EU's Digital Markets Act Reins in Big Tech's Dominance with Strict Rules
Summary
The EU's Digital Markets Act aims to curb the dominance of tech giants like Google and Amazon by imposing strict rules, including data sharing and interoperability requirements, with hefty fines and potential breakups for non-compliance.
Key Points
- The Digital Markets Act establishes rules to ensure fair and open digital markets by regulating large online platforms designated as 'gatekeepers'.
- Gatekeepers are required to comply with a set of obligations and prohibitions, such as allowing third-party interoperability, providing data access to business users, and not favoring their own services unfairly.
- Non-compliance can result in fines up to 10% of the company's worldwide turnover, periodic penalty payments, and potential remedies like business divestiture as a last resort.