Introduction
After years of negotiations, the EU proposal for a Regulation laying down harmonised rules on artificial intelligence (the AI Act) has finally been agreed and was published in the Official Journal on 12 July 2024. It will enter into force 20 days later on 1 August 2024. Following on from our AI Business Guide, this guide seeks to outline the implications of the new AI Act for businesses that are using AI, and may therefore be subject to the AI Act’s provisions. Most importantly, we will tell you what practical steps you need to take to comply with the new obligations, given the requirement that all persons in the AI supply chain (including those placing AI systems on the market, putting into service, and using AI systems) must comply with the AI Act to varying degrees, as well as the significant fines that are being introduced for those who fail to do so.