Source: Finance Association
① The EU Council officially approved the Artificial Intelligence Act on Tuesday, which is the world's first comprehensive regulation on artificial intelligence (AI); ② Patrick van Eecke of Cooley (Cooley) Law Firm believes that the impact of the EU Artificial Intelligence Act will not be limited to Europe.
On Tuesday (May 21) local time, the European Council officially approved the Artificial Intelligence Act, which is the world's first comprehensive regulation on artificial intelligence (AI).
The European Commission proposed the Artificial Intelligence Act in 2021 to protect citizens from this emerging technology. After many rounds of negotiations and consultations, the European Parliament approved the bill in March of this year. As the EU's two major legislatures, the Council of the European Union and the European Parliament play the roles of upper house and lower house respectively.
As both legislatures have approved it, the bill will be published in the EU Official Gazette soon after being signed by the President of the European Parliament and the European Council, and will take effect 20 days after publication.
Belgian Minister for Digitalization Mathieu Michel said in a statement: “This landmark law is the first of its kind in the world. It addresses a global technological challenge and creates opportunities for our society and economy. Through the Artificial Intelligence Act, Europe emphasizes the importance of trust, transparency and accountability when dealing with new technology, while ensuring that this rapidly changing technology can flourish and promote innovation in Europe.”
Belgium currently holds the rotating presidency of the Council of the European Union.
The European Union's Artificial Intelligence Act imposes strict transparency obligations on high-risk AI systems, while requirements for generic AI models are lower.
Patrick van Eecke of Cooley (Cooley) Law Firm believes that the impact of the EU's Artificial Intelligence Act will not be limited to Europe.
Eecke said: “This bill will have a global impact. Companies outside the EU must comply with this law if they use EU customer data in their AI platforms. Other countries and regions are likely to use the Artificial Intelligence Act as they did with the General Data Protection Regulation (GDPR).”
edit/lambor