EU Sets Rules For Online Gatekeepers Like Google, Meta, Amazon, and Apple
March 28, 2022—The European Union agreed on a set of new rules for large digital platforms late last week. Lawmakers have been working on the legislation, known as the Digital Markets Act, since 2020.
The set of sweeping changes for large platforms gives users greater rights and forces the companies to give greater access to competing operating systems, apps, and advertising positions.
“These rules are key to stimulating and unlocking digital markets, enhancing consumer choice, enabling better value sharing in the digital economy, and boosting innovation,” said Cédric O, a French Minister of State. “The European Union is the first to take such decisive action in this regard and I hope that others will join us soon.”
Big Fines Possible for Big Teche
The new rules apply to companies that operate in at least three EU countries, have a market valuation of at least €75billion (US$82 billion), and at least 45 million monthly end-users and 10,000 business users.
Companies that break the rules could face fines of up to 10 percent of their total worldwide revenue for a first offense. For repeat offenders, that fine could climb to 20 percent of their revenue.
For more information, see the European Council‘s description.
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