EU: Agreement reached on AI Act

After nearly 40 hours of negotiations, European Union legislators reached agreement on the AI Act, a complex piece of legislation which will govern the use of AI across the EU.

Why it matters: The AI Act is a Regulation which means it applies across the EU without having to be transposed in national laws.

The big picture: Concerns are being expressed that the draft legislation will contain completely disproportionate potential fines of up to 7% of global turnover.

What's next: It still has to be formally approved by both the Council of Ministers and the Parliament.

Additional material:

Links: European Parliament press release HERE  /   European Commission press release HERE

FT article: President Macron warns EU’s new AI Act risks hampering innovation: HERE