The Global Framework for the Regulation of Artificial Intelligence

Emil Asenov

doi:10.37075/YB.2024.1.01

Authors

Assoc. Prof. Dr Emil Asenov Department of Financial Control, Faculty of Finance and Accounting, UNWE Author

DOI:

https://doi.org/10.37075/YB.2024.1.01

Keywords:

International organizations, Artificial intelligence, Regulation, Risks

F55, L51, O32, O33

Abstract

The need for regulatory governance of matters related to artificial intelligence is driven by the rapid pace of technological changes resulting from its application across various sectors of the economy and society. The potential risks and challenges provide grounds for numerous international organizations and technologically advanced countries to prioritize the establishment of adequate regulatory solutions and the implementation of effective approaches to address the complex theoretical and legal issues pertaining to artificial intelligence. Within the regulatory framework structure related to the regulation of artificial intelligence, two levels can be clearly distinguished.The first level is global and pertains to various initiatives and documents that play a crucial role in the regulatory governance of artificial intelligence, adopted by international organizations. The second level of artificial intelligence regulation pertains to national jurisdictions, particularly of technologically and industrially advanced countries.The article examines the main decisions and documents that define the content of the global framework for regulating artificial intelligence, including various initiatives and documents adopted by international organizations such as the United Nations (UN), UNESCO, the Organization for Economic Co-operation and Development (OECD), the G7 countries, the International Organization of Securities Commissions (IOSCO), and others.The analysis of these decisions shows that they predominantly contain norms of a declarative and recommendatory nature. However, they play an important role by setting global goals, ethical standards, organizational approaches, and applicable tools necessary for building regulatory frameworks within national jurisdictions.

References

Internet Information Service Algorithmic Recommendation Management Provision. URL: https://agora.eto.tech/instrument/266 (accessed 2023-10-01)

EEAS (2023). The Global Digital Compact: a bold step towards digital transformation. URL: https://www.un.org/digital-emerging-technologies/global-digital-compact (accessed 2023-10-01)

EEAS (2023). Global Digital Compact in 2023. DW Observatory. URL: https://www.un.org/digital-emerging-technologies/global-digital-compact (accessed retrieved May 13, 2023)

EEAS (2023). Global Digital Compact: Office of the Secretary-General's Envoy on Technology. Office of the Secretary-General's Envoy on Technology. URL: https://www.un.org/digital-emerging-technologies/global-digital-compact (accessed 2023-10-01)

Proposal for a Regulation of the European Parliament and of the Council laying down harmonised rules on artificial intelligence (Artificial Intelligence Act) and amending certain Union legislative acts.

Financial Stability Board (FSB) (2017). Artificial intelligence and machine learning in financial services. URL: https://www.fsb.org/2017/11/artificial-intelligence-and-machine-learning-in-financial-service/ (accessed 2023-10-01)

International Organisation of Securities Commission (IOSCO) (2020). The use of artificial intelligence and machine learning by market intermediaries and asset managers, Consultation Report. URL: https://www.iosco.org/library/pubdocs/pdf/IOSCOPD658.pdf (accessed 2023-10-01)

Ministry of Foreign Affairs of Japan (2023). Hiroshima Process International Guiding Principles for All AI Actors.

Ministry of Foreign Affairs of Japan (2023). Hiroshima Process International Guiding Principles for Organizations Developing Advanced AI System. Ministry of Foreign Affairs of Japan. URL: https://www.soumu.go.jp/hiroshimaaiprocess/pdf/document03_en.pdf (accessed 2023-10-01)

Ministry of Foreign Affairs of Japan (2023). Hiroshima Process International Code of Conduct for Advanced AI Systems. Ministry of Foreign Affairs of Japan. URL: https://www.soumu.go.jp/hiroshimaaiprocess/pdf/document04_en.pdf (accessed 2023-10-01)

Recommendation of the Council on Artificial Intelligence. URL: https://legalinstruments.oecd.org/en/instruments/oecd-legal-0449 (accessed 2023-10-01)

OECD (2024). Expert Group on AI Risk & Accountability. AI community. OECD. URL: https://oecd.ai/en/network-of-experts/working-group/10919 (accessed 2024-01-22)

Jeffery Yong and Jermy Prenio (2021). Humans keeping AI in check – emerging regulatory expectations in the financial sector. Financial Stability Institute, Bank for International Settlements. DOI: https://www.bis.org/fsi/publ/insights35.htm

Shabsigh, G. & Boukherouaa, E. (2023). Generative Artificial Intelligence in Finance: Risk Considerations Note/2023/006. International Monetary Fund. DOI: https://doi.org/10.5089/9798400251092.063

The Bletchley Declaration by Countries Attending the AI Safety Summit, 1-2 November 2023. (2023). URL: https://www.gov.uk/government/publications/ai-safety-summit-2023-the-bletchley-declaration/the-bletchley-declarationby-countries-attending-the-ai-safety-summit-1-2-november-2023 (accessed 2024-11-02)

The White House (2022). Blueprint for an AI Bill of Rights.

UNESCO (2021). Recommendation on the Ethics of Artificial Intelligence. URL: https://www.soumu.go.jp/hiroshimaaiprocess/pdf/document07_en.pdf (accessed 2024-10-22)

UNESCO (2022). Recommendations on the ethics of artificial intelligence. URL: https://unesdoc.unesco.org/ark:/48223/pf0000381137 (accessed 2024-03-23)

Resolution A/78/L.49 of the United Nations General Assembly Use of the power of safe, secure, and reliable artificial intelligence systems for sustainable development, A/78/L.49. URL: https://documents.un.org/doc/undoc/ltd/n24/065/94/pdf/n2406594.pdf?token=yEq2KiGFWwzO97wA91&fe=true (accessed 2023-10-01)

United Nations (2023). Artificial Intelligence: Opportunities and Risks for International Peace and Security – Security Council, 9381st Meeting. URL: https://www.securitycouncilreport.org/monthly-forecast/2023-07/artificialintelligence.php (accessed 2023-10-01)

United Nations (2023). High-Level Multi-Stakeholder Advisory Board on Artificial Intelligence (AI). United Nations. URL: https://odin.mgimo.ru/upload/2023/10/AIAB_Onepager_231022_113938.pdf (accessed 2023-10-01)

Vulcheva, D. (2024). AI poses a risk to humanity similar to nuclear weapons. Forbes. URL: https://forbesbulgaria.com/2024/03/12/ai-krie-risk-zachovechestvoto-podoben-na-yadrenite-orazhiya/ (accessed 2023-10-01)

Vulcheva, D. (2024). The UN adopts its first resolution on artificial intelligence. Forbes. URL: https://forbesbulgaria.com/2024/03/13/oon-priemapa-rvata-si-rezolyutsiya-za-izkustveniya-intelekt/ (accessed 2023-10-01)