ChatGPT, Midjourney, and Other AI Tools to Enter EU with New Regulations
Artificial intelligence (AI) tools have become increasingly popular in content creation, leading to copyright controversies. In response, on April 27th, legislators in the European Union voted on a draft bill that would regulate the development and use of AI tools. The details of the bill are still being discussed, but currently, AI tools will be categorized according to their risk level, ranging from minimal to unacceptable. The high-risk tools will still be allowed, but stricter transparency procedures will be put in place.
Generative AI tools, including ChatGPT and Midjourney, will have to disclose the use of any copyrighted materials in their AI training. The bill will also require developers of generative-AI applications to disclose their use of copyrighted materials. These regulations aim to strike a balance between over-regulation and too much surveillance.
The bill is part of the EU’s Artificial Intelligence Act and was initially proposed two years ago. The final details of the bill will be deliberated among legislators and member states. The aim of the bill is to protect citizens and promote innovation and boost the economy.
The financial industry also sees the potential of AI tools. In fact, the European think tank Eurofi, composed of enterprises in the public and private sectors, released a magazine that included a section on AI and machine learning in finance in the EU. The section included five mini-essays on AI innovation and regulation within the EU, particularly in the financial industry. All of these essays mentioned the upcoming Artificial Intelligence Act.
Georgina Bulkeley, the director for EMEA financial services solutions at Google Cloud, commented on the legislation, saying, “The Artificial Intelligence Act is a remarkable piece of regulation. It shows the world that Europe is leading the way in driving innovation while protecting its citizens and businesses.”
The EU’s data watchdog also voiced concerns about the potential difficulties AI companies in the US may face if they do not adhere to the EU’s General Data Protection Regulations.
