The new legislation is expected to come into force in May, pending final checks, with implementation phased in from 2025. The Act is seen as a "key milestone in the evolution of AI" by Neil Serebryany, CEO of Calypso AI, despite potential complex and costly compliance requirements. The impact of the Act may be similar to the EU's GDPR legislation, requiring US companies to meet certain requirements to operate in Europe. Companies can expect more details on the specific requirements in the coming months as the EU Commission establishes the AI Office and begins to set standards.
Key takeaways:
- The European Union is setting a global standard in AI regulation, aiming to protect its citizens from potential risks of the technology.
- The legislation categorizes AI applications into three risk levels, with those posing unacceptable risks set to be banned and high-risk applications subject to specific legal requirements.
- Some experts warn that the robust regulation could make Europe less competitive globally, as companies might avoid developing in regions with strict rules.
- The new rules are expected to come into force in May, with phased implementation from 2025. Companies can expect more details on specific requirements in the coming months as the EU Commission establishes the AI Office and begins to set standards.