On February 2, 2024, the Committee of Permanent Representatives to the European Union (“COREPER”) approved the final text of a proposed Regulation laying down harmonised rules on artificial intelligence and amending certain other EU laws (“AI Act”). The AI Act is expected to be passed into law in Q2 2024, once adopted by the European Parliament and EU Council of Ministers. The AI Act will establish a comprehensive code of rules affecting the entire value chain for artificial intelligence systems (“AI systems”) in the EU, including their design, development, importation, marketing and use, as well as the use of their output, in the EU. It will be the most sweeping regulation of AI systems in the world to date.
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