EU lawmakers ratify landmark “AI Act”

The European Parliament has taken a monumental step toward regulating artificial intelligence (AI) with the ratification of a landmark agreement known as the “AI Act”.

This legislation, the first of its kind in the world, paves the way for establishing global guardrails for a technology rapidly transforming industries from finance to healthcare.

Key committees within the parliament voted on Tuesday to endorse the proposed rules, setting the stage for a full vote in April.

If confirmed, the AI Act will establish strict safety standards and compliance requirements for high-risk AI systems, including facial recognition, predictive policing, and deepfakes.

These regulations aim to protect fundamental rights, prevent biases, and ensure transparency in AI development and deployment.

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“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,” one of the two European Parliament committees said on X.

The agreement comes after months of negotiations between member states and the European Commission. Notably, France secured concessions to reduce administrative burdens on certain AI systems and safeguard confidential business information.

Despite these adjustments, some tech giants remain cautious, expressing concerns about the potential impact on innovation due to the law’s broad and flexible wording.

The AI Act holds significant implications for global AI governance. As the first comprehensive AI legislation, it could serve as a model for other countries and regions grappling with the ethical and societal challenges posed by this powerful technology.