OSC releases report on artificial intelligence in Ontario’s capital markets
For Immediate Release OSC
TORONTO – The Ontario Securities Commission (OSC) today published a report exploring the use of artificial intelligence (AI) in Ontario’s capital markets.
The report highlights current AI use cases, benefits and challenges, and aims to raise awareness of both the opportunities and risks associated with the use of AI in capital markets.
“AI's transformative potential is undeniable. We undertook this research to better understand how AI is being developed, tested and used by capital market participants in Ontario,” said Grant Vingoe, CEO of the OSC. “AI has the potential to impact processes and stakeholders throughout our capital markets and raises important questions about managing risk, governance, and the potential for malicious use. As industry shifts towards wider adoption, collaboration among regulators, market participants and innovators is critical to support responsible innovation.”
Capital market participants can share feedback on how AI is impacting the investment industry through OSC IdeaHub, a new public participation platform for capital market participants to share ideas that contribute to the OSC’s efforts to foster innovation and economic growth.
“We want to be more proactive in our approach to technological innovation in the investment industry, and we encourage those leading the charge in AI deployment to get in touch with us,” said Pat Chaukos, Director of the OSC Innovation Office. “Through collaboration and the building and sharing of knowledge, we can shape a fair, efficient and future-ready approach to innovation in AI that benefits investors and market participants.”
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.ca.
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