The new law on digital markets was approved by 588 votes for

The European Parliament on Tuesday ratified by a large majority new legislation on digital markets and services, with which the European Union (EU) intends to put an end to the abuse of power by digital giants and order this segment.

The package is made up of a law on digital markets, to regulate activity and avoid anti-competitive practices, and another on digital services, a tool to repress illegal content online.
The new digital markets law was approved by 588 votes in favor (with only 11 against and 31 abstentions), while the regulation on digital services received the support of 539 lawmakers (with 54 against and 30 abstentions).

The primary objective of this legal package is to regulate a segment of the economy in order to impose obligations, rights and prohibitions on the technological giants.

The intention of the EU is to regulate the activity of the group of giants known as GAFAM (Google, Apple, Meta —exFacebook—, Amazon and Microsoft), although it also includes companies such as Booking, online reservations or the TikTok social network. .
The new regulations will introduce the possibility of choosing between several application stores, which will make it possible to avoid the Apple App Store, one of the points criticized by MEPs.

The legislation also establishes control over all the buying operations of these giants to limit the accumulation of innovation by emerging companies, and to avoid acquisitions for the sole purpose of ending competition.

It also includes around twenty rules to curb the abuses observed in recent years and, in the event of an infringement, provides for fines of up to 10% of the group’s worldwide sales or even 20% in the event of a repeat offence.
Major platforms will be banned from showing favoritism to their own services in search engine results, as Google has been accused of doing with its online retail site Google Shopping.

Character font: AFP