The European Parliament has given its stamp of approval to two landmark rules that aim to rein in the power of tech giants such as Alphabet unit Google, Amazon, Apple, Facebook and Microsoft.
With the passing of the Digital Markets Act (DMA) and Digital Services Act (DSA), the EU is creating what it describes as a "rulebook" for online platforms, with the goal of creating "a safer and more open digital space, grounded in respect for fundamental rights".
While the DSA focuses on targeting content deemed illegal in Europe, making platforms responsible for its removal, the DMA aims to curb anticompetitive behaviour and keep "gatekeepers" from suppressing market competition. The fines for non-compliance can reach up to 6 per cent of annual global turnover for DSA breaches, and as much as 10 per cent for DMA breaches.
“The European Parliament has adopted a global first: strong, ambitious regulation of online platforms,” said...