The Board of the International Organization of Securities Commissions (IOSCO) recently issued a consultation report (Consultation) on the use of artificial intelligence (AI) and machine learning (ML) by asset managers and market intermediaries. The purpose of the Consultation is to solicit comments on proposed guidance intended to ensure robust governance over the development, deployment and monitoring of AI and ML models, as well as appropriate transparency to investors, regulators and other relevant stakeholders. Although the guidance, once final, will not be binding, IOSCO’s goal is to encourage members to consider the proposals carefully in the context of their legal and regulatory frameworks for AI and ML. This article discusses the key takeaways from the Consultation. See “The Current State and Future of AI Regulation” (May 14, 2020); and “The Death of Alpha: A True Challenge or a Poor Manager’s Excuse? DMS Summit Discusses Alpha Generation, ‘2 and 20’ Fees, AI and Impact Investing” (Apr. 12, 2018).