EU's AI Act: A New Era of Artificial Intelligence Regulation
| Aspect | Details |
|---|---|
| Event | The European Union gives final approval to the AI Act. |
| Purpose | Regulate AI to ensure trust, transparency, and accountability while fostering innovation. |
| Penalties | Fines up to €35 million ($38 million) or 7% of annual global revenue, whichever is higher. |
| Risk-Based Approach | Bans "unacceptable" applications (e.g., social scoring, predictive policing, emotional recognition). Regulates high-risk AI systems (e.g., autonomous vehicles, medical devices). |
| Impact on U.S. Firms | U.S. tech companies must comply with EU copyright rules, transparency in model training, and cybersecurity standards. |
| Implementation Timeline | 12-month delay before requirements take effect. 36-month transition period for existing generative AI systems. |
| Next Steps | Focus on effective implementation and enforcement of the AI Act. |