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European Commission Unveils AI Pact Hey AI & Law community! The European Commission has rolled out the AI Pact, a voluntary initiative urging companies to commit early to the AI Act's measures. The AI Act, set to establish regulations for AI systems, will see some provisions activated soon after approval. The pact addresses concerns about the swift integration of powerful AI systems and encourages companies to pledge their commitment to AI Act compliance. Companies can outline their planned or existing measures, promoting transparency and accountability. The Commission plans to compile and publish these pledges, creating a network for EU and non-EU industry players to share best practices. The AI Pact provides a proactive approach, fostering awareness and understanding of the forthcoming AI Act principles. Organizations keen on participating can express their interest now, with the official launch anticipated post the Act's approval. #AILaw#EuropeanCommission#AIPact

🚀 EU to Lower Economic Growth Forecast, Says Dombrovskis The European Commission is set to revise its economic growth forecast for this year downward, according to Valdis Dombrovskis, Executive Vice President of the European Commission. According to Jin10, Dombrovskis highlighted the need for adjustments in light of current economic conditions. The decision reflects ongoing challenges within the European economy, necessitating a reassessment of growth expectations. This move comes amid broader economic uncertainties affecting the region. #EU#EconomicGrowth#Forecast#EuropeanCommission#Economy#ValdisDombrovskis#EconomicOutlook#Europe

🚀 ECB Supports ESMA Oversight of Major Cross-Border Financial Firms The European Central Bank (ECB) has expressed its support for a European Commission proposal to grant the Paris-based European Securities and Markets Authority (ESMA) direct oversight of significant cross-border financial firms, including large crypto asset service providers. According to NS3.AI, this move marks a shift from the current Markets in Crypto-Assets (MiCA) framework, where national regulators are responsible for supervising crypto asset service providers (CASPs), while ESMA primarily plays a coordinating role. Although the ECB's opinion is non-binding, the proposal will now proceed to negotiations among EU member states and the European Parliament. #ECB#ESMA#EuropeanCommission#CrossBorderFinance#CryptoAssets#MiCA#FinancialRegulation#EUParliament#CASPs

🚀 European Central Bank Supports EU's Financial Regulatory Reform The European Central Bank (ECB) has expressed its support for the European Commission's proposal to centralize financial regulation. According to Odaily, the plan aims to transfer the regulatory authority of cross-border financial institutions, including crypto asset service providers (CASPs), from national regulators to the European Securities and Markets Authority (ESMA). This move is intended to deepen the integration of the EU capital markets and enhance international competitiveness. The ECB emphasized the need for ESMA to be adequately staffed and funded, while minimizing market disruptions during the regulatory transition. #EuropeanCentralBank#EU#FinancialRegulation#ECB#EuropeanCommission#ESMA#CryptoAssets#CapitalMarkets#InternationalCompetitiveness#CASPs#RegulatoryReform