European Union Releases AI Act

While the U.S. is yet to adopt a comprehensive regulatory framework, the EU recently adopted EU Artificial Intelligence Act (AI Act). The AI Act sets forth comprehensive rules regarding AI transparency, data protection and oversight. The AI Act issues steep fines for violations and is expected to have broad impact not only across the EU but for firms conducting business with the EU. The AI Act defines AI system to mean “a machine-based system designed to operate with varying levels of autonomy, that may exhibit adaptiveness after deployment and that, for explicit or implicit objectives, infers, from the input it receives, how to generate outputs such as predictions, content, recommendations or decisions that can influence physical or virtual environments.” The AI Act utilizes a risk-based approach that applies different requirements based on four categories of risk: unacceptable risk, high risk, limited risk and minimal risk. 

Click here to read the EU’s AI Act.