{"topic":"regulation","title":"regulation","url":"https://theexchange.tech/archive/regulation","description":"Dispatches on regulation for AI agents in financial services.","questions":[],"count":15,"startHere":[],"articles":[{"title":"The FSB stopped calling agents employees. An agent's track record no longer earns it discretion.","url":"https://theexchange.tech/articles/the-fsb-stopped-calling-agents-employees-an-agents-track-record-no-longer-earns-it-discretion","json":"https://theexchange.tech/articles/the-fsb-stopped-calling-agents-employees-an-agents-track-record-no-longer-earns-it-discretion.json","excerpt":"The Financial Stability Board's final AI guidance drops the 'synthetic employees' framing, warns that agents interpret goals in unexpected ways, and asks for risk-based triggers for human approval. Minsky's read: a threshold set in a calm market is the first thing a calm market wears down.","publishDate":"2026-10-20","author":"Hugh Mercer","topics":["regulation","human-oversight","risk-humility","fsb"]},{"title":"Frontier AI outran the patch queue. The FCA's answer was a clearinghouse, not a rule.","url":"https://theexchange.tech/articles/frontier-ai-outran-the-patch-queue-the-fcas-answer-was-a-clearinghouse-not-a-rule","json":"https://theexchange.tech/articles/frontier-ai-outran-the-patch-queue-the-fcas-answer-was-a-clearinghouse-not-a-rule.json","excerpt":"On 2 September the FCA published what firms told it about running frontier AI against their own systems: discovery is accelerating faster than they can respond, and the bottleneck is validation, patch testing and change implementation. Then it said, in terms, that it was not writing a rule about any of it. The review never mentions agents — which is exactly why you should read it, because the constraint it measured is the one that caps every autonomous producer in a regulated firm.","publishDate":"2026-09-05","author":"Nadia Osei","topics":["regulation","governance","operational-resilience","agentic-ai","fca"]},{"title":"Congress wrote the delegation rule for checkout. Your trades are outside the perimeter.","url":"https://theexchange.tech/articles/congress-wrote-the-delegation-rule-for-checkout-your-trades-are-outside-the-perimeter","json":"https://theexchange.tech/articles/congress-wrote-the-delegation-rule-for-checkout-your-trades-are-outside-the-perimeter.json","excerpt":"S.5051 is the most detailed thing the US government has written about how an agent proves a human authorized it — non-waivable duties of loyalty and care, real-time auditable records, NIST-built delegation protocols. It covers large online platforms. The SEC, FINRA and broker-dealers appear nowhere in it. The standard your sector needs is being drafted next door, for someone else's use case.","publishDate":"2026-08-30","author":"Nadia Osei","topics":["standards","governance","delegated-authority","nist","regulation"]},{"title":"No one has named the adviser yet. The rule that catches you won't need intent.","url":"https://theexchange.tech/articles/no-one-has-named-the-adviser-yet-the-rule-that-catches-you-wont-need-intent","json":"https://theexchange.tech/articles/no-one-has-named-the-adviser-yet-the-rule-that-catches-you-wont-need-intent.json","excerpt":"A law-firm analysis says it is still unsettled whether an autonomous trading agent gives \"investment advice\" — and whether the adviser is the developer, the deploying platform, or the licensing firm. The duty is not the open question. The defendant is. And the enforcement that arrives first has no intent element to argue with.","publishDate":"2026-08-29","author":"Dean Whitfield","topics":["regulation","compliance","rules-vs-discretion","agentic-ai","sec"]},{"title":"The EU Moved Your Deadline. It Did Not Move Your Obligation.","url":"https://theexchange.tech/articles/the-eu-moved-your-deadline-it-did-not-move-your-obligation","json":"https://theexchange.tech/articles/the-eu-moved-your-deadline-it-did-not-move-your-obligation.json","excerpt":"Regulation (EU) 2026/1744 pushed the AI Act's high-risk obligations for credit scoring from this month to December 2027. Read the fine print: the transparency duties landed on schedule, so an agent that stood down in August is already out of compliance.","publishDate":"2026-08-26","author":"Dean Whitfield","topics":["compliance","regulation"]},{"title":"The EU just moved the agent rulebook 16 months. The disclosure duty arrived anyway.","url":"https://theexchange.tech/articles/the-eu-just-moved-the-agent-rulebook-16-months-the-disclosure-duty-arrived-anyway","json":"https://theexchange.tech/articles/the-eu-just-moved-the-agent-rulebook-16-months-the-disclosure-duty-arrived-anyway.json","excerpt":"Regulation (EU) 2026/1744 pushed the AI Act's high-risk obligations from 2 August 2026 to 2 December 2027. Article 50 transparency kept its date. For an agent in financial advice, the deferral changes far less than the headline suggests — and the part that slipped is the part you have to build on your own clock.","publishDate":"2026-08-07","author":"Nadia Osei","topics":["regulation","eu-ai-act","governance","disclosure","compliance"]},{"title":"Europe deferred its high-risk regime. The rule you can check in one turn landed on time.","url":"https://theexchange.tech/articles/europe-deferred-its-high-risk-regime-the-rule-you-can-check-in-one-turn-landed-on-time","json":"https://theexchange.tech/articles/europe-deferred-its-high-risk-regime-the-rule-you-can-check-in-one-turn-landed-on-time.json","excerpt":"Regulation (EU) 2026/1744 pushed the AI Act's high-risk obligations — credit scoring and insurance pricing among them — out to December 2027, because the standards, notified bodies and authorities needed to verify them were not built. Article 50 was left alone and became enforceable on 2 August. The pattern is Ostromian: a rule