EU confirms six (mostly US) tech giants are subject to Digital Markets Act
EU confirms six (mostly US) tech giants are subject to Digital Markets Act
The European Union has named six tech giants whose market power it hopes to rein in by applying a new set of proactive, pro-competition rules on how these
The European Union has named six tech giants whose market power it hopes to rein in by applying a new set of proactive, pro-competition rules on how these gatekeepers can operate designated “core platform services”. The six so-called “gatekeepers” are: Alphabet, Amazon, Apple, ByteDance, Meta and Microsoft.
This is the best summary I could come up with:
Other gatekeeper criteria include a turnover of €7.5BN+ in the last three financial years and a market capitalization that exceeds €75BN, although the Commission has a degree of discretion in making designations to ensure the law is able to target platforms that look set to gain an “entrenched and durable” position in the “near future”.
The DMA started to apply in May after the final details of the regulation were agreed by EU lawmakers earlier this year, following lengthy negotiations between the European Parliament and Council on the Commission’s late 2020 proposal to reform its approach to digital competition.
“It was high time that Europe sets its rules of the game upfront, providing a clear enforceable legal framework to foster innovation, competitiveness and the resilience of the Single Market, rather than having to rely on lengthy and not always effective antitrust investigations.
The new rules are expected to create new opportunities for competition on major platforms — such as from independent app stores, alternative payment services and upstart search engines — while simultaneously cracking down on directly abusive behavior by gatekeepers, such as arbitrary enforcement of T&Cs.
There’s also still some time until the DMA’s compliance deadline bites: Designated gatekeepers have six months to ensure they meet all the legal requirements — so early March 2024 is when the real EU vs Big Tech reckoning starts.
Albeit, at least in theory, the DMA may reduce the volume of competition investigations the EU undertakes on Big Tech — assuming it proves effective at proactively curbing a broad range of unfair tactics.
The original article contains 1,474 words, the summary contains 260 words. Saved 82%. I'm a bot and I'm open source!