CFFiM acknowledges with appreciation its principal recommendations reflected in the Innovation, Science and Economic Development Canada (ISED) Discussion Paper, Enhancing Trust in Artificial Intelligence (the “Discussion Paper”) and in particular, the Discussion Paper’s recognition that:
- Current sectoral and other legal requirements applicable to artificial intelligence (AI) can be adequately responsive to risks.
- Interventions, if any, should be risk-based and proportionate.
- Innovation and competitiveness also inform [transparency] requirements, which in turn, can impose compliance costs and impede the useful deployment of AI.
AI is not a new feature of financial services. Market solutions continue to develop surrounding transparency of AI content and interactions.
CFFiM continues to support an environment where the deployment of AI systems enhances investor experiences, benefits market efficiency, and competition, and attracts capital to Canadian companies developing AI systems, while responsibly addressing risks.
Canada should be the preferred destination for companies developing and bringing new technologies to market.
Financial services are extensively regulated, including transparency and incident reporting. AI use does not create a regulatory gap. Fraud and agency should be addressed through existing laws. See full CFFiM analysis here.
