On May 11th, 2023, a landmark event took place: the Internal Market Committee and the Civil Liberties Committee adopted a draft negotiating mandate on the first ever rules for Artificial Intelligence. This vote was a significant stride towards making the European Artificial Intelligence Act a reality. The committees have emphasized that AI systems must be human-oversight centric, safe, transparent, traceable, non-discriminatory, and environmentally friendly. Moreover, they have called for a uniform, technology-neutral definition for AI that can stand the test of time.This comprehensive, intricate regulation is on the brink of transforming the AI landscape. The time for preparation is now.