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Arkadeva O.G., Berezina N.V.
Forming the model of state regulation for the development of artificial intelligence technologies in the financial sector
Keywords: the central bank, financial sector, legislative norms, approaches, position of the regulator, regulatory model, regulatory tools, RegTech
The study is designed to promote creating a balance between reforming the current legal framework and adopting new regulatory provisions; the balance between the interests of the society, business and the state in the field of developing artificial intelligence technologies and related areas. The purpose of the study is to single out the features characteristic for the current stage of forming the model of state regulation in the development of artificial intelligence technologies in the financial sector. Materials and methods. The main research method was a comparative analysis of the provisions of regulations, standards, recommendations and reviews, based on comparing a number of indicators in the development of artificial intelligence technologies in the financial sector. Study results. The deregulatory and conservative approaches to regulation are marked, the parameters of the model of state regulation in the development of artificial intelligence technologies in the financial sector are outlined, the goals and objects of regulation are named, the directions of practical rule-making and developing recommendations are formulated. Conclusions. The current stage of the forming the model of state regulation in the development of artificial intelligence technologies in the financial sector is characterized by an increased interest in the prospects for the use of these technologies, however, it should be borne in mind that these technologies accompany large-scale changes in the economic model, and their regulation should act as an offshoot of the regulating the economic model as a whole. The attempts to integrate the use of technology into the existing economic model will only direct their development along the streamlined path of formalism and will not allow to fully exploit their potential.
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About authors
- Arkadeva Olga G.
- Candidate of Economics Sciences, Associate Professor, Department of Finance, Credit and Economic Security, Chuvash State University, Russia, Cheboksary (knedlix@yndex.ru; ORCID: https://orcid.org/0000-0003-4868-2365)
- Berezina Natalia V.
- Candidate of Economic Sciences, Associate Professor, Head of the Department of Finance, Credit and Economic Security, Chuvash State University, Russia, Cheboksary (study.2011@yandex.ru; ORCID: https://orcid.org/0000-0001-7320-3624)
Article link
Arkadeva O.G., Berezina N.V. Forming the model of state regulation for the development of artificial intelligence technologies in the financial sector [Electronic resource] // Oeconomia et Jus. – 2023. – №4. P. 12-21. – URL: https://oecomia-et-jus.ru/en/single/2023/4/2/. DOI: 10.47026/2499-9636-2023-4-12-21.
