Markets News Report
May 11, 2023

European Lawmakers Approve Strict Artificial Intelligence Regulations with AI Act

European Lawmakers Approve Strict Artificial Intelligence Regulations with AI Act

European lawmakers have moved closer to regulating AI tools like ChatGPT as they approved stricter draft legislation on Thursday. The decision came after the European Parliament’s civil liberties and internal market committees jointly adopted the AI Act, a flagship legislation designed to address the potential harms caused by AI. 

The voters approved the regulations, which will be adopted in mid-June during a plenary session. The committees also endorsed a series of amendments, including requirements for foundational models that underpin generative AI technologies. MEPs require providers of foundational models to apply safety checks, data governance measures, and risk mitigations before releasing products.  

Foundational model makers are also committed to reducing energy consumption and resource use, registering their systems in an EU database, and considering risks to health, safety, fundamental rights, the environment, democracy, and the rule of law. MEPs correspondingly adopted an expansion of the list of prohibited practices, including intrusive and discriminatory uses of AI systems.

The act prohibits applications that could pose a risk, such as manipulative techniques and social scoring. The list of banned practices was also expanded to include AI models for biometric categorization, predictive policing, and the use of facial images for database building. Furthermore, under this act, the use of emotion recognition software would be strictly forbidden in law enforcement, border management, workplace, and education.

The move towards EU-wide regulation of AI attempts to reflect Brussels’ commitment to balancing innovation with consumer protection. The EU AI Act is poised to become the first all-encompassing legislation governing artificial intelligence worldwide.

Once the bill becomes law and the terms are established, a grace period of approximately two years will be provided for the affected parties to comply with the regulations.

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About The Author

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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Agne Cimerman
Agne Cimerman

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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