The first of its kind in the world, the flagship legislation aims to set a global standard for AI regulation. Its risk-based approach sees AI systems subject to different levels of regulation based on their associated risk.

Certain types of AI, such as cognitive behavioural manipulation and social scoring, will be banned outright.

Violations of the AI Act will carry hefty fines of up to €35 million or seven per cent of global turnover.

“With the AI act, Europe emphasises the importance of trust, transparency and accountability when dealing with new technologies while at the same time ensuring this fast-changing technology can flourish and boost European innovation,” Belgian government minister Mathieu Michel said on behalf of the Council.

Barry Scannell, AI specialist and partner at William Fry, previously told Irish Legal News that the completion of the Act’s journey into law would be a “great development”.

The obligations under the Act will be phased in over a period of 36 months, with the key obligations in place within 24 months.

Ireland’s Department of Enterprise, Trade and Employment is leading the national implementation of the AI Act and is now seeking submissions from interested parties to guide it in this work.

Enterprise, trade and employment minister Peter Burke said: “The EU AI Act is a highly significant regulation which strikes an important balance between boosting innovation and supporting the adoption of artificial intelligence technologies, while also ensuring that this takes place in an ethical and responsible way.

“As the first such regulation in the world, it will likely set the standard for AI regulation in other jurisdictions.

“An ambitious timeline has been agreed in relation to the obligations set out under this Act, and a public consultation is being launched today to ensure all voices are heard. I would urge all interested parties to participate.”

Dara Calleary, minister of state for trade promotion, digital and company regulation, added: “The AI Act is a hugely significant piece of legislation and the first of its kind, ensuring AI systems will be used in a trustworthy and ethical manner to protect individuals’ rights while harnessing the benefits that this technology brings.

“I look forward to rich engagement with our stakeholders during this consultation process.”