Financial Services AI Financial Services
Welcome to our Artificial Intelligence (AI) Review for 2022. There is no doubt we are living in unprecedented times when it comes to the advancement of AI technology which has been coined the “fourth industrial revolution”. News in late December from OpenAI foundation’s of its AI bot ChatGPT (Generative Pre-Trained Transformer) brings a new level of advancement in AI. This AI bot can write code, solve problems and provide customer support. As a result, we expect a very eventful 2023 in respect of developments in the AI sector.
In this edition of the AI Review, we focus on:
- The proposed Artificial Intelligence Liability Directive (AILD). The EU Council approved the compromise version of the EU Artificial Intelligence Act (AI Act) on 6 December 2022. The countdown to the act coming into force continues, and it is anticipated that it will enter into force in late 2023 or 2024. As discussed by Jamie Gallagher and Amy Grant below the rules under the proposed (AILD) will also impact businesses for damage caused by certain AI systems. Providers of AI systems and businesses that use AI technologies need to be alive to the regulatory obligations arising from both the AI Act and the AILD
- Brian Horkan and Fiona McNulty consider the EU Commission Joint Research Centre (JRC) policy with respect to children and AI, specifically the JRC’s report on Artificial Intelligence and the Rights of the Child
- We also provide a note on the Amazon Buy Box Case in the UK in connection with the possible preferential treatment by Amazon’s algorithm
- In terms of the interaction between AI and intellectual property law, Gerard Kelly and Jane Bourke discuss the most recent DABUS applications in the US and how a similar application would be treated in Ireland
- We look at the cost and time benefits of AI to e-discovery
Finally, we are delighted to announce the reappointment of Brian McElligott, who rejoins as Head of our AI team. Brian previously spent time in-house as Chief Intellectual Property counsel with an Irish AI fintech start-up.
We have included a link to our first edition AI Review which contains information on the AI Act, and useful notes on contracting with AI and AI from a data protection perspective.
Download your copy of the Review via the link below in Related Downloads.