NEW FINANCIAL TECHNOLOGIES

OPINIONS AND REPORTS TO BE DOWNLOADED

. The legal and regulatory impacts of artificial intelligence in banking, financial and insurance matters

Working Group chaired by Brice Henry

20/06/25 RA68A - Report ➡ Download

Artificial intelligence has now established itself as a structuring lever for financial institutions, raising new questions in terms of law and regulation. Upon the joint request of the ACPR and the AMF, the HCJP report provides an in-depth analysis of the regulatory framework for AI in banking, finance, and insurance: it explores how the AI Regulation interacts with European sectoral regulations (CRD, MiFID, PSD, Solvency II) as well as horizontal regulations (GDPR, DORA, ESG), highlighting requirements for governance, risk management, data protection, and issues of sovereignty. The report offers keys to understanding the main applicable regulations, identifies points of attention for supervisors and financial institutions, and analyses the resulting challenges in terms of compliance, security, and liability.

. The determination of the law applicable to assets registered in distributed ledgers

Working Group chaired by Jérôme Chacornac and Hubert de Vauplane

31/05/24 RA63A - Report ➡ Download

The French Financial Market Authority - AMF - requested the HCJP's expertise in the context of the adaptation of French law to Regulations (EU) 2022/858, known as the "Pilot Regime", and (EU) 2023/1114, known as the "MiCA" Regulation, which establish a framework for the deployment of assets registered in distributed ledgers. The HCJP was to consider solutions for determining the law applicable to assets registered in ledgers operating on the basis of these technologies. Noting the existence of two regulatory and private law systems for financial securities and crypto-assets (I), the HCJP proposes adaptations to existing private international law solutions for financial securities (II) and suggests ways of developing new conflict of laws rules specific to crypto-assets (III).

. The "Banking Cloud".

Working Group chaired by Frédéric Lacroix

05/21 RA42A - Report ➡ Download

The growing use of "cloud" computing technology and its widespread use within banking businesses raises undeniable challenges linked to the high concentration of technology service providers, the issue of digital sovereignty and the risk of non-compliance with financial regulations. After reviewing these issues, the HCJP report notes that the regulations governing the banking sector must evolve. Regulatory approaches to the outsourcing of banking services to the cloud at European and national level are incomplete and heterogeneous. This work puts forward several proposals for improving these regulations.