The AI Act was first presented by the European Commission in April 2021 and has since been amended and extended by EU co-legislators. The legislation also includes penalties for non-compliance, with fines scaling up to 7% of global annual turnover for violating the ban on prohibited uses of AI. The lawmakers emphasized that the AI Act is just the beginning of the EU's governance of AI, and that the model will need to evolve and be extended with additional legislation in the future.
Key takeaways:
- The European Parliament has voted to adopt the AI Act, which is considered the world's first comprehensive AI law, with 523 votes in favor and 46 against.
- The AI Act sets out a risk-based framework for AI, applying various rules and requirements depending on the level of risk attached to the use-case.
- Under the Act, certain AI use-cases are deemed “unacceptable risk” and banned outright, while "high risk" applications must be registered and comply with risk and quality management provisions.
- The Act is expected to come into force 20 days after its publication in the EU’s Official Journal, with full implementation not expected until mid 2027.