The EU has reached a preliminary agreement on a measure that would establish risk-based regulations for AI usage and levy hefty penalties for infractions.
An agreement in principle has been reached by the European Union (EU) on a measure that will regulate the use of artificial intelligence (AI) according to risk and inflict enormous penalties for infractions. The President of the European Commission, von der Leyen, expressed his approval of the bill, stating that it is the very first law in the world to govern artificial intelligence.
At a tripartite consultation on the 8th, the European Union's executive arm, the European Commission, as well as its legislative arm, the European Parliament, came to an agreement in principle on a bill to control artificial intelligence.
The European Union has announced that a new law would ban the use of artificial intelligence systems that exploit vulnerabilities in order to determine an individual's creditworthiness, citing this as an example of a "unacceptable risk."
Furthermore, AI is mentioned as a "high risk" when it comes to admissions to schools and hiring by businesses. It is believed that AI must learn from suitable data in order to prevent bias in these areas. Sophisticated cybersecurity measures and human oversight are necessary.
Images and phrases generated by AI must be transparent, as stated in the law, so people can tell them were generated by AI.
Additionally, businesses who disobey the rule face fines of up to 5.4 billion yen (35 million euros), 7% of their yearly sales, or both. As the saying goes,
Once the law has been officially adopted by the European Parliament and member states, it is anticipated that the rules would be completely implemented in 2026.
In a social media post, President von der Leyen of the European Commission praised the agreement, writing, "The EU's AI regulation law is the first of its kind in the world. It is a framework that protects people's safety and fundamental rights, as well as businesses."