Sources said the draft EU regulations to be unveiled on Tuesday would be a big challenge for tech giants like Google and Facebook as they would be banned from the market for heavy fines or violations.
The I The Commission is preparing to demonstrate its long trail Digital Services Act And the Digital Markets Act along with it to create stricter conditions for internet giants to do business in 27 countries.
EU sources told AFP on Monday that tech behemoths could be fined up to 10 percent of their revenues for violating certain serious competition rules.
“In the context of serious and repeated violations of the law that endanger the safety of European citizens, it could be seen as one of the largest companies in the world banned from the EU market,” the sources said.
These proposals are revolutionary in how Big Tech does business, resolving hate speech and misinformation online and thwarting the power of leading companies to dominate markets.
Larger companies are legally hired as Internet “gatekeepers” subject to specific regulations to limit their power over the market.
Draft laws go through a lengthy and complex verification process, with EU member states, the European Parliament and company lobbyists and trade unions influencing the final law.
Although some details have been leaked, details of the proposals have been carefully guarded by the European Commission, the EU’s executive arm.
The main purpose of the new rules is to update the 2004 law when most of today’s Internet giants do not exist or are still in their infancy.
The Digital Services Act is being promoted as a way to give the Commission a sharp tooth in following social media platforms when allowing illegal content online.
Under the Digital Markets Act, the EU is seeking to give Brussels new powers to enforce competition laws more quickly and to use greater transparency and personal data in their algorithms.
Tech giants are required by law to notify the EU before any planned mergers or acquisitions, according to Block’s industry commissioner Theory Breton Said Monday.
There is growing concern that large tech companies in European and US regulators have used purchases to nip in the bud potential rivals.
Over the past decade, the EU has fined billions of antitrust against Google in an attempt to capture the insurmountable power of big technology, but critics say the practice has not done much to change its behavior.
The EU has ordered Apple to pay back billions of dollars in taxes to Ireland, but the decision has been overturned by the EU’s Supreme Court.
France and the Netherlands have already advanced in favor of Europe, and the gatekeepers have all the tools to control it, including the power to break them.
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