After decades of theoretical deliberations, the rapid development of advanced information technology has allowed machine learning as a first practical step towards artificial intelligence to enter widespread commercial and government use. The transition into a post-industrial, information society has revealed the value of data as an important resource whose processing is the basis of the new innovative information society services. The European Union has enacted several important regulations and directives in the recent past to protect the recognized fundamental rights of individuals and to regulate the obligations of service providers to ensure safe and secure processing. The Charter of Fundamental Rights as the legal basis of the European system of human rights contains significant checks and limitations to the effect and purpose of future EU AI regulation. Whenever and however this regulation is adopted, it will need to comply with and contain existing European legal standards regarding the fundamental rights of individuals in the EU. The European Commission’s ethical guidelines establish ethical principles based on the recognized fundamental rights that future AI systems need to adhere to in order to be recognized as trustworthy. The purpose of this paper is to present and analyse the mechanisms present in existing European regulations in the fields of data protection and information security and in the European Union documents regarding the future artificial intelligence regulation and to offer suggestions for future regulations. The research methodology includes a comparative analysis of available regulations and policy documents of the European Union, national laws, legal literature, and other sources.