The use of artificial intelligence (AI) in content creation has led to controversies regarding its use of copyrighted material. In response, the European Union (EU) has passed a draft bill aimed at regulating the use of AI tools in such scenarios. The bill is part of the EU’s Artificial Intelligence Act and was proposed as draft rules almost two years ago.
The new bill will classify AI tools according to their risk level, ranging from minimal and limited to unacceptable. High-risk tools will not be banned outright but will be subjected to stricter transparency procedures. The bill will also oblige generative AI tools, including ChatGPT and Midjourney, to disclose any use of copyrighted materials in AI training.
The legislation has been seen as a middle ground between too much surveillance and over-regulation that protects citizens while also fostering innovation and boosting the economy. Svenja Hahn, a member of the European Parliament, commented on the bill’s current status, stating that it strikes a balance between protecting citizens and fostering innovation.
The use of AI in the financial industry was also discussed in the latest edition of Eurofi, a European think tank composed of enterprises in the public and private sectors. The publication included a section on AI and machine learning applications in finance in the EU, which included five mini-essays on AI innovation and regulation within the EU. All of the essays touched on the upcoming Artificial Intelligence Act.
Georgina Bulkeley, the director for EMEA financial services solutions at Google Cloud, stated that AI is too important not to regulate and that it is too important not to regulate well. These developments come after the EU’s data watchdog expressed concerns about potential issues that AI companies in the United States may face if they do not comply with the EU’s General Data Protection Regulations.
In conclusion, the EU’s move to regulate AI use of copyrighted material is an attempt to strike a balance between protecting citizens and fostering innovation. With the increasing use of AI in various industries, it is important to have regulations in place to ensure that AI tools are used ethically and responsibly.