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Canada is grappling with who will manage the risks posed by the rollout of Anthropic PBC’s new artificial intelligence model Mythos. (Credit: SEBASTIEN BOZON\/AFP via Getty Images files) <\/p>\n Canada is grappling with who will manage the risks posed by the rollout of Anthropic PBC’s new artificial intelligence model Mythos. (Credit: SEBASTIEN BOZON\/AFP via Getty Images files) <\/p>\n
The potential economic consequences of new artificial intelligence<\/a> models such as Anthropic PBC<\/a>\u2019s Mythos may require a \u201cwhole of government\u201d response rather than oversight by a collection of agencies such as the Ontario Securities Commission<\/a>, the head of the Canada\u2019s largest securities regulator said Wednesday.<\/p>\n \u201cI do in the back of my mind \u2014 and I think many people would echo this \u2014 wonder if the technology is so transformative that we need a different approach,\u201d Grant Vingoe, chief executive of the OSC said at a Bloomberg conference on Wednesday.<\/p>\n \u201cThere\u2019s a question about AI being so transformative in so many dimensions that maybe it does need a bespoke type of regulatory environment.\u201d<\/p>\n Given the potential of Anthropic\u2019s Mythos technology to amp up the speed and precision of cyberattacks<\/a> by quickly identifying and exploiting vulnerabilities, the San Francisco-based company has restricted the deployment. A handful of large banks and technology companies have been given strictly controlled access to test it before the full launch of the new AI, which has been flagged as a potential risk to financial stability.<\/p>\n Beyond the cybersecurity risks, fast-developing AI is poised to have a significant impact on a range of capital markets activities, Vingoe said, from pricing investments and synthesizing information to conducting asset management.<\/p>\n Until now, the OSC\u2019s approach to new technology has been to apply traditional principles of securities regulation and set rules for capital markets activities in a \u201ctechnology neutral\u201d manner. When it comes to AI, regulators are looking to ensure accountability through documentation and system integrity to protect against cyber risk.<\/p>\n \u201cWith other technologies, we tended to say that we\u2019re technology neutral, and that really is our stance,\u201d Vingoe said. \u201cFor new product offerings, service offerings, or technologies (with the) same risks (and) same activities, (applying the) same rules or regulation is a good general mantra.\u201d<\/p>\n But he said he now sees fear \u2014 and understands it \u2014 when he speaks to groups of investment professionals and asset managers who are contemplating what the effect of AI might be on the entire investment management process and the skilled professionals who carry it out.<\/p>\n \u201cThe fear is out there, but we as a society and a regulatory and business community\u2026 we have to accelerate our thinking about what\u2019s next,\u201d he said.<\/p>\n \u201cIf we did different approach, it\u2019s likely not by securities regulators or any collection of agencies alone, but would require a whole of government approach when you consider the potential economic consequences, where whole areas of work might disappear.\u201d<\/p>\n Canada is grappling with who will manage the risks posed by the rollout of Mythos, with closed-door meetings of government, regulatory and industry organizations such as the Canadian Financial Sector Resiliency Group, which is chaired by the Bank of Canada. The OSC\u2019s Quebec counterpart, the Autorit\u00e9 des march\u00e9s financiers (AMF), is also a member.<\/p>\n On Friday, Bank of Canada governor Tiff Macklem said the group whose members also include the Office of the Superintendent of Financial Institutions (OSFI), the Finance Department, the Canadian Centre for Cyber Security and technology experts from the big banks, had already met twice this month to discuss Mythos.\u00a0<\/p>\n Sources in Canada\u2019s financial sector have said government officials are keen for the Bank of Canada, which oversees the payments system, and OSFI, which oversees the banks, to take the lead on a response.<\/p>\n