European Parliament passes law to regulate big tech
With the new regulation for ‘Digital Markets’, the European Union hopes to regulate self-competition practices and repress illegal content online more easily
O European Parliament ratified by a large majority, this Tuesday, 5th, a new legislation on digital markets and serviceswith which the European Union (EU) aims to put an end to abuses of power by digital giants and sort that segment.
The package consists of a Digital Markets Law, to regulate activity and prevent anti-competitive practices, and another on Digital Services, a tool to repress illegal content online.
The new Digital Markets law was approved by 588 votes in favor (with only 11 against and 31 abstentions), while the Digital Services legislation was supported by 539 legislators (with 54 against and 30 abstentions).
The project had been officially presented in December 2020 with the stated aim of putting “order in chaos” of digital services and markets.
This legal package therefore aims to regulate a segment of the economy to impose obligations, rights and prohibitions on technological giants.
The EU’s intention is to regulate the activity of the group of giants known as GAFAM (Google, Apple, Meta – ex-Facebook -, Amazon and Microsoft), although it also includes companies such as Booking, online booking, or the social network TikTok.
It also affects online trading company Alibaba and messaging app Snapchat.