiroz, B. M. (Assistant Professor), Cunha, M. D. C. (Associate Professor), Baptista, D. (Assistant Professor), Ribeiro, M. D. F. (Associate Professor), Ferreira, M. E. (Assistant Professor), Quadros, I. (Assistant Professor), Tavares, M. I. (Assistant Professor), Campos, I. M. (Assistant Professor), Martins, M. D. (Assistant Professor), Faria, M. P. R. D. (Associate Professor), Xavier, R. (Full Professor), Faria, R. L. D. (Assistant Professor), Rocha, V. (Assistant Professor), Almeida, M. A. D. (Full Professor), Domingos, M. P. (Scholarship holder), Rosas, M. (Invited Assistant Teacher), Portocarrero, M. (Assistant Professor), Rouxinol, M. (Assistant Professor), Alija, N. (Student), Silva, N. S. E. (Invited Assistant Professor), Martins, P. F. (Assistant Professor), Pichel, P. (Invited Assistant Teacher), Cunha, P. O. (Associate Professor), Albuquerque, P. P. D. (Full Professor), Marques, P. G. (Assistant Professor), Machete, P. (Associate Professor), Gomes, P. C. (Invited Assistant Professor), Freitas, P. (Assistant Professor), Carvalho, R. (Associate Professor), Moreira, R. R. (Scholarship holder), Andrade, R. (Invited Assistant Teacher), Morais, R. D. (Full Professor), Medeiros, R. (Full Professor), Duarte, R. P. (Full Professor), Carvalho, C. D. O. (Associate Professor), Tavares, S. (Assistant Professor), Vasques, S. (Associate Professor), Venda, S. B. E. (Student), Maltez, S. (Scholarship holder), Rendas, T. (Invited Assistant Professor), Tavares, T. (Assistant Professor), Ventura, V. (Student) & Nogueira, J. F. P. (Assistant Professor)
1/01/20 → 31/12/25
Project: Research
Research output
- 1 Edited book
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Multidisciplinary perspectives on artificial intelligence and the law
Antunes, H. S. (Editor), Freitas, P. M. (Editor), Oliveira, A. L. (Editor), Pereira, C. M. (Editor), Sequeira, E. V. D. (Editor) & Xavier, L. B. (Editor), 2024, 1 ed. Springer. 427 p. (Law, Governance and Technology Series)Research output: Book/Report › Edited book › peer-review
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