- Fines of 6% of revenue are foreseen for companies that don’t comply with bans or data requirements
- Smaller fines are foreseen for companies that don’t comply with other requirements spelled out in the new rules
- Legislation applies both to developers and users of high-risk AI systems
- Providers of risky AI must subject it to a conformity assessment before deployment
- Other obligations for high-risk AI includes use of high quality datasets, ensuring traceability of results, and human oversight to minimize risk
- The criteria for ‘high-risk’ applications includes intended purpose, the number of potentially affected people, and the irreversibility of harm
- AI applications with minimal risk such as AI-enabled video games or spam filters are not subject to the new rules
- National market surveillance authorities will enforce the new rules
- EU to establish European board of regulators to ensure harmonized enforcement of regulation across Europe
- Rules would still need approval by the European Parliament and the bloc’s member states before becoming law, a process that can take years
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