EU AI Act Signed into Law

EU Artificial Intelligence Act (AI Act) has been officially signed into law on June 13, 2024. This legislation imposes stringent obligations on both private and public sector entities that provide, import, distribute, or deploy AI systems within its scope. Notably, the AI Act also extends its reach to general-purpose AI models, ensuring comprehensive regulation across various applications.

One of the critical features of the AI Act is its explicit extra-territorial effect. Under certain conditions, companies without a physical presence in the EU may still be subject to its provisions. This aspect underscores the EU’s commitment to regulating AI on a global scale, ensuring that non-EU entities adhere to its standards when operating within its jurisdiction.

The AI Act is expected to be published in the EU’s Official Journal by July 2024, with its provisions entering into force 20 days post-publication. Following this, the Act will be implemented in a phased manner, with different transition periods applicable to various obligations. This structured approach aims to provide entities with adequate time to comply with the new regulations.