Global AI Regulation: Europe Takes Momentous Action to Manage AI
Highlights
The European Parliament granted final approval to the EU Artificial Intelligence Act by an overwhelming majority
EU Member States are expected to grant their final approval to the EU AI Act by May, with provisions of the law likely to become effective this year
AI developers, distributors, importers, manufacturers, and providers face penalties up to €35 million, or 7% of their global revenue for violations of the Act
The European Parliament granted final approval of the EU Artificial Intelligence Act on March 13, 2024, by a vote of 523 for passage, 46 against, and 49 abstaining. The Act faces a final hurdle – approval by EU member states – before its provisions gradually take effect. The goal of this Act is to “ensure a high level of protection of health, safety, fundamental rights, democracy and rule of law and the environment from harmful effects of [AI].”
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