On 13 March 2024, the European Parliament approved the
world's first comprehensive regulation for the development and
use of artificial intelligence – the Artificial
Intelligence Act (the "AI Act"). The AI Act serves
to, on the one hand, ensure safety and compliance with fundamental
rights, while on the other, remain sustain and encourage innovation
by using AI in the EU.
The AI Act establishes a harmonised legal framework for
providing reliable AI systems and safe use systems within the EU,
providing restrictions for how and when AI can be used. For
example, the new rules ban certain AI applications that threaten
citizen's rights, and clear obligations are foreseen for other
high-risk AI systems, due to significant potential harm to health,
safety, fundamental rights. Even though the AI Act is an EU based
regulation, it is a realistic possibility that it will have a
ripple effect globally, similar to the EU's General Data
Protection Regulation ("GDPR"), by raising
