A PYMNTS Company

Five Big Takeaways From Europe’s AI Act

By  |  June 26, 2023

By: Tate Ryan-Mosley (MIT Technology Review)

Tech policy took center stage in Europe last week as the European Parliament voted in favor of the AI Act and simultaneously launched a fresh antitrust lawsuit against Google. The approval of the AI Act, backed by a significant majority, has been hailed as a groundbreaking development in AI regulation worldwide. Roberta Metsola, the president of the European Parliament, lauded it as “legislation that will undoubtedly establish the global benchmark for years to come.”

However, immediate clarity is not on the horizon due to the intricacies of the European system. The next step involves the members of the European Parliament engaging in discussions with the Council of the European Union and the European Commission, the EU’s executive body, to iron out the specifics before the draft rules transform into actual legislation. As the three institutions have presented divergent drafts, the final legislation will likely entail a compromise. The process is anticipated to span approximately two years until the laws are effectively implemented…

CONTINUE READING…