Tuesday, May 17, 2022

EU Parliament backs tough new rules to rein in U.S. tech giants – Reuters

Must Read

The logos of Amazon, Apple, Facebook and Google in a combination photo/File Photo
BRUSSELS, Dec 15 (Reuters) – EU lawmakers voted on Wednesday to beef up draft rules to rein in U.S. tech giants, including extending the scope to their retailing activities and to their business users outside Europe, as part of their common position in forthcoming talks with EU countries.
The Digital Markets Act (DMA), unveiled by EU antitrust chief Margrethe Vestager last December, sets out a list of dos and don'ts for U.S. tech giants designated as online gatekeepers with fines up to 10% of global turnover for violations, a global first.
Vestager's proposal targets Amazon (AMZN.O), Apple (AAPL.O), Alphabet (GOOGL.O) unit Google and Facebook (FB.O) but the European Parliament wants to extend it to travel website booking.com, China's Alibaba and online retailer Zalando (ZALG.DE).
EU lawmakers also want the rules to apply to web browsers, virtual assistants and connected TV, adding to Vestager's list of online intermediation services, social networks, search engines, operating systems, online advertising services, cloud computing and video-sharing services.
The lawmakers' proposal would also make it easier for users to switch default settings on their services and products to rivals.
They want the Commission to do an annual report on gatekeepers, with the possibility for lawmakers to propose investigations into new services and new products.
Vestager cheered the vote.
"It sends a clear message that in our EU democracy it is not for BigTech to set the rules of the game, it is for legislators," she said in a tweet.
Lawmakers will now have to reconcile their proposal with that of EU countries and the Commission next year before the draft rules can become law.
Our Standards: The Thomson Reuters Trust Principles.
Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2021 Reuters. All rights reserved



Please enter your comment!
Please enter your name here

Latest News

Ripper Store Login – How to Log in to Ripper Store

If you're looking to download or sell ripper files, you've probably noticed that the site requiresyou to login with...

More Articles Like This