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As of February 2, 2024, a significant consensus has been reached on the European Union’s Artificial Intelligence Act (EU AI Act) by the ambassadors of the EU Member States, collectively known as COREPER. Although not a final approval, this substantial agreement represents a critical advancement, setting the stage for the next steps in the legislative process.
The Act now awaits further refinement and adoption by EU lawmakers to officially enter into force. The Act is anticipated to undergo approval at the committee level in the coming two weeks. This step will facilitate a decisive plenary vote in the European Parliament expected in April, propelling the Act towards its formal enactment.
This landmark legislation sets forth a comprehensive framework for the regulation of artificial intelligence (AI) across the EU. It marks a significant step towards ensuring AI technologies are developed and deployed in a safe, transparent, and accountable manner.
What is the EU AI Act about?
The EU AI Act classifies AI systems according to their risk level, from minimal risk to unacceptable risk, imposing strict requirements on high-risk AI applications. These include critical sectors such as healthcare, policing, and employment, where AI systems must adhere to stringent transparency, data governance, and human oversight standards.
As the Act itself is not yet in force, there is a period of grace before mandatory compliance begins. However, it is better to take swift action rather than wait until the dire moment. Hedman Law Firm advises all organisations developing or deploying AI within the EU to begin preparing immediately. Early compliance not only mitigates the risk of future legal challenges but also positions companies as frontrunners in the ethical application of AI technologies.
What next?
Do you fall into the category of firms actively involved with AI? Or do you seek to understand the EU AI Act and its implications for your business? Then Hedman Law Firm is here for you. “The finalisation of the EU AI Act text is a pivotal moment for AI regulation,” says Toomas Seppel, Partner at Hedman Law Firm. “We are committed to guiding our clients through this new regulatory landscape, ensuring that they not only comply with the law but also leverage it to enhance trust and innovation in their AI applications.”
Here at Hedman Law Firm, we offer comprehensive services designed to help you navigate the complexities of the EU AI Act, ensuring your full compliance ahead of regulatory curves. Our team of experts provides tailored advice, from initial risk assessment to full compliance strategy and implementation.
At the same time, we are enhancing our expertise and involvement in the AI field on a continuous basis. For instance, we are utilising a state-of-the-art Large Language Model (LLM) hosted on a private virtual server to improve the provision of our services.
For more information about our services, or to schedule a consultation on AI compliance, please contact us.
