Like the European Union (EU)'s General Data Protection Regulation (GDPR) that entered into force in 2016, the upcoming Artificial Intelligence (AI) Act will have extraterritorial scope and global impact. Considering the AI Act's broad scope and the financial risks relating to non-compliance, businesses must prepare for these future regulatory changes now and proactively take the initiatives to comply with best practices early on, according to a new whitepaper by Swiss data services company Unit8. The paper, titled Upcoming AI Regulation: What to expect and how to prepare, delves into the EU's forthcoming AI Act, providing insights into the future development of AI regulation in Europe and the potential implications for organizations worldwide. The European Commission (EC) unveiled a proposal for a legal framework on AI in April 2021, seeking to address risks of specifically created by AI applications, proposing a list of high risk applications, setting clear requirements for AI systems for high risk applications and defining specific obligations for AI users and providers of high risk applications. The proposed rules also propose a conformity assessment method for AI systems, propose enforcement after an AI system is placed in the market, and propose a governance structure at European and national level.