European Commission and Bank of England Release AI Code of Practice and Third Survey Findings on UK Financial Services

The European Commission has published its first draft of the General-Purpose AI (GPAI) Code of Practice, aimed at establishing guidelines for the use of artificial intelligence across various sectors. This initiative is part of a broader regulatory effort to ensure the responsible deployment of AI technologies. Additionally, the Bank of England and the UK Financial Conduct Authority have released findings from their third survey on artificial intelligence and machine learning within UK financial services. This survey assesses the current landscape and usage of AI technologies in the financial sector, highlighting the ongoing evolution of regulatory frameworks in response to technological advancements. Furthermore, the European AI Office has also contributed to the discourse by publishing its own draft of the GPAI Code of Practice, reinforcing the importance of standardized practices in AI development and implementation. In a related development, the Bank of England is consulting on fundamental rules for financial market infrastructure firms, indicating a comprehensive approach to financial regulation in the context of emerging technologies.