• 160 tech executives have issued an open letter to the European Union on their upcoming AI bill
• The proposed rules could lead to heavy regulation of generative AI tools and liabilities for companies developing the technology
• Microsoft, OpenAI, and EU’s tech chief are pushing for a voluntary “AI code of conduct” while lawmakers finalize more permanent measures

EU’s Upcoming AI Bill

The European Union is working on its upcoming AI bill which could potentially impose heavy regulations on generative AI tools. This sparked an open letter signed by 160 executives from tech companies around the world urging careful consideration of these regulations not to stunt the industry or markets.

Proposed Regulations of Generative AI Tools

The proposed regulations would incur both liability risks and high compliance costs for the companies developing the technology. Additionally, bans have been imposed on technologies such as biometric surveillance systems, social scoring systems, predictive policing, emotion recognition systems and untargeted facial recognition systems.

Negotiations Among Parliament Members

Before the bill actually becomes law, individual negotiations among parliament members will take place in order to finalize details of the EU AI Act. This has allowed tech companies some time to petition lawmakers for more lenient measures.

Microsoft and OpenAI Speak with Regulators

In June, Microsoft president visited Europe to speak with regulators about how best to regulate AI while in May OpenAI CEO spoke with European regulators in Brussels warning against potential negative effects of over-regulation on the industry.

“AI Code of Conduct”

The EU’s tech chief is pushing for both US and EU blocs to come together in creating a voluntary “AI code of conduct” while lawmakers finalize more permanent measures. Another open letter was also issued by over 2,600 tech companies earlier this year calling for global standards when it comes to ethical use of artificial intelligence (AI).