European Union: Passed AI Act including monitoring requirements for "high-risk AI systems" by EU Parliament

On 13 March 2024, the European Parliament passed the regulation laying down harmonised rules on Artificial Intelligence (Artificial Intelligence Act). The Act includes post-deployment performance monitoring requirements for "high-risk" AI systems. The Act requires providers of high-risk AI systems to establish and document a post-marketing monitoring system, through which it actively collects data on the performance of high-risk AI systems in order to evaluate their compliance with the Regulation's requirements. Further, the Act would require providers of high-risk AI systems to report serious incidents to the market authorities of their respective member states. In general, providers are required to report a serious incident as soon as they establish a causal link between a high-risk system and a serious incident and, in any case, within 15 days of becoming aware of such an incident. The Act now goes to the Council for the final vote.