The Council of Europe has voted to adopt the AI Act that was finalized earlier this spring, meaning that the Act can now be formally published and become effective. It will be the first comprehensive AI law in the world. The Act is designed to regulate AI systems on a sliding scale: the greater the potential for harm, the more heavily regulated the system will be. The Act defines AI systems and outlines several levels of risk to humans in use of AI.
Why It Matters
Like its groundbreaking privacy law, the EU's AI law is likely to affect American companies in many ways. The EU law can be cited for best practices. It will probably spur copycat legislation in the US at either the federal or state level. And it will directly regulate any American business engaging in covered activities in the EU. All this means one more compliance scheme for American companies with EU contacts.
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