UK Introduces and Moves Forward on Landmark AI Regulation Bill

Following the recent AI Safety Summit, the United Kingdom has taken a significant stride towards regulating artificial intelligence. On November 22, the House of Lords granted approval for the first reading of the Artificial Intelligence (Regulation) Bill. The proposed legislation is designed to ensure the safe, ethical, and societal benefit-driven development and use of AI.

Key Components of the Legislation:

1. Establishment of the AI Authority:

A central tenet of the bill is the creation of a regulatory body named the AI Authority. This entity is envisaged to play a pivotal role in overseeing various aspects of AI governance. Its functions encompass reviewing pertinent legislation, evaluating and monitoring AI-related risks across the economy, facilitating regulatory sandboxes for testing AI innovations, accrediting independent AI auditors, and advocating alignment with international AI regulatory frameworks.

2. Guiding Principles for AI Regulation:

The bill outlines principles to guide the regulation and use of AI. These principles mandate that AI systems must be safe, secure, transparent, fair, accountable, non-discriminatory, and contestable. Furthermore, businesses leveraging AI are required to conduct thorough testing, ensure transparency in its usage, and adhere to relevant laws.

Key Requirements in the Draft Law:

1. Designation of AI Officer:

Businesses utilizing AI must appoint an AI officer responsible for ensuring ethical and unbiased use. This role encompasses duties related to safety, non-discrimination, and mitigating bias.

2. Transparency and Labeling Regulations:

The draft law introduces regulations concerning transparency and labeling for AI systems. This includes requirements for disclosing training data sources, intellectual property and copyright compliance, health warnings for specific AI applications, and independent third-party auditing.

The future trajectory of the legislation remains uncertain, with the next step involving a second reading by the House of Lords, the date of which is yet to be announced.

For assistance in how this potential bill, and other bills around the globe, could impact your company when it comes to AI compliance, reach out to BABL AI. Their team of audit experts is ready to help.