‘Recent developments in AI and its potential legal implications have been on the radar of regulators in the EU, in the UK, the USA and around the world. On March 13, 2024, the European Parliament adopted the Artificial Intelligence Act (AI Act).On March 13, 2024, the European Parliament adopted the Artificial Intelligence Act (AI Act). This marks a regulatory milestone, aiming to set EU-wide standards on data quality, transparency, human oversight, and accountability. However, this legislation, along with other international efforts like the USA’s Algorithmic Accountability Act of 2023 and Canada’s Directive on Automated Decision-Making, still leaves gaps as they primarily focus on the safety of AI systems and do not address competition concerns. On 23 July 2024, 4 key agencies namely the European Commission, the UK Competition and the Markets Authority (CMA) the US Department of Justice (DOJ) and the US Federal Trade Commission(FTC) released a joint statement on competition in generative AI foundation models and AI products and acknowledged that AI could benefit citizens, boost innovation and drive economic growth. However,, to reap these benefits competition authorities must remain vigilant and provide safeguards against tactics that could undermine competition.’
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AI Update 