The End Of Tech Dominance? EU’s New Rules To Curb Tech’s Power-CHECK DETAILS.
Certainly! The European Union’s new set of rules aimed at limiting the power of big tech companies is a significant development in the ongoing struggle to regulate the influence of these companies. The rules, which were announced in December 2020 and took effect in June 2021, include stricter regulations on platform companies, transparency requirements for online advertising, and measures to prevent companies from using their size and power to stifle competition.
The platform regulations target companies such as Google, Apple, Amazon, and Facebook, which have been accused of using their dominant positions to disadvantage smaller competitors. The rules require these companies to provide more transparency about their algorithms and how they rank and display search results and to make it easier for users to switch to competing services.
The advertising transparency measures aim to tackle the opacity of online advertising, which has become a significant source of revenue for many tech companies. The rules require companies to provide more information about the sources of political advertising and to disclose the criteria they use to target ads.
Finally, the competition measures seek to prevent companies from using their size and power to unfairly disadvantage competitors. This includes provisions that would allow authorities to intervene if companies are found to be engaging in anti-competitive practices, such as self-preferencing or exclusionary conduct.
Overall, these rules represent a significant step towards regulating the power of big tech companies in Europe and ensuring a more level playing field for smaller competitors. They are likely to have implications beyond Europe’s borders as well, as many other countries are also grappling with how to regulate the influence of these powerful companies.