Has The Future Arrived? Overview Of The EU Draft Regulation On Artificial Intelligence

On 21 April 2021, the EU Commission published a proposal for a Regulation on Artificial Intelligence (draft AI Regulation, proposed Regulation).¹ Being part of the "European strategy for data,"² the draft AI Regulation purports to set a gold standard for regulating AI within the Union.³ While at the time being, the proposed Regulation is being debated and there are several thousands of proposals for amendments, it is expected to be adopted by the fall of 2022.⁴ Once adopted, the AI Regulation will enter into force twenty days after its publication and will leave a 24-month transition period for all organizations that provide or use AI systems within the EU to implement the respective measures and obligations.