European Union Seeks New Powers to Penalize Tech Juggernauts
9/21/2020 11:47:16 AM

The European Union is planning to arm itself with new legal powers that could allow it to penalize the most powerful technology companies in the world.

According to a Financial Times Sunday report, the proposed plan includes forging these powerful companies to sell or break up some of their operations in Europe in case their market dominance is deemed to threaten the interests of small rivals and customers.

The European commission is set to formally propose the new rules by the end of the year, which will increase social media platforms’ responsibilities and liability for the content they publish. The new rules will be called the “Digital Services Act.”

The report also pointed out that Brussels is considering a rating system that would allow the public and shareholders to assess companies’ behavior in areas such as tax compliance and the speed with which they take down illegal content.

During an interview with the newspaper, European Union Market Commissioner Thierry Breton said that the proposed remedies also include the ability to exclude large tech groups from the single market. He added that these remedies would only be used in “certain” circumstances.

 

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