European Union has finalised a historic deal! Check out the AI Act cheat sheet ahead of its enactment

tech.hindustantimes.com:

On Friday, December 8, Europe reached a provisional deal on landmark European Union (EU) rules governing the use of artificial intelligence (AI). The political agreement is seen as a landmark moment for the EU and now, it is expected that the rest of the process to enact the AI Act. As per reports, the sticking points where the bloc failed to find consensus were governments' use of AI in biometric surveillance and how to regulate AI systems such as ChatGPT. Now that the agreement is in place, you should know the key elements of the AI Act and how it may shape the future of this emerging technology.

These key points were shared by Oliver Patel, Enterprise AI Governance Lead at AstraZeneca on LinkedIn. Posting it in an image as an ‘AI Act cheat sheet', he said, “Now the dust has settled on Friday's announcement of a political agreement on the AI Act, it's time to delve into the details”. It should also be noted that these points come only from the publicly available text. Once the full text becomes available, more items will be added to the list.

With this agreement, the AI Act has become the world's first comprehensive Al law. It is expected to come into force in 2026. The draft legislation focuses on data sharing transparency, and data safety, as well as establishing how the regulatory framework will function in tandem with the marketplace.

First, let us take a look at the basics of the AI Act.

As per the proposed amendment of the AI Act, this particular text defines the reason for prohibiting AI systems. The text states, “Aside from the many beneficial uses of artificial intelligence, that technology can also be misused and provide novel and powerful tools for manipulative, exploitative and social control practices. Such