A recent article authored by Stefanos Sofroniou, Senior Associate at Elias Neocleous, and published in the Cyprus Mail, discusses the first ever legal framework on Artificial Intelligence that could be agreed upon by the EU legislators as soon as this December. In the final stages of the negotiation process, the rules set forth by the proposed legislation will detail the requirements for AI providers pertinent to the level of risk that AI systems present for end users. This includes the adoption of a 3-tier classification model, differentiating AI systems based on the risk they pose, categorizing them as “unacceptable risk”, “high risk” and “limited risk”. These rules are anticipated to affect the financial sector considerably, taking into account its significant use of data-driven systems and processes and its increasing reliance on AI-powered models.
To view the full article in the Cyprus Mail, please click here.
For any further queries, please contact Stefanos Sofroniou at Elias Neocleous & Co LLC.
