US global giants will be penalized of 10% of annual turnover if they violate Digital Markets Act

The companies will have to show the accurate details of political advertising and the parameters used by their algorithms to decide ranks

The new drafted rule of the European Union stated that tech giants such as Google, Apple, Facebook, and Amazon might require change or alter their business conduct in the European region or else they will have to pay a heavy penalty of 6-10 per cent.

It is regarded as one of the imperative steps taken by the EU as the US based global companies control billions of data and online podiums on which millions of people and companies are dependent. The European Commission is actually worried regarding its antitrust case against Alphabet unit’s Google, which experts say the company did not counter the concerned problem.

Regulatory supervision and action has been escalating internationally of tech tycoons and their dominant position in all the countries. European Competition Commissioner Margrethe Vestager and EU Internal Market Commissioner Thierry Breton will set out the new rules, which would not only control the tech giant’s dominance, but also ward off commencement of anti-completive dominant firms.

An anonymous spokesperson said to Reuters that if any of these global firms found violating the new rules then according to the Digital Markets Act, they will have to pay a penalty of 10 per cent upto annual turnover. Another spokesperson, familiar with the matter said the new rules also highlighted some dos and don’ts for gatekeepers that will be confidential such as revenues, number of markets they are active, and number of users.

Another new rule is the Digital Services Act that will monitor gigantic online firms with more than 45 million users. They will have to examine and monitor unlawful content on their dais, misemploy of podiums that erode fundamental rights and intentional manipulation of platforms to influence elections, and public health.

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