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EU gives final approval to Artificial Intelligence Act
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Foundation Models

Foundation Models

May 21, 2024

EU gives final approval to Artificial Intelligence Act

Industry news

  • The European Council has approved the AI Act, making it the first comprehensive law globally to regulate AI. The Act will be fully applicable after 24 months.

  • The Act regulates AI applications on a risk scale consisting of minimal, limited, high, and unacceptable levels. Unacceptable AI practices are prohibited, including unethical data collection and misuse for predictive policing.

  • Additionally, the Act also incorporates emergency procedures, exemptions, and the formation of an Office for Artificial Intelligence. "High-impact" AI models must fulfill transparency requirements before entering the market.

  • Furthermore, AI Regulation sandboxes are claimed to be established for AI innovation with certain "limited and specified" support and exemptions to smaller enterprises. Breaches of the Act will lead to either a percentage of the company's annual global turnover or a predetermined fine.

  • The new rules will come into force later this year. Specific provisions require generative AI models to be implemented within 12 months and most other requirements within two years.

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