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

