EU Sets August 2, 2024 Deadline for AI Act Compliance
The European Union has set a clear deadline for companies to comply with its Artificial Intelligence Act. By August 2, 2024, businesses must adhere to the new regulations, with potential fines ranging from 7.5 million euros to 35 million euros, or up to 7% of global turnover for violations.
From August 2, 2023, the AI Act will apply to AI models deemed to have systemic risks and foundation models. These include general-purpose AI (GPAI) or foundation models, which must provide transparency requirements such as detailed technical documentation, clear copyright policies, and comprehensive summaries of their training content.
AI models with systemic risks face tougher obligations. They must carry out thorough model evaluations, assess and mitigate potential threats, conduct adversarial testing, report serious incidents, and ensure robust cybersecurity protection. These guidelines aim to support the smooth and effective application of the AI Act, as stated by EU tech chief Henna Virkkunen.
The European Commission has issued guidelines to help businesses comply with the EU AI regulation, addressing previous criticisms and providing much-needed clarity. Companies now have until August 2, 2024, to ensure they meet these new standards, with significant fines for non-compliance.
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