On 21 May 2024, the Council of the European Union formally approved the artificial intelligence (AI) Act. The legislative act will come into force in about three weeks' time, with the new regulations being phased in over the course of the coming months and years. According to the Council, the new law aims to "foster the development and uptake of safe and trustworthy AI systems across the EU's single market by both private and public actors. At the same time, it aims to ensure respect of fundamental rights of EU citizens and stimulate investment and innovation on artificial intelligence in Europe." The legislation is designed to follow a risk-based approach, with the higher the risk a system poses, the stricter the rules relating to its use and/or release.