Dechert LLP’s Post

The UK government should be cautious of overregulation, as too many guardrails can stifle innovation and end up prejudicial for businesses and the British tech and innovation ecosystem – this being said, ensuring that #AI is developed and deployed ethically is essential.   In my view, the new UK government's toughest job is striking this delicate balance between protecting its citizens from potential misuse or abuse of AI while enabling innovation and fuelling growth for the UK economy.   Find more on the AI legislation plans from the #KingsSpeech here ⬇️

This person is well qualified to sit on the Irish governments advisory council on AI. She understands the need for regulation and is well informed of the ongoing European process. This process is now about developing the framework and then rules for any new products. She seems good and things are now moving closer to home. But does being a private sector actor bias her positioning as chairperson of the council? I hope she leads the Irish council in standing up to the recent past idea that all technological disruption is good, just as long as you protect the individuals right to privacy. There must be a citizen perspective, beyond the consumer. The official materials supporting the EU AI Act contain well explained concerns and there was a clear number of choices for politicians when this was at European level. Something relevant is that back in 2017 McKinsey Consulting had listed five factors affecting the pace and extent of technology adoption: 1. Technical feasibility, 2. Cost of developing and diffusing solutions, 3. Labour market dynamics, 4. Economic benefits, 5. Regulatory and social acceptance. The labour market reality here in Ireland can be different to elsewhere. There must be solidarity at all levels here to ensure we are not sold by empty promises. I hope that this new council listens to trade union ideas and that shadowy lobbyists do not rule. There is ongoing cooperation among European trade unions on examining this issue. The new technology could actually be a great thing for workers and households.

DSML trend: UK under the Labor government will have a national AI law On July 17, King Charles III addressed the UK Parliament, announcing upcoming legislation to regulate artificial intelligence under the new Labor government. While specific details were not provided, the King emphasized that the government intends to establish requirements for developers working on the most advanced AI models. This approach may signal a shift from the voluntary commitments favored by the previous Conservative administration. The UK has historically adopted a more hands-off stance on AI regulation compared to the European Union's comprehensive AI Act. The former Conservative government championed a "pro-innovation" strategy, focusing on research and guidelines. This included substantial investments in an AI Safety Institute, public sector supercomputers, and other central resources to guide various agencies in governing AI within their respective domains. However, the Labor government appears to be charting its own course on AI policy, potentially moving towards more formal regulatory measures. That’s my take on it: Regulatory approaches can significantly impact innovation. Overly restrictive or inflexible regulations may impede progress, especially when they fail to keep pace with rapidly evolving technologies or create obstacles for new market entrants. Conversely, thoughtfully crafted regulations can stimulate innovation by establishing clear guidelines, ensuring safety standards, protecting consumer interests, and fostering healthy competition. The U.S. government's hands-off approach to Internet regulation in the 1990s is often credited with facilitating the rapid growth and innovation of the early digital era. This light-touch strategy allowed for experimentation and swift technological advancements. In recent years, however, the digital landscape has evolved dramatically, leading to increased calls for regulation in areas such as data privacy, data sharing, data ownership, cybersecurity, and the influence of major tech corporations. These demands reflect the changing nature and challenges of the modern Internet ecosystem. Artificial Intelligence presents a unique regulatory challenge. Unlike the early Internet, AI's potential for far-reaching and unintended consequences necessitates a more proactive approach. The power and complexity of AI systems demand careful consideration of checks and balances to mitigate potential misuse and ensure responsible development. Link: https://lnkd.in/g7YAup8X

DSML trend: UK under the Labor government will have a national AI law On July 17, King Charles III addressed the UK Parliament, announcing upcoming legislation to regulate artificial intelligence under the new Labor government. While specific details were not provided, the King emphasized that the government intends to establish requirements for developers working on the most advanced AI models. This approach may signal a shift from the voluntary commitments favored by the previous Conservative administration. The UK has historically adopted a more hands-off stance on AI regulation compared to the European Union's comprehensive AI Act. The former Conservative government championed a "pro-innovation" strategy, focusing on research and guidelines. This included substantial investments in an AI Safety Institute, public sector supercomputers, and other central resources to guide various agencies in governing AI within their respective domains. However, the Labor government appears to be charting its own course on AI policy, potentially moving towards more formal regulatory measures. That’s my take on it: Regulatory approaches can significantly impact innovation. Overly restrictive or inflexible regulations may impede progress, especially when they fail to keep pace with rapidly evolving technologies or create obstacles for new market entrants. Conversely, thoughtfully crafted regulations can stimulate innovation by establishing clear guidelines, ensuring safety standards, protecting consumer interests, and fostering healthy competition. The U.S. government's hands-off approach to Internet regulation in the 1990s is often credited with facilitating the rapid growth and innovation of the early digital era. This light-touch strategy allowed for experimentation and swift technological advancements. In recent years, however, the digital landscape has evolved dramatically, leading to increased calls for regulation in areas such as data privacy, data sharing, data ownership, cybersecurity, and the influence of major tech corporations. These demands reflect the changing nature and challenges of the modern Internet ecosystem. Artificial Intelligence presents a unique regulatory challenge. Unlike the early Internet, AI's potential for far-reaching and unintended consequences necessitates a more proactive approach. The power and complexity of AI systems demand careful consideration of checks and balances to mitigate potential misuse and ensure responsible development. Link: https://lnkd.in/gXgHnx4u

