/regulation & compliance

News and resources on regulation, compliance, legal and governance issues for banks and fintechs.
AI regulation draws attention of G7 officials

AI regulation draws attention of G7 officials

G7 national officials will meet in Japan on the 30th May to discuss challenges posed by generative AI tools like ChatGPT.

This meeting comes after the same group agreed to form an intergovernmental forum called the “Hiroshima AI process” to debate growing use of AI tools. In their joint statement following this meeting, the G7 stated: “ We recognise the need to immediately take stock of the opportunities and challenges of generative AI, which is increasingly prominent across countries and sectors.”

Japan's communications minister, Takeaki Matsumoto said that during next week’s meeting, G7 officials will hold the first working-level AI meeting to consider issues such as intellectual property protection, disinformation and how the technology should be governed.

The G7’s moves are part of wider efforts to regulate AI, including significant moves the EU Parliament has made on its AI Act. In the most recent stage of the European AI Act, MEPs voted in favour of greater transparency for AI models like ChatGPT.

Matsumoto said that as this year’s G7 chair, Japan "will lead the G7 discussion on responsive use of the generative AI technology.”

The G7 AI working group work in cooperation with the OECD and the Global Partnership on AI (GPAI) to provide suggestion for heads of state by the end of 2023.

Comments: (0)