FCA chief executive outlines regulatory approach to Big Tech and AI
Nikhil Rathi, chief executive of the U.K.’s Financial Conduct Authority (FCA), recently outlined the FCA’s regulatory approach to Big Tech and AI in a speech delivered at The Economist in London.
Rathi supported the government’s call for the U.K. to be the global hub of AI regulation, noting that they had recently hosted 97 global regulators to discuss regulatory use of data and AI and will continue to collaborate with global standard setting bodies to manage the risks of AI. To encourage the safe development of AI tools in the U.K., he said that they would be expanding the Digital Sandbox initiative to allow companies to innovate in a controlled environment.
As his speech took place the same day the FCA published its feedback statement on Big Tech in Financial Services, Rathi also underscored the importance of monitoring the potential competition impacts of these large companies entering the financial services space. Additionally, with the use of third-party service providers increasing throughout the financial services sector, he said that regulating Critical Third Parties will be crucial to mitigate the potential systemic impact that could be triggered if one of them fails.
Read the full speech on the FCA’s website.
Google, Microsoft, OpenAI, and startup form body to regulate AI development
Microsoft, Google, OpenAI, and Anthropic have announced the creation of an industry body to oversee safe development of advanced artificial intelligence models.
The influential AI companies said the new Frontier Model Forum will focus on the “safe and responsible” development of frontier AI models, which are defined as “large-scale machine-learning models that exceed the capabilities currently present in the most advanced existing models, and can perform a wide variety of tasks.”
The forum’s objectives will be to promote research in AI safety, which could include developing standards for evaluating models; encourage responsible deployment of advanced AI models; discuss trust and safety risks in AI with politicians and academics; and help develop positive uses for AI such as combating climate change and detecting cancer.
The companies noted that membership in the forum will be open to other organizations that develop frontier models. Read more from The Guardian.
New Hampshire governor pushes for new rules to increase mental health care
Facing a shortage of licensed mental health providers and rising demand for telehealth services in the state, New Hampshire Gov. Chris Sununu is calling for the swift implementation of legislation that will help bolster the mental health workforce.
The legislature passed a law in 2021 that streamlines the licensing process for social work associates. However, in order for the changes to take effect, the Board of Mental Health Practice must first change its rules and regulations. Sununu urged Lindsey Courtney, executive director of the New Hampshire Office of Professional Licensing and Certification (OPLC) – which acts as the administrative arm of the board – to ensure board members know that they must implement the law without delay, or they could be removed by the executive council.
In addition to streamlining licensure for social work associates, New Hampshire has also recently joined the Counseling Compact to help address the mental health crisis, which allows licensed counselors to easily practice across state lines in member states. Read more from InDepthNH.org.
Indiana’s Government Reform Task Force conducts comprehensive review of state agencies
Indiana’s Government Reform Task Force, comprised of eight lawmakers from both the state House and Senate, is conducting a comprehensive review of certain state agencies as required by House Bill 1623.
According to state Sen. Chris Garten (R-Charlestown), the need for such a review became evident after legislators heard firsthand how agency rules and fines were impacting businesses and individuals across Indiana.
This year, the task force will review policies in 10 areas: child services, economic development, the criminal justice system, occupational licensing, utilities, health insurance, fiscal policies, public pensions, public health and human services, and transportation.
The task force is required to present a report to the full legislature by Nov. 1 and will meet in future years as well. During the review process, it will be able to request information from agencies and have agency officials testify before lawmakers. Read more from The Center Square.
Health department takes over funeral licensing, regulation in Arizona
Arizona’s Department of Health Services (DHS) will now oversee nearly 1,800 funeral-related licenses and provide related regulatory services for the funeral industry after the State Board of Funeral Directors and Embalmers became part of DHS last month.
The department will not manage the sale of cemetery plots, organ and tissue donation, or medical study donations. To assist DHS with oversight, Gov. Katie Hobbs will appoint a seven-member advisory committee made up of two licensed funeral directors, one licensed embalmer, one licensed cremationist, and three members of the public. Read more from Fronteras.
More news:
- The Louisiana State Board of Architectural Examiners is proposing halving fines for firms operating with expired licenses, which it says are high in comparison to other states. The state Occupational Licensing Review Commission, the public body that supervises licensing boards, has approved the initial review of the changes.
- The Financial Conduct Authority (FCA) is continuing its crackdown on unregistered crypto ATMs in the U.K. Since the start of 2023, the regulator has visited and inspected 34 locations across the U.K. suspected of hosting crypto ATMs, which has resulted in the disruption of 26 machines operating unlawfully across the country.
- The North Carolina State Lottery Commission is working on the rules and regulations that will govern the state’s sports betting and horse racing wagering industry ahead of its official launch, which is expected to occur between January 8 and June 14, 2024. One of the crucial responsibilities of the Commission is to establish licensing programs for sports betting operators, service providers, and suppliers, to ensure consumer safety.
Also noteworthy:
Interesting opinion, commentary, and analysis from the web:
- Like doctors, some engineers take an oath to do no harm (Big Think)
- Maine CISO on the state’s six-month generative AI ‘pause’ (Government Technology)
- SEC’s loss in Ripple lawsuit highlights need for comprehensive regulations: Bank of America (CoinPedia)
- FSB publishes finalized global regulatory framework (Slaughter and May)
- Can the UK financial regulator really end rip-offs? (Financial Times)
Disclaimer: The thoughts, opinions, and commentary of the articles we share links to in Week in Brief do not necessarily reflect those of Ascend Magazine or Thentia.
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