There are two sectors that E.U. regulators apparently cannot touch with a 10-foot pole: banking and airlines, all the rest is open season. The shots are now aimed at tech “gatekeepers” — U.S. Internet companies like Meta, Apple, and Google — with laws that apply only in Europe, but their effect is expected to ripple around the globe.
Starting next month, large U.S. tech companies will be facing a new set of E.U. rules — under the name of Digital Markets Act and Digital Services Act — with strengthened digital regulations to curb their market power. The Commission has until September 6 to designate gatekeepers. Following their designation, gatekeepers will have six months (i.e. until March 6, 2024) to comply with the requirements. The E.U. laws want to force big tech to better police online content, and to open up to more competition.
The list of obligations includes prohibitions on combining data collected from two different services belonging to the same company, provisions against self-preferencing methods for promoting their own products, the pre-installation of some services, and bundling practices.
Platforms will have to update their systems to prevent algorithmic amplification of disinformation, to ensure a high level of privacy and safety for children, and will have to be more transparent on why they recommend certain content.
Violations could result in fines worth billions or even a ban on operating in the E.U.
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