European Union Approves New Radical Law for AI Regulation

NYT: The European Union Agrees on a New Radical Legislation for AI Regulation

– Officials have agreed on a new “AI Act” for 27 countries
– The law is intended to protect countries from potential risks
– Such as job loss, misinformation, etc.
– The bill still needs to pass through several agreements
– The law will affect Google, Microsoft, OpenAI, and others
– AI developers will have to ensure “transparency”
– For instance, AI-generated images must be labeled
– The use of AI for facial recognition will be limited
– Developers must disclose data about model operations
– Violating the law can result in a fine of up to 7% of global turnover
– But many aspects of the law will only apply after 12-24 months
– That’s a large window for AI technology development
– Trillions of dollars of the world economy are at stake

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