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Remarks before the Financial Stability Oversight Council: 2023 Annual Report

· Gary Gensler, Chair of the U.S. Securities and Exchange Commission (United States)

Summary written by Dark Majestic in its own words · topics: financial stability, technology, ai and cyber risk

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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiRemarks before the Financial Stability Oversight Council: 2023 Annual Report

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler warns that AI-driven analytics could create system-wide risks beyond single firms.

Problems raised
  1. New data analytics raise system-wide risks.
  2. Model risk guidance is outdated.
  3. Cyber risks threaten markets.
Solutions proposed
  1. Update model risk management guidance.
  2. Look beyond firm-level risks to system-wide risks.
  3. Improve private fund reporting and cybersecurity rules.
Read full speech on sec.gov ↗

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