In 2024, the EU adopted the AI Act, aiming to foster trustworthy AI in Europe and introducing the first-ever comprehensive legal framework in the region. The EU AI Act establishes a risk-based approach by which AI systems can be classified according to different levels of risk (unacceptable, high risk, limited and minimal risk).

EFAMA aims to support its members in being innovators on the digital front, promoting the responsible adoption of new technologies such as AI, which will allow asset management firms to deliver better services and solutions while building confidence and trust in our industry. To this end, EFAMA helps its members navigate AI complexity, provides guidance on implementing the new obligations under the AI Act (as well as interdependent EU regulations), and promotes ethical and responsible AI practices.