Artificial intelligence act: (EU) Council and Parliament strike a deal

Dec 9, 2023 ·

The European Union (EU) has agreed on the first global rules for artificial intelligence (AI). On December 9, 2023, the Council and the European Parliament reached a provisional agreement on the bloc's AI Act. The law is designed to protect citizens' rights while promoting innovation in the field of AI.

Under the deal, companies must apply a risk-based approach when using AI systems, as well as adhere to principles such as fairness, transparency, safety, security, and privacy. Companies will also be required to monitor AI systems to prevent discrimination, manipulation, and other violations of fundamental rights.

The AI Act also includes provisions that encourage research and development of AI systems. It encourages the use of open data, open source software, and high-quality datasets, and provides funding for start-ups and small companies that develop AI-related products and services.

The AI Act will create an environment in which businesses can safely deploy and use AI without fear of reputational damage or sanctions. Companies will also benefit from improved access to financial and non-financial incentives.

The European Commission, the executive arm of the EU, will have a significant role in coordinating and monitoring the implementation of the AI Act. It will oversee the development and enforcement of the regulatory framework, and it will provide guidance to Member States on how to comply with the legislation.

The AI Act is a major step forward in establishing a legal framework for AI within the EU. It is intended to foster trust in the technology and help ensure its beneficial application across all sectors of society. Moreover, the agreement is seen as setting a new precedent for international cooperation on regulating AI.