Exciting news! The Council of the EU has officially approved the world's first comprehensive AI regulation – the AI Act.
This landmark legislation prioritizes safety and ethics by classifying AI systems based on risk and aims to:
- Standardize AI rules across the EU,
- Promote the development of trustworthy AI systems,
- Respect fundamental rights, and
- Foster innovation within the EU.
The AI Act will now have to be signed by the presidents of the European Parliament and the Council, after which it will be published in the EU's Official Journal. 20 days after publication it will enter into force and come with a two year implementation period (with some exceptions).
Friendly reminder: the price for violating the AI Act is costly and the highest penalty is EUR 35 million or 7% of a company's annual turnover, whichever is higher. This overshadows even the penalties set out in the GDPR.
Our previous articles on the AI Act and its provisions can be found here and here.
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