Navigating the Future of AI Regulation: Insights from the King's Speech The recent King's Speech has outlined the UK's path forward for AI legislation under Keir Starmer’s Labour government, moving away from the previous administration’s wait-and-see approach. Key points include: Proposing a legislative framework for regulating powerful AI models. Implementing a statutory code for AI firms to share safety test data with the government. Creating a "regulatory innovation office" for adaptable tech regulation. This stricter approach aims to balance safety and innovation. However, questions remain about open-source requirements and the legislative timeline. Comparing with the EU's AI Act, the UK might incorporate similar elements for comprehensive regulation. The tech sector is cautiously optimistic but wary of potential innovation stifling. Aligning UK regulations with international standards will be crucial for interoperability and clarity for AI companies. Analysis of the Article: Challenges in the King's Speech on AI Legislation Government Challenges: Regulatory Flexibility: Creating adaptable legislation for fast-evolving AI technology is complex. The proposed "regulatory innovation office" aims to address this but must be effectively executed. Balancing Safety and Innovation: Binding regulations ensure AI safety but risk stifling innovation if too rigid. Tailored regulations for diverse AI applications are essential. Coordination Among Regulators: Ensuring existing regulators are capable and coordinated to oversee AI is a challenge. Centralised coordination mechanisms are needed. International Alignment: Aligning UK regulations with international standards, like the EU's AI Act, is crucial for interoperability and clarity for global AI companies. Implementation Timeline: The timeline for AI legislation remains unclear. Comprehensive drafting and passing of regulations are complex and may not progress swiftly. Industry Perspective: Support for Progress: The tech industry supports the move towards AI legislation for safety and ethical standards. Concerns Over Rigid Regulations: Leaders worry that rigid, one-size-fits-all regulations may hinder innovation. Flexible, nuanced rules are necessary. Need for Clarity: Aligning UK legislation with international standards will provide clarity and predictability for AI companies. In conclusion, while the King's Speech marks progress towards AI regulation in the UK, the government must address several challenges to balance safety and innovation. Coordination, flexibility, and international alignment are key. #AI #TechRegulation #UKPolicy #Innovation #AICompliance

🇬🇧 AI and the UK Election: My Guide for Voting 🇬🇧 Happy to share my snap analysis of the UK election manifestos. It reveals that AI is now a mainstream issue across major political parties, but variations exists between them. 🔍 Key insights from the analysis: AI and Regulation - Green Party & LibDems: Support international cooperation. - Labour: Focus on national regulation and tackling big tech. AI and Innovation - Conservatives: Favour less regulated innovation. - Labour & LibDems: Advocate "innovation with guardrails." AI and Public Interest - Conservatives & Labour: Highlight the future role of AI in healthcare. - LibDems: Emphasise public participation and ethical AI. Choose wisely to shape the future of AI in the UK! 🗳️ #UKElections #AI #Policy #Innovation #PublicInterest #AIRegulation Thank you The Loop for hosting the piece 🙏 WASP-HS Wallenberg AI, Autonomous Systems and Software Program – Humanity and Society, Malmö University

The European Union seems to be struggling to agree on the level of control the EU Artificial Intelligence Act is supposed to have over Big Tech developing the Foundational Models (LLMs). Germany, Italy and France have been fighting hard to keep Foundational Models (and their big developer businesses) outside of the AI Act regulations, in favor of letting them self-regulate. This position seeks to favor innovation and agility over hard government oversight, but we should ask ourselves how that has worked before in other industries and situations. In the meantime, the US government already released an Executive Order trying to create a regulatory framework on Trustworthy and Ethical AI, while more robust measures are set in place. Germany, Italy and France also have reached an agreement on November 18th about how to conduct AI business through the use of self-regulation. This move seems to endanger the EU position on the AI Act, as its representatives are about to begin another round of debate on December 6th. If the negotiations are not successful, it might cause this topic to be postponed all the way to 2025, because of the next year’s EU Parliament elections. Trustworthy and Ethic Artificial Intelligence is a topic of utmost importance for everyone, and we should keep our eyes open and exert pressure at every level at our disposal (business leadership, tech leadership, consumer feedback, etc), to make sure it happens. Leaving it to chance isn’t an option.

It’s not too late! The Office of Management and Budget (OMB) is seeking public input on a draft policy for the use of AI by the U.S. government by 12/5. This draft policy would empower Federal agencies to leverage AI to improve government services and more equitably serve the American people. Share your input here:  https://ai.gov/input/

Following on from EU AI regulation, the new Labour Government in UK are front footing the need for law to stay ahead of technology. A super interesting read on the issues and challenges of policy falling behind. https://lnkd.in/e-cWZv8d

AI regulation is on the way in the UK. Given the country’s ambition to be a global leader in this space, and the unique position of the UK AI Safety Institute, it will be very interesting to follow the more hands-on approach of the new government in the coming days. https://lnkd.in/dsVmSX-g