Ashfords LLP’s Post

European Union member states have agreed on the world’s first major AI regulation law. The EU Council’s AI Act uses a risk-based approach, setting extensive rules for AI applications based on their societal threats. "The AI Act emphasizes trust, transparency, and accountability while fostering European innovation," said Mathieu Michel, Belgium’s Secretary of State for Digitization. Companies face fines up to €35M or 7% of annual revenue for violations. #AIRegulation #EULaw #TechEthics #AIAct #Innovation #DigitalTransformation #Transparency #Accountability #ArtificialIntelligence #EUInnovation

⚖ The EU is creating new rules to govern artificial intelligence safely and responsibly that protect European citizens. 📌The proposed AI Act would establish the first global legal framework for AI. 👇Wondering about the details? Here they are. #aiact #euregulations #ethicalai

In May 2025, first world law will begin regulating artificial intelligence. The new act, authored by EU legislators, proposes a risk-based approach to the technology, with different applications of AI treated differently depending on the perceived threats they pose to society. The EU Commission will have the power to fine companies that violate the AI law up to 35 million euros ($38 million) or 7% of their annual global revenue, whichever is greater.

The UK, US, and EU have signed the world’s first legally binding AI treaty, aiming to keep AI aligned with human rights, democracy, and the rule of law. This groundbreaking treaty sets global standards for the entire lifecycle of AI systems, ensuring they’re developed and used responsibly. It’s a big step, but some critics argue it lacks enforcement power since it relies on monitoring rather than strict penalties. What do you think? Will this treaty be enough to keep AI in check, or should there be tougher measures? How do you feel about global rules for AI—excited or cautious? Let’s hear your thoughts! #aitreaty #aiandlaw #aicompliance

Although the AI's public space has expanded beyond the boundaries of nation-states, there are tools to regulate it in ways that enhance the quality of democratic discourse. Alongside legal measures to prevent or limit the spread of harmful rhetoric, fact-checking institutions have proven effective in mitigating its negative impact. It is not only a matter of passing down the responsibility for self-regulation to stakeholders, but public authorities must also foster responsible behavior in the new digital arena through information, incentives, and regulation. #ai https://lnkd.in/d3ShH99R

The European Parliament has given its final approval to the far-reaching EU Artificial Intelligence Act. This significant move comes after much consideration and debate, with 523 lawmakers backing the legislation and only 46 opposing. The new law will mitigate potential risks associated with AI's exponential growth while nurturing a climate conducive to innovation. With the emergence of powerful systems like ChatGPT, the need for comprehensive legislation has become increasingly urgent, sparking a race to establish regulatory frameworks. The new law must still be formally endorsed by the European Council and is expected to be finally adopted before the end of legislature in May 2024. Under the AI Act, stringent measures are in place to address varying levels of risk associated with AI applications, with outright bans on tools deemed most threatening. High-risk AI providers must undergo rigorous assessments and ensure compliance with the law before introducing products to the public. Fines for violations range from €7.5 million to €35 million, emphasizing the gravity of adherence to these regulations. Organizations that develop or employ AI must take heed and ensure that they are ready when this new law takes effect. #EUAIAct #ArtificialIntelligence #AIRegulation #InnovationEthics 

The EU AI Act is the first comprehensive law in the world that impacts general-purpose AI systems and includes safeguards and prohibitions that will reduce the risk presented by AI for government agencies, businesses and individuals.

"While many policymakers and commentators focus on the possibility of new AI laws, organizations should focus on compliance requirements and risk mitigation needs under existing laws right now," Lothar Determann recently told Cointelegraph. Read the full article: #AI #AIRegulation #EUAIAct #AICompliance

On May 17, 2024, Colorado enacted a new law concerning “Consumer Protections in Interactions with Artificial Intelligence Systems.” The law takes effect on February 1, 2026, and focuses primarily on consumer protection, requiring developers and deployers of high-risk AI systems to use reasonable care to protect consumers from any known or reasonably foreseeable risks of algorithmic discrimination arising from the use of high-risk AI systems.  In the absence of federal legislation, U.S. states are stepping up to regulate artificial intelligence. My Perkins Coie LLP colleagues summarize some of the recent state efforts to enact AI legislation. #AI #AIregulation #ArtificialIntelligence

The European Union's parliament has adopted the Artificial Intelligence Act, the world's first major set of regulatory ground rules to govern AI. The law outlines rules regarding transparency, accountability, and safety measures to ensure that AI systems operate ethically and in the best interest of individuals and society as a whole. It also addresses concerns regarding potential discrimination and bias in AI systems, emphasizing the importance of human oversight and control. You can read further details in the comments …