The EU AI Act An Overview for Irish Enterprises

BRIEFINGEU Legislation in ProgressEPRS | European Parliamentary Research ServiceArtificial intelligence actOVERVIEW European Union lawmakers signed the artificial intelligence (AI) act in June 2024. The AI act, the first binding worldwide horizontal regulation on AI, sets a common framework for the use and supply of AI systems in the EU.The new act offers a classification for AI systems with different requirements and obligations tailored to a 'risk-based approach'. Some AI systems presenting 'unacceptable' risks are prohibited. A wide range of 'high-risk' AI systems that can have a detrimental impact on people's health, safety or on their fundamental rights are authorised, but subject to a set of requirements and obligations to gain access to the EU market. AI systems posing limited risks because of their lack of transparency will be subject to information and transparency requirements, while AI systems presenting only minimal risk for people will not be subject to further obligations.The regulation also lays down specific rules for general purpose AI (GPAI) models and lays down more stringent requirements for GPAI models with 'high-impact capabilities' that could pose a systemic risk and have a significant impact on the internal market.