The UK’s competition watchdog has initiated a project to strengthen its monitoring of rapidly developing technology and has released a new set of regulations for artificial intelligence.

Following a thorough preliminary examination, the Competition and Markets Authority stated on Monday that AI might quickly affect markets and consumers. It presents seven guidelines for controlling so-called fundamental models, or artificial intelligence systems trained on massive amounts of data and capable of being tailored to various tasks.

The regulator announced that it is beginning a significant effort to strengthen its position in the field of artificial intelligence. As part of this program, it will collaborate with organizations at the cutting edge of the field, such as Google, a subsidiary of Alphabet Inc., Meta Platforms Inc., OpenAI, Microsoft Corp., and Nvidia Corp.

The findings will be revealed in early 2024. It will also research the opinions of consumer and civil society groups, governmental specialists, and other regulators.

The UK government has made AI a top priority to position the nation at the forefront of its development. Prime Minister Rishi Sunak will convene a global meeting on artificial intelligence in early November at Britain’s World War II code-breaking facility, Bletchley Park. The government urged multiple regulators to evaluate its progress in a report in March.