European Commission tech chief Henna Virkkunen stated that the existing EU AI Act is designed to manage risks associated with advanced AI models throughout their entire lifecycle. Regulators are currently providing guidance to firms on model evaluation, emphasizing the necessity of risk assessments, external expert oversight, and ongoing monitoring.
In late August, the European Commission requested detailed safety and security information from over 30 AI companies. Virkkunen is currently reviewing these submissions. The AI Act, which reached provisional status in December 2023 and received final approval in May 2024, establishes four distinct risk levels for foundation models and frontier AI systems.
The legislation imposes tiered restrictions on the market deployment of AI technologies. While some industry and government leaders previously expressed concerns that the law prioritizes risk control over innovation, the European Commission views it as a potential global regulatory benchmark for the artificial intelligence sector.
