November 16, 2024: EU AI Act: New Rules and Compliance Timeline - The EU AI Act establishes risk-based regulations for AI, aiming to foster a local AI ecosystem by ensuring trust and innovation. Key provisions include banning certain high-risk AI uses and enforcing transparency and risk management for medium-risk applications. The Act introduces rules specific to general purpose AI models, with penalties for non-compliance reaching up to 7% of global turnover. The law, effective from August 2024, will progressively enforce compliance deadlines through 2027, allowing time for companies and regulators to adjust to evolving AI advancements and risks.
