The European Council has given the final nod to the Artificial Intelligence (AI) Act, a pioneering law that is set to establish global standards for AI regulation.
What Happened: The AI Act, which is now approved by the Council, is designed to standardize regulations on AI, reported the European Council.
The legislation adopts a "risk-based" approach, with stricter rules for AI systems that pose higher risks to society. This is the first law of its kind globally and is expected to set a precedent for AI regulation.
The AI Act aims to promote the development and adoption of safe and reliable AI systems within the EU single market, across both private and public sectors.
Subscribe to the Benzinga Tech Trends newsletter to get all the latest tech developments delivered to your inbox.
It also seeks to uphold the fundamental rights of EU citizens and stimulate investment and innovation in AI across Europe.
The legislation applies only to areas within EU law and includes exemptions for systems used exclusively for military and defense, as well as for research purposes.
“AI systems such as, for example, cognitive behavioral manipulation and social scoring will be banned from the EU because their risk is deemed unacceptable.”
Why It Matters: The approval of the AI Act is a significant milestone for the European Union. The legislation, which is the first of its kind globally, addresses a critical technological challenge and presents opportunities for European societies and economies.
The AI Act classifies AI systems according to risk, with high-risk AI practices being prohibited. It also introduces a new governance architecture to ensure proper enforcement and imposes penalties for non-compliance.
The legislation also includes measures to support innovation and protect fundamental rights.
The AI Act is a key element of the EU’s policy to promote the development and adoption of safe and lawful AI across the single market, aligning with the EU’s proposed regulatory scheme to classify and control AI technology according to its power and adaptability.
What’s Next: The AI Act will be signed by the presidents of the European Parliament and the Council and published in the EU’s Official Journal in the coming days.
The new regulation will come into force twenty days after this publication and will apply two years after its entry into force, with some exceptions for specific provisions.
Check out more of Benzinga's Consumer Tech coverage by following this link.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
