The European Parliament adopted the regulation on artificial intelligence

As soon as the Council of the European Union formally approves the MI Regulation, the new EU law is promulgated and enters into force 20 days later, however, most rules become applicable two years later. This is the first comprehensive legislation in the world specifically for the development and use of artificial intelligence, which aims, among other things, to promote the safe operation of AI and protect the fundamental rights of individuals. The decree introduces risk-based regulation for artificial intelligence systems, which also prohibits the use of certain types of AI systems, as well as strict rules for high-risk AI solutions.

Violations of the MI Regulation can be punished by the competent authority with fines even more severe than the GDPR. As a result, the fine can in some cases reach up to 35 million euros or 7 percent of the total annual global turnover of the infringing organization in the previous financial year (depending on which value is higher).

“Businesses that use or develop artificial intelligence systems should start to assess in time how the AI Regulation may affect their operations. In the case of more complex, higher-risk systems, it is of utmost importance that the company develops a comprehensive and effective strategy for the means and deadlines with which it meets the new legal requirements”

emphasized dr. Csaba Vári and dr. András Gaál, expert lawyers of the Baker McKenzie Law Office.