EU Finalizes World’s First Major Law Governing Artificial Intelligence
The EU has given final approval to the AI Act, the world's first comprehensive law to regulate artificial intelligence, emphasizing trust, transparency, and accountability in AI technologies.
The AI Act categorizes AI applications by risk levels. It bans "unacceptable" uses like social scoring and emotional recognition in schools and workplaces
The AI Act is set to significantly affect global companies, particularly U.S. tech firms, requiring them to comply with new, rigorous EU regulations.
The EU Commission will enforce the law, with fines up to €35 million or 7% of annual global revenue for non-compliance.
The emergence of technologies like OpenAI’s ChatGPT highlighted the need for updated regulatory frameworks to address new AI capabilities and issues such as the use of copyrighted material.
The law's stringent requirements will phase in, starting 12 months after it comes into force, with a 36-month transition period for existing systems like ChatGPT to achieve full compliance.
With the legislation now approved, the emphasis shifts to its effective implementation and enforcement to ensure a balanced approach to fostering innovation and safeguarding public interests.
The AI Act is a pioneering step that could set a global standard for AI regulation, influencing future policies worldwide.