21 application. This approach, often referred to as “narrow” regulation, focuses on identifying potential benefits and risks,” he adds. ChatGPT triggered a debate whether “narrow” regulation is sufficient to mitigate the risks associated with this technology, with such concerns leading to key amendments to the proposed AI Act, which were agreed upon and adopted by the European Parliament this past June. Striking the right balance is vital. The UK and U.S. have adopted a more permissive approach to AI regulation. According to the UK’s House of Lords Library in July: "Ministers contend that UK laws, regulators and courts already address some of the emerging risks posed by AI technologies. However, they also concede that, while AI is currently regulated through existing legal frameworks like financial services regulation, some AI risks have arisen and will arise across, or in the gaps between, existing regulatory remits.” Writing in April 2023, the U.S. think tank, the Brookings Institute contends that the U.S. federal government’s approach to AI risk management can broadly be characterised as risk-based, sectorally specific, and highly distributed across federal agencies. While this can be advantageous, this approach also contributes to the uneven development of AI policies. Israel has also followed a sectoral approach. “Israeli Governments took a conscious decision not to develop a comprehensive regulatory framework towards AI, but rather, adopted a "sectorial approach" allowing each regulator to monitor and enforce AI activities in their respective fields,” said Keidar of Arnon, Tadmor-Levy. He goes on: “Such approach was anchored in a policy paper titled "Draft Regulation and Ethics Policy in the Field of Artificial Intelligence", published by both the Ministry of Innovation, Science, and Technology and the Ministry of Justice in October 2022. We believe this approach is a good reflection of Israel's position as a hub for technology start-ups, where innovation should not be stifled by strict regulation. However, while Israel is indeed a technological leader in several domains, when it comes to AI development, permissive regulation is not enough, and there are expectations from the government to address market failures (one of which is training foundation models in Hebrew) and incentivize more AI innovation across industries for the benefit of Israelis and the entire industry.” “Israel is quite behind when it comes to regulatory advancements in the field of AI, however,” adds Oren of Shibolet. “However, a few principal papers
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