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Significance The AIA, which will be gradually phased in over 24 months, is the world’s first comprehensive piece of AI legislation, establishing standards for AI systems from their design to their use. Its influence may reach beyond the borders of the European Economic Area (EEA), where it will be adopted. Impacts Other jurisdictions may follow the EU lead on transparency requirements, ethical principles or definition of high-risk AI systems. The AIA could encourage multinationals to adopt strict EU standards even in their operations outside the bloc -- the ‘Brussels effect’. Australia may move in the direction of legislation focusing on high-risk AI systems, similar to the AIA.
A Fri, study studied this question.