Artificial Intelligence has proven to be a very important and useful technology for mankind. However with an increase in its popularity the world has come to know about a lot of its demerits too. These demerits and potentially dangerous implications of AI can lead to drastic consequences. But if we want to protect ourselves from these adverse scenarios then we should take practical steps to regularize this technology.The formulation and enactment of the AI Act by the EU Parliament is one of the prime examples of this. By enacting the EU AI Act the Union’s parliament has shown its interest in ensuring that AI is used only for the betterment and development of mankind. In this course we will take a look at the foundational aspects of this Act. Designed especially for AI enthusiasts and people with an interest in cyber laws and AI governance this course aims to impart knowledge on the importance of making legislation for AI systems solving ethical dilemmas associated with AI and the basic framework of the AI Act.Moreover the course also explains the categories of AI systems and applications as described in the Act. The scope of the EU AI Act has also been explained in the course along with penalties imposed by the Act. Some ways of ensuring compliance with the Act are also mentioned and a case study has been added to show the practical implication of these strategies.