ESMA emphasizes banks and investment firms in the EU cannot neglect boardroom duties and legal obligations in AI use, focusing on client protection under MiFID securities law.
ESMA stresses that firms' responsibility for decisions remains with management bodies, whether made by humans or AI, prioritizing clients' best interests and oversight.
ESMA extends AI oversight to third-party technologies like ChatGPT and Google Bard, requiring management understanding and appropriate oversight to ensure compliance with MiFID.
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