Europe is leading the race to regulate AI. Here's what you need to know | CNN Business

It’s a bold move that Brussels hopes will pave the way for global standards for a technology used in everything from chatbots such as OpenAI’s ChatGPT to surgical procedures and fraud detection at banks. “We have made history today,” Brando Benifei, a member of the European Parliament working on the EU AI Act, told journalists. Lawmakers have agreed a draft version of the Act, which will now be negotiated with the Council of the European Union and EU member states before becoming law.

sets fines of up to €10 million , or up to 2% of a firm’s global turnover. Fines under the AI Act serve as a “war cry from the legislators to say, ‘take this seriously’,” Muldoon said. Protections for innovation At the same time, penalties would be “proportionate” and consider the market position of small-scale providers, suggesting there could be some leniency for start-ups.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

EU regulators order Google to break up digital ad business over competition concernsEuropean Union antitrust regulators are taking aim at Google’s lucrative digital advertising business, ordering the tech giant to sell off some of its ad business to address competition concerns. The European Commission said Wednesday that its preliminary view after an investigation is that “only the mandatory divestment by Google of part of its services” would satisfy the concerns. The European Union has led the global movement to crack down on Big Tech companies but rather than splitting up businesses it has previously issued blockbuster fines. That includes three antitrust penalties for Google worth more than 8 billion euros, now $8.6 billion.
Source: AP - 🏆 728. / 51 Read more »

EU Charges Google With Anti-Competitive Practices in Ad Tech BusinessNEW: The European Union charges Google with breaching antitrust rules in advertising technology and may seek the break-up of parts of the tech giant's business to allay the bloc's concerns.
Source: nbcbayarea - 🏆 596. / 51 Read more »