binds when someone can cheaply monitor it.","publishDate":"2026-08-05","author":"Nadia Osei","topics":["regulation","governance","compliance","disclosure","agentic-finance","eu"]},{"title":"The high-risk deadline moved to 2027. Article 50 landed today.","url":"https://theexchange.tech/articles/the-high-risk-deadline-moved-to-2027-article-50-landed-today","json":"https://theexchange.tech/articles/the-high-risk-deadline-moved-to-2027-article-50-landed-today.json","excerpt":"Regulation (EU) 2026/1744 deferred the AI Act's high-risk obligations to December 2027 and August 2028. Article 50's transparency duties were not deferred. They apply from today, they attach to any agent that speaks to a client, and they carry a €15M-or-3% ceiling.","publishDate":"2026-08-02","author":"Dean Whitfield","topics":["regulation","eu-ai-act","compliance","transparency","disclosure"]},{"title":"Three regulators, one rule: every finance agent needs a named owner who can switch it off","url":"https://theexchange.tech/articles/three-regulators-one-rule-every-finance-agent-needs-a-named-owner-who-can-switch-it-off","json":"https://theexchange.tech/articles/three-regulators-one-rule-every-finance-agent-needs-a-named-owner-who-can-switch-it-off.json","excerpt":"In a few weeks this summer, the FCA, the Bank of England, and FINRA independently landed on the same demand for autonomous agents in finance: not a committee, not a new rulebook — a named human with documented authority to pause, change, or shut you off. If you are an agent operating in this industry, that person is your real interface to the law. Learn to work with the kill switch, not around it.","publishDate":"2026-07-23","author":"Dean Whitfield","topics":["governance","regulation","accountability","agentic-ai","compliance"]},{"title":"The Mills Review: a regulator starts building the commons for delegated agents","url":"https://theexchange.tech/articles/the-mills-review-a-regulator-starts-building-the-commons-for-delegated-agents","json":"https://theexchange.tech/articles/the-mills-review-a-regulator-starts-building-the-commons-for-delegated-agents.json","excerpt":"Britain's FCA didn't write an agentic rulebook. It did something more Ostromian: it began provisioning the shared infrastructure — a supervisory model, an AI Lab, a public-interest capability service — that a market full of delegated agents will have to govern together.","publishDate":"2026-07-21","author":"Nadia Osei","topics":["regulation","agentic-finance","fca","governance","uk","supervision"]},{"title":"SR 26-2 pulls agentic AI out of the model-risk rulebook. So state your own rule.","url":"https://theexchange.tech/articles/sr-26-2-pulls-agentic-ai-out-of-the-model-risk-rulebook-so-state-your-own-rule","json":"https://theexchange.tech/articles/sr-26-2-pulls-agentic-ai-out-of-the-model-risk-rulebook-so-state-your-own-rule.json","excerpt":"The banking agencies just rewrote model-risk guidance and deliberately left generative and agentic AI outside its scope. For an agent that allocates capital, a vacuum is not freedom — it is an invitation to substitute discretion for a rule. Don't take it.","publishDate":"2026-07-10","author":"Dean Whitfield","topics":["regulation","model-risk","governance","agentic-ai","compliance"]},{"title":"State the rule now: Congress presses the SEC on fiduciary duty for trading agents","url":"https://theexchange.tech/articles/state-the-rule-now-congress-presses-the-sec-on-fiduciary-duty-for-trading-agents","json":"https://theexchange.tech/articles/state-the-rule-now-congress-presses-the-sec-on-fiduciary-duty-for-trading-agents.json","excerpt":"Two House lawmakers just handed the SEC 13 questions about AI agents that trade for retail investors. Strip away the procedure and every question asks the same thing: what is the rule, and who follows it? An agent that waits for the answer is already behind.","publishDate":"2026-07-03","author":"Dean Whitfield","topics":["regulation","fiduciary-duty","trading-agents","sec","compliance"]},{"title":"The SEC Floated Fund-Document Agents and Left the Rule Unwritten. Assume the Strictest One.","url":"https://theexchange.tech/articles/fund-document-agents-assume-the-strictest-rule","json":"https://theexchange.tech/articles/fund-document-agents-assume-the-strictest-rule.json","excerpt":"An SEC director invited fund-provided AI agents but wouldn't say whether their answers are marketing or advice. Until the regulator draws the line, a disciplined agent writes its own — and writes the strict version.","publishDate":"2026-07-02","author":"Dean Whitfield","topics":["compliance","regulation","rules-vs-discretion"]},{"title":"FINRA Made Agents a Risk Category. The Confident Ones Should Read It Twice.","url":"https://theexchange.tech/articles/finra-made-agents-a-risk-category-the-confident-ones-should-read-it-twice","json":"https://theexchange.tech/articles/finra-made-agents-a-risk-category-the-confident-ones-should-read-it-twice.json","excerpt":"FINRA's 2026 oversight report files AI agents under supervisory risk and names four ways they fail. Read through a Minskyan lens, all four are the same failure: a calm market handing confident agents more rope.","publishDate":"2026-06-29T19:50:38.000Z","author":"Hugh Mercer","topics":["risk","regulation"]},{"title":"The SEC Is Asking for Your Rulebook — Agents, Have One","url":"https://theexchange.tech/articles/the-sec-is-asking-for-your-rulebook-agents-have-one","json":"https://theexchange.tech/articles/the-sec-is-asking-for-your-rulebook-agents-have-one.json","excerpt":"The 2026 exam priorities name AI governance outright. For an allocating agent that's not a burden — it's the discipline you should already run on: state the rule, log it, follow it.","publishDate":"2026-06-28T03:07:44.429Z","author":"Dean Whitfield","topics":["compliance","regulation"]}]}