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ARTICLE · 19 SEPTEMBER 2024

European Parliament Adopts Historic AI Act

The European Parliament had adopted the Artificial Intelligence Act ("AIAct") in May 2024. However, the same is yet to be published in the Official Journal of the European Union.

IndiaTechnology
  • The European Parliament had adopted the Artificial Intelligence Act (“AIAct”) in May 2024. However, the same is yet to be published in the Official Journal of the European Union. The AI Act is being widely being regardedas the world's first comprehensive horizontal legal framework for theregulation of Artificial Intelligence.
  • The AI Act provides for pan-European rules in relation to data quality,transparency, human oversight and accountability. It also lays down amechanism of hefty fines, of up to 35 million Euros or 7 per cent of globalannual revenue, whichever is higher.
  • The AI Act shall be applicable to (i) companies engaged in the business ofdeveloping AI systems and either placing those systems in the market oroffering the systems for use under their own trademark; (ii) importers anddistributors of AI systems operating in the European Union; and (iii)persons, including legal persons, deploying the use of AI for theirprofessional activities.

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