If you’re in fund marketing, then you need to take note of the European Commission’s wide-ranging new digital strategy.
There are two main tenets of this that are important to anyone in fund marketing. Firstly, at the core of the strategy is a commitment to data, which is referred to as the ‘lifeblood of economic development’.
Basically, the EU is committed to enhancing the use of data. As a result, businesses in a number of sectors, including finance, will be able to access large datasets and governance mechanisms. The Commission also promises to liberate ‘high-value data sets’ held by public bodies. This could mean more potentially useful data becoming available to fund marketers.
Equally, there may be a tightening up of the rules regarding personal data and how it is used – an area which is already highly regulated by GDPR. It’s been hinted that the right to data portability – a major part of GDPR – could be updated to give ‘more control over who can access and use machine-generated data’. This could mean tighter restrictions on how personal data is used and stored by businesses.
Aside from data, the other main area of interest is the regulation of AI, especially as so many fund marketers are now harnessing its vast analytical potential. Although there is no hard and fast information on what will happen, it’s clear that the Commission will introduce new regulations to govern the use of AI, so there is a cohesive approach across all EU member states. These new rules will try and ensure that AI systems are strong and accurate, and that any errors can be fixed if and when they happen. It’s also expected that there will be new rules governing human oversight of AI systems. And the new rules will apply to companies who are making and supplying AI systems as well as those who use them.
In conclusion, it remains to be seen exactly what this EU digital strategy will turn into, but certainly new legislation is coming – and it has implications for anyone in fund marketing. Although Brexit may muddy the waters, UK fund marketers must still take note. One reason for this is that EU regulations will affect anyone who wants to do business in the EU, or with EU citizens. Also, depending on the nature of the agreement – if any – that is decided between the UK and EU, regulations and standards may have to be replicated on this side of the Channel.
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