After the presentation of a general “European Approach to Artificial Intelligence” by the EU Commission in March 2021, a detailed draft regulation aimed at safeguarding fundamental EU rights and user safety was published today (“Draft Regulation”). The Draft Regulation’s main provisions are the following:
- A binding regulation for AI Systems (defined below) that directly applies to Providers and Users (both defined below), importers, and distributors of AI Systems in the EU, regardless of their seat.
- A blacklist of certain AI practices.
- Fines of up to EUR 30 million or up to 6% of annual turnover, whichever is higher.
- Transparency obligations and, for High-Risk AI Systems (defined below), registration and extensive compliance obligations.
For detailed information please read our client alert.