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The US Securities and Exchange Commission (SEC) has unveiled plans to create an AI taskforce, which it hopes will bolster efficiency and innovation.
In a press release on the agency’s site, the SEC announced the taskforce, and that former SEC Strategic Hub for Innovation and Financial Technology director Valerie Szczepanik has been appointed as the agency’s new chief AI officer to lead it.
“I thank chairman [Paul] Atkins for selecting me to lead this important initiative for the agency. The AI Task Force will aim to centralise and align efforts to advance AI-enabled transformation across the entire commission,” said Szczepanik.
“I look forward to accelerating work already underway in the SEC’s divisions and offices to build enterprise capacity for AI innovation and implement AI solutions that are trustworthy, effective, and mission enhancing.”
While the specifics of the taskforce were not outlined, the SEC said the taskforce will assist in streamlining efforts across internal agencies and ensure that the technology leads to strong and more efficient outcomes.
“Recognising the transformative potential of AI, the SEC’s AI Task Force will accelerate AI integration to bolster the SEC’s mission,” said the SEC.
“It will centralise the agency’s efforts and enable internal cross-agency and cross-disciplinary collaboration to navigate the AI life cycle, remove barriers to progress, focus on AI applications that maximise benefits, and maintain governance.”
The AI taskforce announcement comes only months after the SEC announced a new cyber and crypto crime unit.
The Cyber and Emerging Technologies Unit (CETU) was launched to fight cyber and crypto-related crime and protect retail investors. In February, the CETU had collated 30 fraud specialists and legal representatives across a number of SEC internal offices.
“Importantly, the new unit will also allow the SEC to deploy enforcement resources judiciously,” said the acting chairman of the SEC, Mark T. Uyeda, in February.
“It will root out those seeking to misuse innovation to harm investors and diminish confidence in new technologies,” he continued, adding that alongside protecting investors, it will allow for the market to innovate and grow by facilitating capital formation and market efficiency.
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