Skip to main content

Site navigation

  • University of Technology Sydney home
  • Home

    Home
  • For students

  • For industry

  • Research

Explore

  • Courses
  • Events
  • News
  • Stories
  • People

For you

  • Libraryarrow_right_alt
  • Staffarrow_right_alt
  • Alumniarrow_right_alt
  • Current studentsarrow_right_alt
  • Study at UTS

    • arrow_right_alt Find a course
    • arrow_right_alt Course areas
    • arrow_right_alt Undergraduate students
    • arrow_right_alt Postgraduate students
    • arrow_right_alt Research Masters and PhD
    • arrow_right_alt Online study and short courses
  • Student information

    • arrow_right_alt Current students
    • arrow_right_alt New UTS students
    • arrow_right_alt Graduates (Alumni)
    • arrow_right_alt High school students
    • arrow_right_alt Indigenous students
    • arrow_right_alt International students
  • Admissions

    • arrow_right_alt How to apply
    • arrow_right_alt Entry pathways
    • arrow_right_alt Eligibility
arrow_right_altVisit our hub for students

For you

  • Libraryarrow_right_alt
  • Staffarrow_right_alt
  • Alumniarrow_right_alt
  • Current studentsarrow_right_alt

POPULAR LINKS

  • Apply for a coursearrow_right_alt
  • Current studentsarrow_right_alt
  • Scholarshipsarrow_right_alt
  • Featured industries

    • arrow_right_alt Agriculture and food
    • arrow_right_alt Defence and space
    • arrow_right_alt Energy and transport
    • arrow_right_alt Government and policy
    • arrow_right_alt Health and medical
    • arrow_right_alt Corporate training
  • Explore

    • arrow_right_alt Tech Central
    • arrow_right_alt Case studies
    • arrow_right_alt Research
arrow_right_altVisit our hub for industry

For you

  • Libraryarrow_right_alt
  • Staffarrow_right_alt
  • Alumniarrow_right_alt
  • Current studentsarrow_right_alt

POPULAR LINKS

  • Find a UTS expertarrow_right_alt
  • Partner with usarrow_right_alt
  • Explore

    • arrow_right_alt Explore our research
    • arrow_right_alt Research centres and institutes
    • arrow_right_alt Graduate research
    • arrow_right_alt Research partnerships
arrow_right_altVisit our hub for research

For you

  • Libraryarrow_right_alt
  • Staffarrow_right_alt
  • Alumniarrow_right_alt
  • Current studentsarrow_right_alt

POPULAR LINKS

  • Find a UTS expertarrow_right_alt
  • Research centres and institutesarrow_right_alt
  • University of Technology Sydney home
Explore the University of Technology Sydney
Category Filters:
University of Technology Sydney home University of Technology Sydney home
  1. home
  2. arrow_forward_ios ... Newsroom
  3. arrow_forward_ios ... 2024
  4. arrow_forward_ios 06
  5. arrow_forward_ios ASIC x UTS: AI Regulators Symposium insights

ASIC x UTS: AI Regulators Symposium insights

13 June 2024

On Tuesday 21 May 2024, HTI and the Australian Securities and Investments Commission (ASIC) hosted the ASIC x UTS: AI Regulators Symposium to discuss emerging issues and critical questions for the effective regulation of AI.

How do we bridge the divide between the AI regulation we have and the AI regulation we need? 

The symposium consisted of a series of discussions, including an interactive roundtable with AI thought leaders, and public panels facilitated by Professor Nicholas Davis, Co-Director, HTI. The final panel featured several leading Australian regulators, including Australian Competition and Consumer Commission Commissioner Liza Carver, eSafety Commissioner Julie Inman Grant, Privacy Commissioner Carly Kind, and Australian Securities and Investment Commission Chair Joseph Longo.  

Across the day, participants shared a wide range of insights, including:  

  • While there are clear gaps in legislation and an opportunity for law reform, the effective application and enforcement of existing laws can address many of the harms arising from AI systems.   

  • Although regulators would be better supported by law reform and additional resources, they can provide guidance, undertake enforcement action, and coordinate with other regulators on AI-related issues.  

