Latham & Watkins report “EU AI Act: Navigating a Brave New World” provides a comprehensive overview of the European Union’s Artificial Intelligence Act, which was approved by the Council of the European Union on May 21, 2024.
The legislation establishes the world’s first comprehensive regulatory framework for AI and is expected to shape the future of AI regulation and governance both within and beyond the EU and is set to have a significant impact on the development and use of AI technologies in the coming years.
Among the key points in the report are a risk-based categorization of AI systems, obligations for providers and deployers of the systems, enforcement mechanisms and a timeline for the implementation of the systems.
The report highlights that the AI Act will enter into force 20 days after its publication in the EU Official Journal, with most rules becoming applicable 24 months later. It also emphasizes that the Act’s reach extends beyond the EU’s geographical boundaries, potentially affecting businesses worldwide that target the EU market.
Overall, this report serves as a guide for organizations to understand and prepare for compliance with the EU AI Act,
The full report can be read here.
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