EU Enacts Groundbreaking AI Regulations

European lawmakers have passed the AI Act, the world's most comprehensive legislation on artificial intelligence, which sets out rules for developers and restrictions on AI use. The law bans certain AI uses, introduces transparency rules, and requires risk assessments for high-risk AI systems. It applies to AI products in the EU market, backed by fines of up to 7% of a company's worldwide revenue, and is expected to have a global impact. The legislation still needs final approval from EU member states but is likely to be a formality. Other jurisdictions may use the law as a model for their AI regulations.