client update – EU takes important step towards regulating AI

As regulators and policymakers around the globe grapple with how to regulate AI applications, including ChatGPT, the European Parliament voted last week to adopt its position on the draft EU Artificial Intelligence Act (EU AI Act) that would introduce restrictions and obligations on developers, deployers and distributors of AI applications, based on the risk of the AI application. Set forth in the attached are some highlights of the proposed law.