by Avi Gesser, Anna R. Gressel, and Steven Tegrar
This post is Part III of a five-part series by the authors on The Future of AI Regulation. For Part I, discussing U.S. banking regulators’ recent request for information regarding the use of AI by financial institutions click here. For Part II, outlining key features of the EU’s draft AI legislation discussed further in this Part, click here. Continue reading
by Avi Gesser, Anna R. Gressel, and Steven Tegrar
This post is Part II of a five-part series by the authors on The Future of AI Regulation. For Part I, discussing U.S. banking regulators’ recent request for information regarding the use of AI by financial institutions click here.
On April 21, 2021, the European Commission published its highly anticipated draft legislation governing the use of AI, which is being referred to as the “GDPR of AI” because, if enacted, it would place potentially onerous compliance obligations on a wide spectrum of companies using AI systems. The commission proposes to regulate AI based on the potential risk posed by its intended use: AI systems that pose an “unacceptable risk” would be banned outright; AI classified as “high risk” would be subject to stringent regulatory and disclosure requirements; and certain interactive, deepfake, and emotion recognition systems would be subject to heightened transparency obligations.