The AI Act: help or hindrance for SMEs?

The European Commission (hereinafter the “Commission”) has set the goal of making the EU a world class hub for AI while ensuring an appropriate ethical and legal framework. This framework is founded on the ideals that AI systems must be human-centric, trustworthy, and grounded in European values and fundamental rights. To this end, the EU has a solid and balanced regulatory foundation on which to build, as well as the opportunity to set the global standard for a holistic approach to cutting edge technologies. The 2016 General Data Protection Regulation ensures a high standard of personal data protection and stands as an example for the way forward. Furthermore, in 2020, the Commission introduced the Digital Market Act Regulation, which, together with the Digital Services Act and the Data Governance Act, aims to provide a secure and fair regulatory framework for developing AI systems, while protecting the fundamental rights of users. The Commission has also been working on a series of communications, plans, strategies, and papers to advance toward a regulated and harmonised AI environment in Europe