On 1 November 2023, the International Regulatory Strategy Group (IRSG) (a joint venture between the City of London Corporation and TheCityUK) published a policy paper on a coherent and interoperable international regulatory framework on artificial intelligence (AI).

In this policy paper, the IRSG stresses the importance of creating a globally coherent approach in order to achieve a global regulatory framework for AI that avoids additional, unnecessary burdens for businesses, whilst protecting consumers and maintaining their trust.

The policy paper recommends that the UK government should:

  • Continue its long-term engagement on developing global AI principles and standards and lead and drive ambitious discussions in key international fora.
  • Strengthen international regulatory coordination to avoid friction between competing and overlapping regulations.

Promote the interoperability of different regulatory regimes and follow international standards and principles in the UK’s domestic regime.