European Union:
EU Edges Closer To Its Inaugural Legal Framework For Artificial Intelligence
28 November 2023
Elias Neocleous & Co LLC
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A recent Phileleftheros article authored by Stefanos Sofroniou,
Senior Associate at Elias Neocleous, explores the imminent
agreement at EU level of the first ever legal framework on
Artificial Intelligence (AI), expected to be finalized in December.
The proposed Regulation aims to delineate specific obligations for
AI systems based on the risk levels posed to end users. The
legislation introduces a 3-tier classification model, labelling AI
systems as "unacceptable risk", "high risk" and
"limited risk". These rules are anticipated to have a
substantial impact on the financial sector, given its extensive use
of data-driven systems and processes and growing dependence on AI
models.
To view the full article in Greek in the Phileleftheros, please
click here.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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