Systemic risk management as an emerging regulatory approach in EU digital legislation: salient features and outstanding challenges

This paper describes and systematises systemic risk management obligations as a distinctive regulatory approach in EU digital legislation, particularly under the Digital Services Act (DSA) and the Artificial Intelligence Act (AIA). It analyses the notion of systemic risk and aims to distil the main distinctive features that characterise the related obligations under both the DSA and the AIA. Based on this analysis, this contribution outlines the uncertainties surrounding the implementation of systemic risk management obligations, as well as potential issues arising from the blending of public and private governance in novel ways. The ultimate objective is to chart the path for future research that looks at the open questions and challenges of these new and consequential regimes.