12 May 2021
On 21 April 2021, the European Commission finally released the long-awaited proposal for a Regulation on AI (AI Act), a cornerstone of its AI package. With the AI Act, the EU is confirming its role and ambition as a pioneer in the regulation of tech. We consider what this means for businesses, and also offer perspectives from around the world.
The AI Act is the first of its kind, setting out harmonised rules for AI systems in the EU. It attempts to strike a difficult balance between two key objectives: promoting innovation and harnessing the benefits of AI, on the one hand; and addressing key risks and fears AI gives rise to, on the other. In so doing, it seeks to address some of the main concerns levelled at a general, horizontal framework, favouring a risk-based approach and taking account of specific sectoral issues.