26 major tech companies, including Amazon, Google, Microsoft, and IBM, have voluntarily signed the EU Commission’s AI Code of Practice on GPAI.
- Code is voluntary, signatories may benefit from enhanced legal certainty and a smoother transition into the binding requirements of the EU AI Act slated to take effect within the next two years.
- The code has three chapters i.e. transparency, copyright and Safety & Security
- About EU AI Act
- EU AI Act is the world’s first comprehensive AI law.
- The act takes a risk-based approach to regulation, applying different rules to AI according to the risk they pose.
- It ensures clearer accountability for AI providers, with a direct impact on businesses using generative AI through their value chains and third-party risk management.
- Much like the General Data Protection Regulation (GDPR), the EU AI Act is anticipated to become a global standard, aiming to ensure AI's positive rather than negative effects on lives worldwide.
- Compliance: Penalties for non-compliance are significant—up to 7% of global turnover.
- Key concerns raised by companies
- Code introduces legal uncertainties for model developers and extends beyond the scope of the forthcoming AI Act.
- Regulatory complexity and administrative burdens may impact Europe’s AI competitiveness
AI regulation in India
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