Following its White Paper on AI in 2020, the European Commission released in April of this year a proposal for a regulation laying down harmonised rules on artificial intelligence (the "Regulation").
The Regulation builds on various resolutions adopted by the European Parliament in relation to AI and contributes to the EU's objective of becoming a global leader in secure, trustworthy and ethical artificial intelligence. It aims to ensure, on the one hand, legal certainty to facilitate investment and innovation in AI and, on the other hand, the safety of AI systems placed on the market and respect for fundamental rights and European values.
It is important to note that although the proposal may generate concerns amongst stakeholders, it contains specific measures to reduce the regulatory burden on SMEs and start-ups.
In this newsflash, we provide an overview of the key points of the Regulation, including its material and territorial scope, the rules applicable to providers and users of AI systems, measures for start-ups, the relationship with related legislation and the substantial sanctions for violations.
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