On March 13, 2024, the European Parliament announced a milestone with a clear resolution: The European Union and the Council of Europe launched a comprehensive regulation of artificial intelligence (AI Act). This marked the beginning of a new chapter in European AI legislation. The AI Act is expected to officially enter into force by July 2024 at the latest. Once it enters into force, companies will have 24 months to comply with the regulations before they become directly applicable. Since the AI Act has extraterritorial effect, it will also have far-reaching consequences for companies outside the EU. As a result, numerous Swiss companies are now faced with the task of determining how the AI Act affects them and what steps they may need to take.
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