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FinTech Nostradamus

Sept. 20, 2024

AI Task Force: What US Companies Can Expect from the US-International Framework Convention on AI

As part of a series from Nelson Mullins' AI Task Force, you can now get an inside look of what United States companies can expect from the U.S.-international framework convention on artificial intelligence.

The Framework Convention on Artificial Intelligence (the “Framework Convention”), the first legally binding international treaty aimed at addressing AI safety, was officially opened for signature on Sept. 5. The Framework Convention applies to both public and private sectors, and it was signed by key global players, including the U.S., European Union, and United Kingdom, along with other nations like Israel and Norway. While this is a global initiative, U.S. companies utilizing “artificial intelligence systems” (defined as a machine-based system that infers from the input it receives, for explicit or implicit objectives, how to generate outputs such as predictions, content, recommendations, or decisions that may influence physical or virtual environments) will need to understand what this agreement means in terms of practical impacts on their operations, especially in terms of compliance, timelines, and enforcement.

The timeline for adopting the requirements of the Framework Convention will vary based on how quickly individual signatory nations, including the U.S., can integrate these provisions into their domestic legal systems. U.S. companies should prepare for a phased approach, where regulatory guidance will likely emerge gradually. However, with increased attention on AI safety, it is reasonable to expect an expedited implementation compared to past international agreements. 

To learn more about the Framework Convention, read the full article by the AI Task Force team here.