EU approves world's first comprehensive AI law

Admin
Mar 14, 2024
2 min read

Yesterday, European Parliament gave final approval to a landmark EU law governing artificial intelligence. Here is what you should know about this upcoming EU wide AI law:

The EU AI Act is part of the EU's digital strategy to ensure the safe and transparent use of AI technologies. It aims to foster innovation while safeguarding fundamental rights and adhering to EU values. The act addresses the regulatory gaps posed by the rapid integration of AI across various sectors, including healthcare, transportation, and law enforcement.

Key Provisions:

Risk-Based Approach: AI systems are classified into different risk categories, with each category subject to specific regulatory obligations. This classification ensures that AI systems with greater impact on safety and fundamental rights face more stringent regulations.
Banned AI Practices: The Act prohibits certain AI applications considered a clear threat to fundamental rights, including biometric categorization systems and AI systems that manipulate human behavior.
Innovation and Development: The AI Act encourages innovation through "regulatory sandboxes" and real-world testing, providing a supportive regulatory framework for the development of AI technologies.
New Regulatory Bodies: The establishment of an AI Office, a scientific panel, and an AI Board is proposed to oversee, advise, and implement the Act's provisions across EU member states.
Penalties for Non-compliance: Significant fines are set for firms that fail to comply with the AI Act's regulations, underscoring the importance of adherence to these new standards.
Impact and Global Relevance: The EU AI Act is expected to set a global standard for AI regulation, similar to the GDPR's impact in data protection. It emphasizes the EU's role as a leader in establishing legal frameworks for emerging technologies.
Compliance and Enforcement: Heavy fines are proposed for non-compliance, similar to the GDPR framework.