  • Australia can play a leadership role in the protection and enforcement of people's rights in response to harms caused by AI systems. 

The regulators panel explored these issues through a discussion of their current obligations and powers, new risk areas, and how AI is changing their work. The audience heard that:  

  • Regulators are deploying AI to support staff and assist with investigative and enforcement functions.  

  • AI is impacting regulators by creating new sources of harms and ‘turbocharging’ existing ones. Many of these issues overlap and regulators are aware of the need to work together to coordinate their responses to AI harms.  

  • Traditional enforcement strategies are being challenged by AI for practical reasons (e.g. scale and accessibility of AI technologies; consumers unaware of rights or breaches yet burden on them to bring complaints) and legal reasons (e.g. uncertainty around liability for AI systems; application of Australian laws to foreign developers who dominate the market). 

  • Regulators would benefit from more resources. Additional financial resources are needed for regulators to investigate and bring AI-related enforcement actions. Regulators also need to upskill staff and build technical expertise. 

ASIC Chair Joe Longo set the scene for the regulators panel, emphasising the emerging consensus around the need for a strong regulatory framework for AI. In his view, such a framework would allow AI-driven innovation to flourish, delivering the economic benefits and productivity improvements that it promises. 

Government and regulators can – and must – have a hand in shaping how AI technology is designed and deployed. It needs to accord with the values and rights on which our social stability and individual liberties depend - Joseph Longo, Chair Australian Investment and Securities Commission

The Hon Stephen Jones, Assistant Treasurer and Minister for Financial Services, provided the keynote address. 

We attach responsibility for decisions to people, to directors, to corporate entities, to responsible persons inside organisations… to licensees, and those decisions cannot be outsourced to a machine or anything else. - The Hon Stephen Jones, Assistant Treasurer and Minister for Financial Services

The regulators panel and subsequent discussion built upon insights generated from a roundtable discussion featuring 40 AI thought leaders from government, industry, civil society and academia. 

HTI has collated the key insights from the symposium into an Insight Summary: ASIC x UTS: AI Regulators Symposium. 

insight summary: asic x UTS: ai regulators symposium

Learn more about HTI’s Future of AI Regulation program and its AI Corporate Governance program.  

 

Share
Share this on Facebook Share this on Twitter Share this on LinkedIn
Back to HTI news

Related News

  • Minister Stephen Jones speaking at HTI symposium
    Shaping our Future Symposium
  • A crowd of people
    Report launch: The State of AI Governance in Australia

Acknowledgement of Country

UTS acknowledges the Gadigal People of the Eora Nation and the Boorooberongal People of the Dharug Nation upon whose ancestral lands our campuses now stand. We would also like to pay respect to the Elders both past and present, acknowledging them as the traditional custodians of knowledge for these lands. 

University of Technology Sydney

City Campus

15 Broadway, Ultimo, NSW 2007

Get in touch with UTS

Follow us

  • Instagram
  • LinkedIn
  • YouTube
  • Facebook

A member of

  • Australian Technology Network
Use arrow keys to navigate within each column of links. Press Tab to move between columns.

Study

  • Find a course
  • Undergraduate
  • Postgraduate
  • How to apply
  • Scholarships and prizes
  • International students
  • Campus maps
  • Accommodation

Engage

  • Find an expert
  • Industry
  • News
  • Events
  • Experience UTS
  • Research
  • Stories
  • Alumni

About

  • Who we are
  • Faculties
  • Learning and teaching
  • Sustainability
  • Initiatives
  • Equity, diversity and inclusion
  • Campus and locations
  • Awards and rankings
  • UTS governance

Staff and students

  • Current students
  • Help and support
  • Library
  • Policies
  • StaffConnect
  • Working at UTS
  • UTS Handbook
  • Contact us
  • Copyright © 2025
  • ABN: 77 257 686 961
  • CRICOS provider number: 00099F
  • TEQSA provider number: PRV12060
  • TEQSA category: Australian University
  • Privacy
  • Copyright
  • Disclaimer
  • Accessibility