A PYMNTS Company

EU Parliament Ratifies Landmark AI Regulations Ahead of Vote

By  |  February 13, 2024
AI regulation

Lawmakers at the European Parliament ratified a provisional agreement on groundbreaking artificial intelligence (AI) rules on Tuesday. This development sets the stage for a pivotal vote by the legislative assembly in April, which is poised to establish the world’s inaugural legislation on AI technology.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Dubbed the AI Act, these new regulations aim to establish comprehensive guidelines for a technology that permeates a wide array of industries, ranging from finance and automotive to electronics and aviation. Additionally, the regulations are designed to oversee AI’s applications in security and law enforcement, reported Reuters.

    Of particular note is the inclusion of provisions to regulate foundation models or generative AI, such as those developed by Microsoft-backed OpenAI. These advanced AI systems are trained on extensive datasets and possess the capability to learn from new information to execute diverse tasks.

    Expressing their endorsement, one of the European Parliament committees involved, @EP_Justice, stated, “AI Act takes a step forward: MEPs in @EP_Justice & @EP_SingleMarket have endorsed the provisional agreement on an Artificial Intelligence Act that ensures safety and complies with fundamental rights,” underscoring the commitment to ensuring safety and upholding fundamental rights within the framework of AI regulation.

    Prior to the ratification by the European Parliament committees, EU member states had already provided their support earlier in the month. France played a pivotal role in securing concessions aimed at reducing the administrative burden on high-risk AI systems and enhancing protection for proprietary business information.

    With the ratification of these landmark regulations, the European Union asserts its position at the forefront of global AI governance, setting a precedent for other jurisdictions to follow. The upcoming vote in April holds immense significance, as it signals a decisive step toward establishing a regulatory framework that balances innovation with accountability in the rapidly evolving landscape of artificial intelligence.

    Source: Reuters