The European union leadership is set to roll out plenty rules and penalties against the giant Tech heavy weights such as Google, Apple, Facebook, Twitter, TikTok etc. The rules are the most serious attempt by the 27-country bloc to rein in the power of the U.S. and other related tech giants which control troves of data and online platforms on which thousands of companies and millions of Europeans rely on.
They also mark the European Commission’s frustration with its antitrust cases against the tech giants, notably Google, which critics say did not address the problem.
What you should know.
The European union is a political and economic union of 27 Member states that are located primarily in Europe. Its members have a combined area of 4,233,255.3 km2 and an estimated total population of about 447 million. The EU has developed an internal single market through a standardised system of laws that apply in all member states in those matters, and only those matters, where members have agreed to act as one. EU policies aim to ensure the free movement of people, goods, services and capital within the internal market and to enact legislation in justice and home affairs; and maintain common policies on trade.
What you must know.
The rules are in two parts, one set of rules called the Digital Markets Act calls for fines up to 10% of annual turnover for online gatekeepers found breaching the new rules.
While the second set of rules known as the Digital Services Act also targets very large online platforms as those with more than 45 million users.
What it Means.
All the giant Tech will be required to do more to tackle illegal content on their platforms, misuse of their platforms that infringe fundamental rights and intentional manipulation of platforms to influence elections and public health, among others things.
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