Artificial intelligence, self-driving cars, misinformation on social networks… The Autorité des marchés financiers (AMF) is considering the impact that new technologies will have on the financial industry and on its mission to protect the public.
Even if the day when Quebecers will drive a fully autonomous car is not for tomorrow, the stock market policeman has created a think tank to look into the issues that could arise in the auto insurance sector, gave as an example the president and CEO of the AMF, Louis Morisset, during an interview on Monday, on the sidelines of a speech before the Canadian Club of Montreal.
The idea of a completely self-driving car raises questions about drivers’ liability for insurance, Morisset says.
Eventually, when we have a self-driving car, who should assume responsibility in the event of an accident? What kind of system should be put in place?
Louis Morisset, Chairman and CEO of the AMF
The question may seem hypothetical, but the leader believes that the reflection must begin now so that the AMF and the industry are better prepared when the time comes with “potential solutions”. “If we don’t think about it now, if we don’t consult the industry in particular, we won’t be able to come to a conclusion. »
The TikTok challenge
The AMF’s mission is already confronted with very concrete questions due to the evolution of technologies. Misinformation on social media leads to the spread of false beliefs and the sale of fraudulent products.
As these misdeeds are often perpetrated by foreign actors, the stock market policeman finds himself limited by the own physical borders of his jurisdiction, concedes Mr. Morisset. “There is a very, very clear limit to what you can do. People are free on the internet to go where they want and find actors in the financial system who are not registered with the Authority, who may be following the laws in other jurisdictions, but it turns out often that these actors are fraudulent companies. »
In response, the AMF is stepping up its efforts to promote financial literacy. To reach a younger audience, she is also present on TikTok. “The best we can do, and we put a lot of energy into it, is to raise awareness and constantly stress that we must do business with companies registered in Quebec. If people start from this premise, there are far fewer people who will fall into the traps. »
The AMF is also leading efforts with international regulators to find solutions against bad actors on the web. “We are trying to see if companies like Facebook, ultimately TikTok, could help us, could somehow block this kind of content, knowing that it is often fraudulent. That is totally embryonic, it can perhaps be done on an international scale. »
Researchers are also concerned about the risks that recent opportunities for artificial intelligence could bring with chatbot technologies like ChatGTP, which has been the source of much curiosity in the past few days.
The Canadian securities authorities, including the AMF, will have to look into the development of this technology, believes Mr. Morisset, who will leave his post at the end of June. “I don’t have an answer for you today, other than to say that this is the kind of phenomenon that is emerging and causing concern. Our thinking is just getting started. »
The AMF is not yet at the stage of using artificial intelligence in its activities, either to detect fraudulent behavior or to achieve efficiency gains.
However, the organization is working on the “valorization” of its data to ensure that it is reliable. The adoption of artificial intelligence in its activities could subsequently be considered. “When we are, I would say, able to have optimal use of our data, then we can probably better consider integrating components of artificial intelligence. I have teams looking at it today, but do I have systems in place using artificial intelligence? Not yet. »