On Wednesday, the policymakers at the European Parliament made bold steps to approve the comprehensive laws regulating artificial intelligence (AI) technology. The approval of the AI Act positioned the EU as the leading jurisdiction to develop comprehensive regulations for artificial intelligence.
During the March 13 meeting, 523 legislators supported the bill, while 46 votes were against the new AI Act. The policymakers who voted for the new bill described AI as a trustworthy, safe, and respectful technology.
EU Approve AI Bill
The approval of the landmark bill on AI grants policymakers the legal authority to enforce the new rules before the end of this year. With the new rules, EU policymakers have envisioned that AI technology has massive potential to drive innovation in most industries.
Besides the benefits of AI, the policymakers drafted the AI Act to safeguard the European Union’s fundamental rights. The team behind the AI Act considered that artificial intelligence technology ongoing development might expose most industries to high risks.
The new bill defines high-risk AI projects as systems used in critical infrastructures commonly used to provide essential services such as education, law enforcement, democracy, and migration. To address the inherent risk associated with AI, the EU will levy stringent requirements on “high-risk AI systems.”
The unforeseen circumstance obliged the policymakers to formulate AI standard rules that create a sustainable environment for this advanced technology. This implies that companies engaging in high-risk AI projects must focus on reducing the risks by maintaining use logs. To comply with the new rules, these companies must be transparent and accurate in their operations.
Overview of the AI Act
In a statement from the team leader of the legislators behind the AI Act, Brando Benifei recognized the EU has the world’s first landmark law for AI.
The Italian policymakers applauded the exemplary work executed by the EU to develop the AI Act, which seeks to create more opportunities through this technology. Benifei believes the AI Act will address discrimination and restore transparency in the vibrant tech sector.
The executive recognied the EU Parliament for greenlighting a bill prohibiting the unlawful use of AI technology. He projects that enacting the new bill will safeguard the diverse interests and rights of the EU citizens.
According to the report, the new bill restricts the use of AI-powered applications that threaten citizens’ rights. In the report, the EU underlined that extracting facial images to create AI-generated facial recognition data will be considered unlawful.
Also, the EU will take legal action against individuals or entities dealing with the categorization of sensitive biometric data, such as social scoring and assessing emotional recognition in learning institutions and workplaces.
The new provision tasks the tech developers with compulsory roles of labeling AI-generated content such as deepfakes. The developers engaging in manipulative practices using AI technology will be restricted from operating in the EU.
Significance of Regulating AI Development
Citing the growing adoption of AI in most industries, the EU restricts law enforcers from relying on biometric identification systems. In a subsequent announcement by the renowned policy maker, Dragos Tudorache applauded the EU for developing a comprehensive framework for AI regulation.
The legislator admitted that the fundamental values in the society formed the basis for the creation of the AI Act. Tudorache confessed that implementing the AI Act would require a lot of work.
Reflecting the ongoing development in the AI ecosystem, the executive urged the EU to think broadly about the democracies, the education model, and the entire labor market. Tudorache challenged the EU to change how it conducts its warfare to cope with the development in the AI sector.
He explained that the new rules outline the transparency level the general-purpose AI projects should meet. This implies that AI-inspired projects will be required to meet EU copyright law. While the complex general-purpose AI system is considered high risk and has additional regulatory requirements.
Navigate the market’s twists and turns effortlessly with Finance Phantom‘s cutting-edge predictive algorithms.
All trademarks, logos, and images displayed on this site belong to their respective owners and have been utilized under the Fair Use Act. The materials on this site should not be interpreted as financial advice. When we incorporate content from other sites, we ensure each author receives proper attribution by providing a link to the original content. This site might maintain financial affiliations with a selection of the brands and firms mentioned herein. As a result, we may receive compensation if our readers opt to click on these links within our content and subsequently register for the products or services on offer. However, we neither represent nor endorse these services, brands, or companies. Therefore, any disputes that may arise with the mentioned brands or companies need to be directly addressed with the respective parties involved. We urge our readers to exercise their own judgement when clicking on links within our content and ultimately signing up for any products or services. The responsibility lies solely with them. Please read our full disclaimer and terms of use policy here.