Home NewsStock Market News European Parliament approves landmark tech regulation, but enforcement has hidden concerns | Anue Juheng – International Political Economy

European Parliament approves landmark tech regulation, but enforcement has hidden concerns | Anue Juheng – International Political Economy

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European Parliament approves landmark tech regulation, but enforcement has hidden concerns | Anue Juheng – International Political Economy


The European Parliament on Tuesday approved two landmark laws that will tighten regulation of big technology companies and curb illegal content on the Internet in the future, but the limited resources of regulators may hinder enforcement.

Members of the European Parliament (MEP) overwhelmingly approved the final version of the Digital Markets Act (DMA), which restricts the antitrust behavior of big tech companies, as well as the “Digital Markets Act” (DMA), which will strengthen the censorship and punishment of online platforms for storing prohibited content. Digital Services Act (DSA).

Companies that violate the DMA will face fines of up to 10% of global annual turnover, while DSA violations will face fines of up to 6% of global annual turnover. Tech giants such as Apple (AAPL-US), Amazon (AMZN-US), Microsoft (MSFT-US), Meta (Meta-US), and Alphabet’s (GOOGL-US) Google will all be bound by the two new laws.

The European Commission has set up a task force with an estimated 80 officials, but critics say the task force is not enough, and some lawmakers have called for a larger task force to fight big tech companies Strong financial resources and legal team.

So the European Commission launched a 12 million euro ($12.3 million) tender last month to hire experts to assist with investigation and enforcement over a four-year period.

Thierry Breton, the EU’s executive commissioner for internal market operations, also played down enforcement concerns, saying that during the implementation of the new law, different teams will focus on different issues, such as risk assessment, interoperability of communication services and data. access.

In addition, the regulator will establish the European Centre for Algorithmic Transparency, which will recruit data science and algorithm scientists to help law enforcement.

Breton said in a blog post that he has begun to adapt the internal organization to this new role, including the transfer of existing resources, and also expects to increase the number of recruits in the next and the following years, for the DG CONNECT. The team added more than 100 full-time employees.

However, the European Consumers Union (BEUC) has also expressed concerns about enforcement. Ursula Pachl, deputy director of the BEUC, said in a statement that it joined other civil society groups in a public warning that the legislation could be jeopardized if the European Commission does not hire the experts it needs for law enforcement to oversee the practices of big tech companies in the market. hindered by ineffective enforcement.

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