The European Parliament adopted the EU regulation on the regulation of artificial intelligence (AI). Companies that violate the law, which is expected to enter into force this spring, may face fines of up to 35 million euros (more than HUF 13 billion) in the future.
What happened? EP adopted the EU regulation on the regulation of artificial intelligence, says Baker Mckenzie in a statement sent to еditorial office.
What is the next step? As soon as the Council of the European Union formally approves the MI Regulation, the new EU law is promulgated and enters into force 20 days later, however, most rules become applicable two years later.
What is the purpose of regulation? This is the first comprehensive legislation in the world specifically for the development and use of artificial intelligence, which aims, among other things, to promote the safe operation of AI and protect the fundamental rights of individuals.
How do you want to regulate? The decree introduces risk-based regulation for artificial intelligence systems, which also prohibits the use of certain types of AI systems, as well as strict rules for high-risk AI solutions.
What punishment can violators expect? Violations of the MI Regulation can be punished by the competent authority with fines even more severe than the GDPR. As a result, the fine can in some cases reach up to 35 million euros or 7 percent of the total annual global turnover of the infringing organization in the previous financial year (depending on which value is higher).
