The EU has officially adopted the AI Act, the worlds first comprehensive rulebook forartificial intelligence.
Members of the European Parliament (MEPs) overwhelmingly endorsed the regulation on Wednesday.
The law passed with523 votes in favour, 46 against, and 49 abstentions.
Supporters praised the acts attempt to reduceAIrisks, but critics warn that the rules will inhibit innovation.
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Still, both sides expect the legislation to have a powerful impact.
By approving the first law of its kind, theEUhas set a global precedent.
The blocs timing has also caught attention.
Breaches of the rules can trigger fines of 7% of a companys global turnover.
Thats sparkedconcern in big tech, which receives more favourable regulation in the US.
Many European businesses have alsoraised objections.
In an attempt to allay their concerns, the AI Act divides applications into different risk categories.
The strictest rules are reserved for high-risk systems, from cars to law enforcement tools.
Deployments designated unacceptable such as social credit scoring will be banned altogether.
These rules are expected to take effect this May.
Iannopollo advises organisations to assemble AI compliance teams as soon as possible.
There is a lot to do and little time to do it, she warned.
One of the themes of this years TNW Conference is Ren-AI-ssance: The AI-Powered Rebirth.
Story byThomas Macaulay
Thomas is the managing editor of TNW.
He leads our coverage of European tech and oversees our talented team of writers.
Away from work, he e(show all)Thomas is the managing editor of TNW.
He leads our coverage of European tech and oversees our talented team of writers.
Away from work, he enjoys playing chess (badly) and the guitar (even worse).
