Good morning. Here’s what we reveal in today’s Fineprint:

• The EU prepares to upend the world of AI as we know it.

• Bill Ackman challenges Business Insider to a legal duel.

• Privacy concerns mount over Florida’s social media ban.

Did you know… In 1961, the US city of Gainesville, Georgia passed a measure making it illegal to eat fried chicken with anything other than your fingers.

ARTIFICIAL INTELLIGENCE

EU LAYS DOWN THE LAW ON AI

The European Union is on the verge of making history with the world's first comprehensive legislation on Artificial Intelligence.

Since the GDPR came into force in 2016, the ubiquitous cookie consent pop-up window has become a familiar obstacle on every website we browse.

Fast forward to today, the EU is ready to make waves again. Last week, the AI Act sailed through with a unanimous nod from all member states, setting the stage for the European Parliament's likely approval this April. Once enacted, the AI Act will spearhead a new era of AI regulation—but what will this new era look like, exactly? 

INSIDE THE AI ACT: WHAT TO EXPECT 

It's broad, it's bold, and it's coming for us all. 

• If your business offers services or products to customers in the European Union, you're required to comply with the EU's AI regulations, no matter where your company is based.

• Oh, and it doesn't matter if you're not selling AI solutions. If your business uses AI tools internally for any purpose, you fall under the regulation's scope and must follow the rules or be subject to heavy fines.

And that’s not all…

• Get familiar with the EU's favorite AI terms: data quality, human oversight, transparency, accuracy, robustness, and security. These aren't just buzzwords; they're the benchmarks that AI systems will need to meet.

• High-stakes areas like policing, healthcare, and finance will see the most scrutiny. Businesses will have to register in “the EU database” and ensure humans are in the loop to monitor the AI.

• And for AI powerhouses like OpenAI's ChatGPT and Google's Gemini? The EU expects full transparency on data training sources and a strict adherence to copyright laws. 

WHAT DOES THIS MEAN?

😇 The Possible Upside: 

The AI Act could ensure companies uphold ethical standards and our consumer rights, potentially setting a global benchmark for how AI can be developed responsibly and transparently.

😈 The Possible Downside:

The greatest innovation since fire is dampened by elitist bureaucrats in Brussels, ultimately stifling innovation and hurting end users. 

We’ll be keeping close tabs.

SNIPPETS

Florida lawmakers passed a bill on Thursday banning social media use for under 16s. The law would require social media companies to delete accounts of users under 16 or pay a $50,000 fine for every violation. It’s now up to Governor Ron DeSantis, who has expressed privacy concerns about age verification, to either sign or veto the bill.

Bill Ackman fired off a hefty 77-page demand letter to Business Insider over their stories alleging plagiarism by his partner, Neri Oxman. He's calling for a retraction and vows to sue if his demands aren't met.

Insider trading from home: Tyler Loudon, the spouse of a BP mergers and acquisitions manager, got slapped with insider trading charges for allegedly profiting $1.76m from overhearing his wife's work calls. The move led to her job loss and their eventual divorce. The SEC charged Loudon on Thursday who could now face jail time.

420 Nation: Germany's Parliament approves landmark law for recreational cannabis use. Adults over 18 can possess substantial amounts, but strict regulations limit purchasing.

TikTok is officially being investigated by the European Union regarding the platform’s compliance with online content rules, particularly focusing on safeguarding children. Concerns include age verification and privacy settings for minors.

Crime & Punishment: The US placed 500 new sanctions on Russia in response to the assassination death of Putin’s political rival, Alexei Navalny.

The United Arab Emirates was delisted from the global watchdog FATF's 'grey list' for money laundering risks, a win that may enhance the UAE’s global image and appease investors. But the EU remains wary, keeping the UAE on its high-risk list for money laundering and terrorist financing.