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AI Regulations UK CMA

May 8 2023

UK Watchdog CMA Calls for AI Regulations Amid Rapid Technological Advancements

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The United Kingdom’s Competition and Markets Authority (CMA) is urging for the implementation of AI regulations to ensure open, competitive markets and effective consumer protection. CEO Sarah Cardell acknowledged AI’s potential to transform businesses and drive economic growth, but also emphasized the need for British consumers and businesses to access AI benefits without encountering issues such as false or misleading information.

The CMA is launching a review of AI technology to examine how competitive markets for foundation models and their use could evolve, as well as identify risks and opportunities for competition and consumer protection. The authority also aims to develop guiding principles to support competition and protect consumers as AI foundation models progress. The CMA has set a deadline of June 2 for evidence submissions and plans to publish its findings in September.

Regulators and lawmakers worldwide are grappling with the rapid development of AI capabilities and its industry-agnostic integration use cases. The White House has also announced a meeting with the leaders of four AI companies as the Biden administration prepares to address artificial intelligence concerns.

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Sarah Cardell, CMA | Fintech Finance

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