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The EU AI Act enters full enforcement phase on August 2, 2026, marking the most significant AI regulatory transformation in history. Under Regulation 2024/1689, GPAI model providers face penalties up to €15M or 3% of global turnover for non-compliance, while prohibited AI practices carry penalties up to €35M or 7% of global revenue. Twenty-six major AI providers including Microsoft, Google, OpenAI, Anthropic, and Amazon have signed the GPAI Code of Practice. Finland became the first EU member state to activate full AI supervision powers as of January 1, 2026. The Digital Omnibus simplification proposal (November 2025) proposes conditional delays, but backstop dates ensure enforcement proceeds. High-risk AI systems including hiring algorithms, credit scoring, medical diagnostics, and biometric systems require full conformity assessment by August 2, 2026. Axis Intelligence reported the core details. Medialaws.eu noted additional context. Resemble AI added corroborating details.