The European Union has published the final text of the "Artificial Intelligence Act," outlining key deadlines for the world's first comprehensive AI rulebook. The Act, which was approved by the European Council in May, will come into effect on August 1, 2024. The "Artificial Intelligence Act" aims to prevent "high-risk" AI from posing threats to democracy, human rights, the environment, and the rule of law. The Act requires AI developers in the European Union to implement its provisions by August 2, 2026. Each EU member state must meet this requirement before the specified date and establish at least one AI regulatory sandbox at the national level. These sandboxes will allow developers to test AI systems within established legal frameworks without hindering technological development. Developers, providers, and users of biometric technology must comply with the new deadline of February 2, 2025. This deadline prohibits the use of AI applications with "unacceptable risks," such as biometric classification based on sensitive features, emotion recognition in work environments and educational institutions, and large-scale scraping of facial images for facial recognition databases. However, law enforcement may be exempted under certain conditions. By May 2, 2025, newly established AI offices should issue codes of conduct to AI providers. These guidelines will outline how providers can demonstrate compliance with the Act. General-purpose AI systems, including ChatGPT, will be required to comply with copyright and transparency standards starting from August 2025. Furthermore, developers of high-risk AI systems have until August 27, 2027 (one year after the enforcement of the "Artificial Intelligence Act") to meet additional requirements specified in Annex I of the Act. Remote biometric and other high-risk AI applications can be used in the EU market as long as they meet the specified conditions. The Act imposes severe penalties for non-compliance. Any company that fails to comply with the Act's provisions will face fines ranging from €35 million (approximately $38 million) to 7% of the company's total annual revenue, whichever is higher, as administrative fines. Emma Wright from the law firm Harbottle and Lewis commented on the Act, stating, "The 'EU Artificial Intelligence Act' is the world's first major attempt at regulating AI, and it remains to be seen whether compliance costs will stifle innovation or if the AI governance model it establishes will become the EU's flagship export." The speed of AI development, particularly with the recent release of generative AI systems like ChatGPT, has far outpaced regulatory efforts. Some countries and trade groups have been working on establishing legal frameworks to regulate the use of AI.