No, it's a voluntary code of conduct so AI providers can start implementing changes before the conduct becomes a legal requirement, and so the code itself can be updated in the face of reality before legislators have to finalize anything. The EU does not have foresight into what reasonable laws should look like, they are nervous about unintended consequences, and they do not want to drive good-faith organizations away, they are trying to do this correctly.

This cynical take seems wise and world-weary but it is just plain ignorant, please read the link.