As of the 12th July 2024, the European Union's
Artificial Intelligence Act, Regulation (EU) 2024/1689
("EU AI Regulation") was published in
the EU Official Journal, and is modifies or amends a number of
existing Regulations and Directives of the EU, aiming to create a
unified legal framework across the EU member states relating to AI
systems.
The EU AI Regulation shall enter into force across all Member
States on 1 August 2024, and the enforcement of the majority of its
provisions will commence on 2 August 2026.
It is worth noting that the new Regulation takes a risk-based
approach to regulating the entire lifecycle of different types of
AI systems, and non-compliance with its provisions may potentially
result to a maximum financial penalty of up to EUR 35,000,000 or 7%
of worldwide annual turnover, whichever is higher.
