Get 40% Off
These stocks are up over 10% post earnings. Did you spot the buying opportunity? Our AI did.Read how

EU lawmakers' committees agree tougher draft AI rules

Published 05/11/2023, 03:35 AM
Updated 05/11/2023, 06:13 AM
© Reuters. FILE PHOTO: European Union flags fly outside the European Commission headquarters in Brussels, Belgium, March 1, 2023.REUTERS/Johanna Geron

By Foo Yun Chee, Martin Coulter and Supantha Mukherjee

(Reuters) -European lawmakers came a step closer to passing new rules regulating artificial intelligence tools such as ChatGPT, following a crunch vote on Thursday where they agreed tougher draft legislation.

The European Union's highly anticipated AI Act looks set to be the world's first comprehensive legislation governing the technology, with new rules around the use of facial recognition, biometric surveillance, and other AI applications.

After two years of negotiations, the bill is now expected to move to the next stage of the process, in which lawmakers finalise its details with the European Commission and individual member states.

Speaking ahead of the vote by two lawmakers' committees, Dragos Tudorache, one of the parliamentarians (MEPs) charged with drafting the laws, said: "It is a delicate deal. But it is a package that I think gives something to everyone that participated in these negotiations."

"Our societies expect us to do something determined about artificial intelligence, and the impact it has on their lives. It's enough to turn on the TV ... in the last two or three months, and every day you see how important this is becoming for citizens."

Under the proposals, AI tools will be classified according to their perceived level of risk, from low to unacceptable. Governments and companies using these tools will have different obligations, depending on the risk level.

German MEP Svenja Hahn told Reuters the negotiations had forced conservative and left-wing MEPs to meet halfway. "We have succeeded in finding a compromise that would regulate AI proportionately, protect civil rights, and boost innovation and the economy," she said.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

In Thursday morning's vote, MEPs agreed to ban the use of facial recognition in public spaces, predictive policing tools, and to impose new transparency measures on generative AI applications like OpenAI's ChatGPT.

"This vote is a milestone in regulating AI, and a clear signal from the Parliament that fundamental rights should be a cornerstone of that," Greens MEP Kim van Sparrentak told Reuters. "AI should serve people, society, and the environment, not the other way around."

The bill will be put to a plenary vote of the European Parliament in June before final terms are agreed in "trilogue" talks involving representatives of the European Parliament, the Council of the European Union and the European Commission.

After the terms are finalised and the bill becomes law, there would be a grace period of around two years to allow affected parties to comply with the regulations.

"The European Parliament must enter the trilogue with the strongest possible position to protect the rights of all people inside and entering the EU," said Caterina Rodelli, EU policy analyst at non-profit organisation Access Now.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.