37.《人工智能在资本市场中的应用场景及相关风险与挑战》 conv.docxVIP

Board/2025/017

ArtificialIntelligenceinCapitalMarkets:UseCases,Risks,andChallenges

CONSULTATIONREPORT

TheBoardofthe

InternationalOrganizationofSecuritiesCommissions

CR/01/2025 March2025

Copiesofpublicationsareavailablefrom

TheInternationalOrganizationofSecuritiesCommissionswebsite

?InternationalOrganizationofSecuritiesCommissions2024.Allrightsreserved.Briefexcerptsmaybereproducedortranslatedprovidedthesourceisstated.

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FeedbacktotheConsultationProcess

IOSCOwelcomesinputfromthepublic,includingfinancialmarketparticipants,AIdevelopers,academics,researchers,publicpolicyexperts,andotherinterestedparties,onthecontentofthisReportandotherpotentialareasoffocusgoingforwardtoAIWGConsultation@onorbeforeApril11,2025.

YourcommentlettershouldindicateprominentlythatitisaPublicCommentonIOSCO’sReportArtificialIntelligenceinCapitalMarkets:UseCases,Risks,andChallenges.Allcommentsreceivedwillbemadeavailablepubliclyunlessanonymityisspecificallyrequested.CommentswillbeconvertedtoPDFformatandpostedontheIOSCOwebsite.

Copiesofpublicationsareavailablefrom

TheInternationalOrganizationofSecuritiesCommissionswebsite

?InternationalOrganizationofSecuritiesCommissions2024.Allrightsreserved.Briefexcerptsmaybereproducedortranslatedprovidedthesourceisstated.

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TableofContents

I. ExecutiveSummary 5

II. Introduction 7

III. AIUseCasesinCapitalMarkets 15

IV. Risks,Issues,andChallengesrelatingtoInvestorProtection,MarketIntegrity,andFinancialStability 32

V. StepsMarketParticipantsHaveTakentoManageRisks,andGovernInternalDevelopment,Deployment,andMaintenanceofAISystems 47

VI.ResponsesbyIOSCOMembers 53

VII.Conclusion 66

ANNEXI 68

ANNEXII 70

ANNEXIII 71

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I.ExecutiveSummary

Thisreportistheresultofatwo-phasedapproachbyIOSCOthroughitsFintechTaskForce(FTF)todevelopas