From https://metaculus.com/questions/17323/eu-endorses-ai-act-before-61623/

The AI Act is a proposed law in the European Union to regulate artificial intelligence. If approved, the Act would impose new rules governing the deployment of AI systems.

The current proposal would base rules on a risk classification system, with four levels of risk:

• Unacceptable risk AI. Harmful uses of AI that contravene EU values (such as social scoring by governments) will be banned because of the unacceptable risk they create;

• High-risk AI. A number of AI systems (listed in an Annex) that are creating adverse impact on people's safety or their fundamental rights are considered to be high-risk. In order to ensure trust and consistent high level of protection of safety and fundamental rights, a range of mandatory requirements (including a conformity assessment) would apply to all high-risks systems;

• Limited risk AI. Some AI systems will be subject to a limited set of obligations (e.g. transparency);

• Minimal risk AI. All other AI systems can be developed and used in the EU without additional legal obligations than existing legislation.

On May 11th, the EU Parliament’s Committee on Civil Liberties, Justice and Home Affairs and Committee on the Internal Market and Consumer Protection adopted a negotiating mandate for the AI Act.

Before the final law can be negotiated, the EU Parliament needs to endorse this negotiating mandate. Parliament is in session June 12-15, with debate on the AI act scheduled for June 13th.