In a bipartisan move, the U.S. Congress voted by significant margins to rescind the Securities and Exchange Commission's (SEC) controversial decision on Staff Accounting Bulletin (SAB) 121. The debate focused on the directive aimed at changing some accounting standards. Despite this broad bipartisan support, President Biden has vowed to veto repeal, leading many to question whether Congress's actions would be overruled by the Executive Branch. In these circumstances, a possible spillover between the legislative and executive branches is quite uncertain.
Microsoft is facing an investigation from the European Union. The tech giant risks losing up to 1% of its annual revenue if it does not respond to any requests for information by May 27. The petition submitted to Microsoft within the scope of the European Union's Digital Services Act concerns Bing search engine and powerful artificial intelligence services.
Digital Services Act and Artificial Intelligence Risks
According to a post on X.com on May 17, Microsoft will be required to provide information about AI risks in Bing under the Digital Services Act in the US. The European Commission is concerned about possible threats to generative artificial intelligence Bing, as the Commission considers âhallucinationsâ and deepfakes to be misleading and could manipulate automated services, possibly misleading voters.
A new blog post describing the Daily News on the European Commission's Brussels site notes that the request was actually sent on May 14. He specifically points to generative AI features such as âCopilot in Bingâ and âDesigner Rendererâ as a cause for concern.
Potential Financial Impact on Microsoft
If Microsoft does not fulfill its obligations regarding the implementation of the European Commission's decision-making process, it will be subject to penalties of up to 1% of annual global turnover. Considering that Microsoft announced revenue of $211 billion for 2023, the company may face a penalty of more than $2.1 billion. On the other hand, the Commission may also impose a gradual penalty of not more than 5% of the company's average daily income.
Although these penalties have not yet been implemented and Microsoft has not broken any rules, this warning is a clear warning that non-compliance could lead to serious consequences. This signals a period of increased global regulatory scrutiny of technology companies, particularly in relation to rapidly developing technologies such as generative artificial intelligence.
As the US deadline for preparation approaches, everyone around the world is waiting with bated breath to see how Microsoft will respond to the organization's demands. In addition, the United States is waiting to learn whether the President plans to maintain his veto threat against Congress' decision to impeach SEC leaders and members. This represents the intertwining of forces between government bodies, with tech companies grappling with complex procedures and philosophies.
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