DECODING THE EU AI ACT: COMPLIANCE, IMPACT AND GLOBAL IMPLICATIONS

As AI continues to impact countries worldwide, the European Union set a groundbreaking precedent with the enactment of the European Union Artificial Intelligence Act, 2024. Effective from August 1, 2024, this landmark legislation introduces a robust legal framework aimed at promoting human-centric and trustworthy AI while safeguarding fundamental rights. Through this article, INDUSLAW's Shreya Suri, Shivani Kapur Jeet and Akshita Singh explore the key compliance requirements under the EU AI Act for various AI systems and its implications on the market alongside providing a way forward for businesses to align with this comprehensive regulatory framework.