The European Parliament and the EU's 27 member states will need to approve the AI Act, which seeks fines of up to €35M or 7% of global turnover for violations (Bloomberg)

Bloomberg:

The European Parliament and the EU’s 27 member states will need to approve the AI Act, which seeks fines of up to €35M or 7% of global turnover for violations  —  – Region couldn’t ‘let the perfect be the enemy of the good’  — Negotiators broke coffee machine working late-night deal