“The European Union plans to introduce in coming weeks new proposals aimed at changing behavior—and, in some cases, business models—at large online platforms, reasserting the bloc’s role as global tech cop,” WSJ writes.
Details, Details, Details: The European Commission is finishing regulatory plans to outline how online platforms should “should remove illegal content quickly and refrain from using their power to quash rivals or push their own products on their sites.” It will lay out potential sanctions as well.
- The rules aren’t targeting any company in particular but should apply to U.S. Big Tech companies such as Alphabet’s Google, Facebook and Amazon.
But the anticipated regulations have left tech companies and industry groups wondering if this will stifle innovation.
What’s The Timeline? The proposals will be presented by mid-December. Then, it’s all subject to national governments and the European Parliament. It’s a process that could last several years.
- European Commission Executive Vice-President Margrethe Vestager has spent the last year six years “probing Google, Amazon, Facebook and Apple,” with recent formal charges filed against Amazon. The new proposals would give her “the power to investigate and impose remedies on an entire market, not just individual companies, as it is currently the case.”
The EU isn’t the only one talking tech reforms: “The EU regulatory push comes on the back of similar discussions in the U.S., where a Democrat-led panel in the House of Representatives recently recommended curbing platforms’ alleged abuse of market dominance and as Republicans and Democrats are increasingly considering making social media more liable for their content.”
We always keep an eye on Big Tech regulations, but my view hasn’t changed from this news since it involves content removal policies and “playing nice” with competitors.