The paper presents an analysis of the Council of Europe Convention on Artificial Intelligence in the context of European and global AI regulation. This analysis is particularly pertinent in light of recent developments in AI, such as the release of ChatGPT, and the finalisation of the EU Regulation on AI. The study examines the potential of the Convention, noting that its scope extends beyond high-risk systems, such as the EU AI Law. The Convention reaffirms the importance of establishing regulatory principles, rights and guarantees, as well as adopting a risk-based approach. While the Convention remains overshadowed by the IIA Regulation and EU legislation, it can also be a significant framework for EU member states, offering a quasi-constitutional and symbolic value.