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EU Reaches Provisional Agreement on Groundbreaking AI Act, Setting Stricter Regulations and Penalties

AI/MLEU Reaches Provisional Agreement on Groundbreaking AI Act, Setting Stricter Regulations and Penalties

On December 8, the EU Parliament, Council, and Commission reached a provisional agreement on the EU AI Act, a landmark legislation regulating the development and use of AI in Europe. The legislation takes a prescriptive, risk-based approach, categorizing AI products based on risk levels and imposing obligations accordingly. Prohibited technologies include biometric identification systems, manipulative techniques, and social scoring systems. High-risk AI technologies face heavy restrictions, with transparency and safety constraints for providers and deployers. Penalties for violations range up to EUR 35 million or 7% of annual global revenue. The EU AI Act awaits formal adoption and will apply two years after coming into force.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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