After the significant increase in the use of artificial intelligence (AI) in content creation, various scenarios have raised controversies regarding the use of artificial intelligence (AI) and its works.
European Union lawmakers voted on April 27 to respond to the growing use of AI and advance a draft of new legislation designed to keep the technology and the companies developing it in check.
Details of the bill will be finalized at the next session of parliament and member states. As it stands, however, AI tools will soon be classified according to their risk level. Risk levels range from minimal and limited to unacceptable.
The bill would not ban high-risk tools outright, but would apply stricter transparency procedures. In particular, generative AI tools such as ChatGPT and Midjourney are obligated to disclose their use of copyrighted material in their AI training.
MEP Svenja Hahn commented on the bill’s current status as it sits somewhere between over-surveillance and over-regulation to protect citizens, saying it would “encourage innovation and boost the economy”. said.
The bill, which is part of the EU’s artificial intelligence law, was proposed as a draft regulation almost two years ago.
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In the same week, Eurofi, a European think tank made up of public and private sector companies, released the latest edition of its magazine with an entire section on the application of AI and machine learning in finance in the EU.
This section contained five mini-essays on AI innovation and regulation within the EU, specifically for use in the financial industry, all of which touched on the upcoming Artificial Intelligence Law .
Co-author Georgina Bulkeley, Director of EMEA Financial Services Solutions at Google Cloud, said of the legislation:
“AI is too important to be regulated, and it is too important to be poorly regulated.”
These developments come on the heels of EU data watchdogs expressing concern about the potential problems US AI companies may encounter if they do not comply with the EU’s General Data Protection Regulation.
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