The “Brussels effect:... When the European Union comes up with some new tech regulation, it can quickly spread around the world"...
To draft its proposed AI regulatory approach, the EC "created a 52-member “high-level expert group” ... collected further input via an “AI alliance” ... published a white paper" to which 1,250 groups and individuals commented.
The resulting rules focus on the riskiest applications of AI. Some are banned, others deemed high risk and so are "subject to strict rules on transparency and data quality". Penalties reach €30m or 6% of global revenues, whichever is higher. There's a lot of detail, and exceptions to exceptions, and noone's happy, with some saying it's not robust enough, others complaining of regulatory burdens.
Expect at least 4 years for adoption, with many changes. And the Brussels effect may not be as strong:
EU-US cooperation is "off to a slow start. Only if both sides work together will they beat back China’s ambitions"
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See also: Digital Transformation