World’s leading technology companies are intensifying their efforts to persuade the European Union to adopt a lenient approach to regulating artificial intelligence. This comes as they aim to mitigate the risk of substantial fines, potentially reaching billions of dollars, under the EU’s newly established AI Act.
LONDON - The world's biggest technology companies have embarked on a final push to persuade the European Union to take a light-touch approach to regulating artificial intelligence as they seek to fend off the risk of billions of dollars in fines.
The EU has invited companies, academics, and others to help draft the code of practice, receiving nearly 1,000 applications, an unusually high number according to a source familiar with the matter who requested anonymity because they were not authorised to speak publicly. Under the AI Act, companies will be obliged to provide"detailed summaries" of the data used to train their models. In theory, a content creator who discovered their work had been used to train an AI model may be able to seek compensation, although this is being tested in the courts.
Google has also submitted an application, a spokesman told Reuters. Meanwhile, Amazon said it hopes to"contribute our expertise and ensure the code of practice succeeds". Last week, former European Central Bank chief Mario Draghi told the bloc it needed a better coordinated industrial policy, faster decision-making and massive investment to keep pace with China and the United States.
"We've insisted these obligations need to be manageable and, if possible, adapted to startups," said Maxime Ricard, policy manager at Allied for Startups, a network of trade organisations representing smaller tech companies.
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