The Financial Services Regulatory Authority of Abu Dhabi Global Market is rolling out a new initiative to boost the development of intelligent regulatory technology (RegTech) tools and help Artificial Intelligence achieve regulatory context and understanding. The move comes amid higher usage of the new technology by financial services firms and other companies. The Open Regulation (OpenReg) initiative provides a "training ground" for industry specialists, RegTech companies and the data science community to have access to FSRA's AI models, data and research to create AI-enabled RegTech tools, ADGM said in a statement on Tuesday. "Without regulatory context, AI applications will be limited in their potential to help financial services firms navigate the regulatory landscape. In this regard, OpenReg provides the regulatory context required by firms to develop their own AI solutions," ADGM said.

The European Commission's AI regulation proposal is a proposal for a regulation of the European parliament and of the Council laying down harmonized rules on artificial intelligence, Artificial Intelligence Act and amending certain union legislative acts (published in April 2021). Its explanatory memorandum explicitly aims to implement, among others, an ecosystem of trust by proposing a legal framework for trustworthy AI and the word trust is mentioned several times (14 trust, 1 trusted, 2 trustful, 21 trustworthy, 3 trustworthiness, 6 entrusted, 1 entrusting). This is somewhat surprising from a Swiss legal point of view. Indeed, under Swiss law, trust (German: Vertrauen / Italian: Fiducia / French: Confiance) is never mentioned, for example, in the Swiss Civil Code, in the Code of Obligations, nor in the Federal Product Liability Act, which constitute fundamental legal bases. However, we start seeing this trend also in Switzerland: The second key objective of the Digital Switzerland Strategy is guaranteeing security, trust and transparency.