However, the Act's provisions are not expected to be enforceable for another year or two. Despite this, the enactment of the AI Act is nearly definite, although it still needs to be formally adopted. The legislation is significant as the first attempt to regulate AI's rapid expansion, but its effectiveness remains unclear, given the fast-paced evolution of the AI industry.
Key takeaways:
- The European Parliament and Council have reached a provisional agreement on the Artificial Intelligence Act, the world's first set of rules governing the use of AI.
- The AI Act aims to limit how AI technology can be used by companies, governments, and law enforcement, focusing on preventing malicious applications of AI that could violate civil rights.
- Big tech companies, especially those with AI systems like chatbots, will have to comply with new transparency requirements, including sharing technical documentation, complying with copyright law, and providing detailed summaries of the content used for training.
- Despite the provisional agreement, the AI Act still needs to be formally ratified and its provisions are not expected to be enforceable for 12 to 24 months.