🇪🇺 AI NEWS 📣
The European Union has just passed the world's major piece of legislation that regulates artificial intelligence.
Here are 5️⃣ things you should know about this new law:
1. Timing: The act will officially become law in May or June of this year. Within 6 months, countries must ban certain prohibited AI systems. Over the next 2 years, different aspects of the law will begin to take effect, with the entire regulation becoming enforceable in 2026.
2. Even though this is an EU law, it will apply to AI systems anywhere in the world if you reside in one of the 27 EU countries. Penalties for failing to comply with this law will be up to 30 million Euros or 6% of the company's global turnover.
3. The law is very broad in scope but does not apply to all types of AI. AI used for defence and military purposes, strictly for research and innovation, or by individuals for non-professional purposes are not covered by this regulation.
4. Lawmakers took a risk-based approach when drafting this regulation. The higher the risk posed to individuals, the stricter the rules that will apply. This seeks to safeguard the rights and freedoms of individuals. For example, AI systems used by law enforcement (as discussed in Episode 3 of the LILU Podcast) will be subject to stricter safeguards.
5. This law emphasizes transparency and accountability. Companies will be required to make it clear to consumers when they are interacting with AI, such as chatbots. AI-generated content must also be clearly identifiable.
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-LIVA
European Ai law 2024