AI Regulation in the EU and Global Impact

📌 The EU's AI Act introduces stringent requirements for AI companies, demanding transparency in model development and accountability for high-risk AI systems. 📌 Companies developing foundational models are given a one-year deadline to comply post-enactment, while others have two years. 📌 The act emphasizes risk assessment, incident reporting, and energy consumption details for powerful AI models. 📌 The "Brussels effect" suggests the EU's regulatory approach might set global standards, much like GDPR. 📌 China, however, has a fragmented approach to AI regulation, focusing on specific AI applications rather than a comprehensive framework, though a broader AI law is anticipated.