House of Lords member Lord Holmes of Richmond has announced the re-introduction of his private member’s bill titled “Artificial Intelligence (Regulation) Bill” to the House of Lords. The bill was originally proposed in November 2023 but had lapsed following the change in government. Features of the bill would include (1) the establishment of a new AI Authority, which would seek to ensure regulators from different sectors of the economy were aligned, and that any regulatory gaps are identified. The AI Authority would have other functions, including monitoring economic risks arising from AI, horizon scanning developing technologies, facilitating sandbox initiatives to allow the testing of new AI models, and accrediting AI auditors; (2) a set of regulatory principles governing the development and usage of AI. These include safety, security and robustness, transparency, fairness, accountability, governance, contestability and redress; (3) clauses on “meaningful, long-term public engagement” on the opportunities and risks of AI; (4) provisions on transparency around the use of third-party data; and (5) principle of informed consent on the use of intellectual property in training datasets.
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