AI and Robots Should Not Be Attributed Legal Personhood

When AI controls financial services, and humans no longer take an active role in decision making, who will be held accountable if an AI engages in activity that violates regulations? Accordingly, the most prominent debate surrounding robotics and AI presently being discussed at the EU level concerns whether robots should be attributed legal personhood – as corporations can be – in order to ascribe them with liabilities.

By the end of April, the European Commission will be announcing “an initiative on Artificial Intelligence and robotics.” We have argued that the EU’s MiFID II regulation is providing a model of financial regulation for the rest of the world to follow (see: “Global Markets Make Global Rules”). Last December, Guy Verhofstadt wrote of Artificial Intelligence that “…the European Union should start establishing rules to protect all Europeans – and give the rest of the world a model to follow.” So from the perspective of financial services, now is the time for North America to be cognizant of Europe’s internal debate on AI regulation. It’s likely that financial services will be the industry most severely disrupted by the arrival of AI, and…