European Union: Adopted AI Act including provisions establishing a European Artificial Intelligence Board by Council

On 21 May 2024, the Council of the European Union adopted the regulation laying down harmonised rules on Artificial Intelligence (Artificial Intelligence Act). The Act includes provisions for the establishment of a European AI Board and AI Office. The AI Office will be assigned the tasks of monitoring and ensuring compliance with the Act, conducting joint investigations, collaborating with national supervisory authorities, and offering guidance on the Act's obligations. A scientific panel of independent experts will contribute to developing methodologies for evaluating foundation models, providing recommendations on high-impact foundation models, and monitoring potential material safety risks associated with such models. Furthermore, the Act includes a framework for developing AI regulatory sandboxes. The sandboxes, designed for the controlled development, testing, and validation of innovative AI systems, will allow testing in real-world conditions. The Act will come into effect 20 days following its publication in the Official Journal and will be implemented 24 months after it enters into force. Chapters I and II will apply 6 months after the Act's effective date. Chapter III Section 4, Chapter V, Chapter VII, Chapter XII, and Article 78 will be implemented 12 months after the Act comes into effect.