Yes. I'm not a legal expert, so there might be different ways that one could regulate. In some cases, maybe even current laws are sufficient and they need to pass the test of the courts. Let me give you an example in the case of bias and discrimination. Let's say you consider the insurance industry. You probably would need different regulations for different industries where the way in which issues come up might be different. In the case of insurance, there could be information that is used by the companies that could lead to, say, gender discrimination. Even though the variables used by the insurance company do not explicitly mention gender, or do not explicitly mention race, it might be something that the AI system infers implicitly. For example, if you live in some neighbourhood, maybe it's a good indication of your race in some places.
The good news is that the algorithms that can mitigate this exist, but there will be a trade-off between eliminating the implicit information about gender and the accuracy of the predictions made by those systems. Those predictions turn into dollars. For an insurance company, if I can make a very precise assessment of your risk, of how many dollars you will cost me, that is how I will determine your premium, so that precision is really worth money. There will be pressure from companies to use as much information as they can from their customers, but it might go against our legal principles. We need to make sure we find the right trade-off.