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The European Comission announced a new regulation on Big Tech which could lead to billions of dollars in fines and spin-offs. According to Vice President Margrethe Vestager, the new legislation could go into effect in a couple of years.
New EU regulation on Big Tech, what it offers
The European campaign has officially begun to limit the excessive power of Google, Facebook, Apple and the other big tech companies that have established monopolies in the industry.
The new regulation was called Digital Markets Law, and aims to contain the behavior of the web and technology giants.
Among the changes that companies will be called upon to implement, for example, is giving users the possibility of remove pre-installed apps on their devices and the obligation to share user data with advertisers for free.
If Google and others don’t make these and other changes, they may face penalties of up to 10% of your billing global.
The European Commission also aims to force the disinvestment if no other remedies are available.
How long will it take for the approval of the new EU regulation?
At the same time, the executive body of the Union presented the Law on Digital Services, related to the obligation to eliminate illegal content from platforms.
Commission vice chairman responsible for competition Vestager said the goal is to ensure that “we, as users, have access to a wide range of secure online products and services. And that companies operating in Europe can compete freely and fairly online how do they do it offline”.
The approval of the regulation, according to some experts, could take place in record time, which in any case will not be less than two years. Regarding the process, Vestager said it is expected to be “as fast as possible.” It will take at least a year and a half, to which will be added “six months before the entry into force of the regulation.
Half a million fine on Twitter
In related news, today came the first large fine imposed on an American company for violating the European GDPR.
The social network in question is Twitter, who will have to pay a fine of more than half a million dollars “for not properly documenting or notifying the authority within 72 hours of the data leak suffered in January 2019.” On that occasion, the private tweets of some users were revealed.
