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ARTICLE · 05 NOVEMBER 2024

The EU Artificial Intelligence Act Of 2024: What You Need To Know

Lowenstein Sandler LLP
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On August 2, the European Union Artificial Intelligence Act (the Act) became effective. It is the world's first comprehensive legal framework for regulating artificial intelligence (AI)...

European UnionTechnology
Mary Hildebrand
Mary Hildebrand
Judith G. Rubin
Judith G. Rubin

What You Need To Know:

  • Extraterritorial Scope: The European Union Artificial Intelligence Act1 (the Act) applies to AI Systems placed on the EU market or used in the EU by or on behalf of companies located throughout the world. In the U.S., even prior to its enactment the Act influenced President Joe Biden's Executive Order on Safe, Secure, and Trustworthy Artificial Intelligence (October 30, 2023)2 and state AI laws, and is now often cited for AI "best practices."
  • Risk-Based Approach: The Act organizes AI Systems into categories based on the assessed risk to natural persons, i.e., Unacceptable Risk, High Risk, Limited Risk, and Minimal Risk, and imposes regulations intended to mitigate, or even eliminate, the risks appliable to each category.

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