AI and ML reporting obligations require mutual funds to disclose AI/ML systems, uses, controls and audits to regulators quarterly. Mutual funds offering or using AI/ML in investor facing products, trading or compliance must complete a prescribed reporting form and submit quarterly to AMFI within fifteen days of quarter end; AMFI will consolidate and forward submissions to the regulator within thirty days. The scope covers fintech and regtech initiatives and enumerated AI/ML technologies, and the form requires disclosure of system identity, uses, claimed capabilities, implementation, controls, safeguards, audit inclusion and any adverse audit comments, with confidentiality to be maintained by AMFI.
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Provisions expressly mentioned in the judgment/order text.
AI and ML reporting obligations require mutual funds to disclose AI/ML systems, uses, controls and audits to regulators quarterly.
Mutual funds offering or using AI/ML in investor facing products, trading or compliance must complete a prescribed reporting form and submit quarterly to AMFI within fifteen days of quarter end; AMFI will consolidate and forward submissions to the regulator within thirty days. The scope covers fintech and regtech initiatives and enumerated AI/ML technologies, and the form requires disclosure of system identity, uses, claimed capabilities, implementation, controls, safeguards, audit inclusion and any adverse audit comments, with confidentiality to be maintained by AMFI.
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