Planned to come into effect in 2024.
Raises even more questions than GDPR.
Regulation is needed, but it seems the direction EU is going is misguided...
"what could actually happen is a range of stringent legal regulations that both inhibit open-source development and further monopolise AI’s development with the large tech companies."
It seems the EU is aiming at regulating the sharing of AI (open-source), instead of its users (and usages) - risking to stiffle innovation.
"The AIA focuses on the providers of AI services"
"It will likely cover AI systems in the United States, (similar to the GDPR) if the AI “output” is “used” in the EU."
"The proposed fines are very steep and even higher than the fines foreseen under the GDPR: up to 6 percent of the worldwide turnover of the violating company."