EU takes lead with revolutionary Artificial Intelligence Act

The European Parliament's recent vote to adopt the Artificial Intelligence (AI) Act moves the EU one step closer to establishing a world-first comprehensive framework of laws to govern AI technologies. The AI Act stands as a potential model for global governments, including the U.K., as it sets clear protocols for companies delving into AI development, underlining the question of readiness to meet its demanding rules.

Bruna de Castro e Silva, an AI Governance Expert from Saidot, shares her insights into the Act's legal implications. With over a decade of global legal counselling experience and a specialism in AI regulatory compliance, de Castro e Silva's perspective carries substantial weight.

She commented on the development, "The EU AI Act continues its unstoppable march as Europe shows that it is ready to set a responsible pace of innovation for AI. This is the culmination of extensive research, consultations, and expert and legislative work, and we are glad that the first major regulation around AI is founded on a solid risk-based approach, which is pragmatic, impact-based, and crafted following years of industry consultation."

She further highlighted the Act's potential benefits, stating, "The Act will ensure that AI development prioritises the protection of fundamental rights, health, and safety while maximising the enormous potential of AI. This legislation is an opportunity to set a global standard for AI governance, addressing concerns while fostering innovation within a clear responsible framework." 

De Castro e Silva debunked any negative portrayals of AI regulation, emphasising, "While some seek to present any AI regulation in a negative light, the final text of the EU AI Act is an example of responsible and innovative legislation that prioritises technology's impact on people."

She further stated, "When the EU AI Act comes into force, 20 days after its publication in the official journal, it will enhance Europe's position as a leader in responsible AI development, establishing a model for the rest of the world to follow."

To prepare companies for the new legal landscape, de Castro e Silva's company, Saidot, has just released the first comprehensive AI Governance Library. This includes 72 AI safety policies, all 150 requirements of the EU AI Act, and hundreds of related risks, regulations, evaluations, and models. This is particularly vital as significant fines await those who fail to meet the EU AI Act's stringent standards, with penalties reaching EURO €35 million, or 7% of global turnover, for significant violations.

This evolving legal environment poses significant questions for AI development within and beyond the EU borders. As firms worldwide navigate this new legal landscape, engagement with expert analysis such as that provided by de Castro e Silva will be crucial.