EU Edges Closer To Its Inaugural Legal Framework For Artificial Intelligence

A recent Phileleftheros article authored by Stefanos Sofroniou, Senior Associate at Elias Neocleous, explores the imminent agreement at EU level of the first ever legal framework on Artificial Intelligence (AI), expected to be finalized in December. The proposed Regulation aims to delineate specific obligations for AI systems based on the risk levels posed to end users. The legislation introduces a 3-tier classification model, labelling AI systems as "unacceptable risk", "high risk" and "limited risk". These rules are anticipated to have a substantial impact on the financial sector, given its extensive use of data-driven systems and processes and growing dependence on AI models.