European Parliament Approves New Laws To Regulate Digital Markets
The Digital Markets Act and the Digital Services Act were approved by the European Parliament on Tuesday, July 5. These laws will govern the IT industry in the EU. Both proposals lay out regulations for EU technology firms. On March 24, the Council of Europe and the European Parliament approved the wording of the Digital Markets Act.
Large technological companies will be subject to tougher regulation under the law, and their monopolies will be challenged. Large fines may be imposed on them: up to 10% of global turnover for a first offense, and up to 20% for subsequent offenses.
The Digital Services Act, which was approved on April 23 by the European Union’s member states and the European Parliament, establishes new, more precise guidelines for the responsibility of major digital platforms for failing to block harmful or illegal content and safeguard users’ fundamental rights to free speech and the protection of their personal information.
The Council of Europe will approve the Digital Markets Act in July and the Digital Services Act in September. Each will come into effect 20 days after the texts are published.