The code covers three concrete obligations: deepfakes and AI-generated content on matters of public interest must be clearly labelled, users must be told when they're talking to a chatbot, and AI outputs must carry machine-readable markers. It applies to providers and deployers of general-purpose AI systems. Calling it voluntary is technically accurate today — but August 2 is the hard cliff where Article 50 transparency requirements take effect and the code shifts from guidance to the baseline the Commission uses to assess compliance. The penalty range is meaningful: up to €15 million or 3% of global annual turnover, whichever is higher. For teams that haven't scoped what 'AI-generated content' means in their products — think customer-facing chatbots, AI-drafted support replies, generated images in marketing flows — the next six weeks are the planning window, not a grace period.