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ARTICLE · 23 FEBRUARY 2024

Financial Services Technology In Canada: Seven Things To Watch For In 2024

Gowling WLG
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As we move into 2024, Gowling WLG's Financial Services and Technology (FSxT) Group shares its take on key legal and regulatory developments expected to affect the Canadian market this year...

CanadaTechnology
Parna Sabet-Stephenson
Parna Sabet-Stephenson
Adam Garetson
Adam Garetson
Alana Scotchmer
Alana Scotchmer
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As we move into 2024, Gowling WLG's Financial Services and Technology (FSxT) Group shares its take on key legal and regulatory developments expected to affect the Canadian market this year:

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Regulating artificial intelligence (AI) in the financial sector

We expect that the Artificial Intelligence and Data Act (AIDA), a component of the Digital Charter Implementation Act, 2002 (Bill C-27), will become law this year, after continued refinement through the legislative process. If passed, AIDA will be a national general-purpose legislation regulating AI. We anticipate various federal and provincial regulators to also consider additional industry-specific regulations over time. In the case of the Office of the Superintendent of Financial Institutions (OSFI), it will continue its inquiry into how the institutions that it regulates are using AI, building upon its industry survey distributed in late 2023, and its public consultation on draft Guideline E-23: Model Risk

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