The use of artificial intelligence (AI) in creating content has caused disagreements over its use of protected material. To address this issue, the European Union (EU) has created a draft law to manage the use of AI tools in these situations. This bill is a part of the EU’s Artificial Intelligence Act and was first suggested as draft regulations nearly two years ago.
The new proposed law will categorize AI tools based on how much risk they pose, ranging from low to high. Although high-risk tools won’t be prohibited outright, they will be subjected to more rigorous transparency procedures. Additionally, generative AI tools such as ChatGPT and Midjourney will be required to disclose if they use copyrighted materials in their AI training.
The new law is considered a compromise between excessive surveillance and over-regulation, which aims to safeguard people while also promoting innovation and improving the economy. Svenja Hahn, a member of the European Parliament, mentioned that the bill is currently in a state that balances the protection of people with the promotion of innovation.
The latest edition of Eurofi, a European think tank made up of public and private organizations, talked about the use of AI in the financial industry. The publication had a section on AI and machine learning in finance within the EU, which consisted of five short essays on AI innovation and regulations in the EU. All of the essays mentioned the upcoming Artificial Intelligence Act.
According to Georgina Bulkeley, who is the director for EMEA financial services solutions at Google Cloud, regulating AI is crucial because it’s too significant to ignore, and it must be well-regulated. These recent changes follow concerns expressed by the EU’s data watchdog about potential problems that American AI companies may encounter if they fail to adhere to the EU’s General Data Protection Regulations.
In summary, the EU’s decision to regulate the use of copyrighted material by AI is an effort to find a balance between safeguarding people and promoting progress. As AI becomes more prevalent in different fields, it’s crucial to establish regulations to ensure that AI tools are utilized in an ethical and responsible manner.
