This position paper presents work in progress on the foundation of the not yet finalized AI Act and discusses whether the proposed AI Act has the resources to adequately identify and mitigate the risks posed by generative AI models like LLMs. All the details of AI Act are not yet decided but after the EU Council reached a consensus on a revised version of proposal issued by the Commission, the main principles of this risk-based model of regulation are in place. We argue that the methods for risk identification and mitigation in the act, while adequate to the management of many risks emerging from the use of AI systems, are not suitable for the management of all risks emerging from generative AI systems like LLMs publishedVersion