United states

The EU is setting new online rules for Google, Meta to limit illegal content

See what you click on Foxbusiness.com.

Alphabet Unit Google, Meta and other major online platforms will have to do more to tackle illegal content or risk huge fines under new internet rules agreed between EU countries and EU lawmakers on Saturday.

The agreement came after more than 16 hours of negotiations. The Digital Services Act (DSA) is the second part of EU antitrust chief Margrethe Vestager’s strategy to take over Alphabet Google, Meta and other US technology giants.

GET FOX BUSINESS ON THE MOVE BY CLICKING HERE

Last month, it won the support of a bloc of 27 countries and lawmakers for remarkable rules called the Digital Markets Act (DMA), which could force Google, Amazon, Apple, Meta and Microsoft to change their core business practices in Europe.

Main online platforms (istock)

“We have a deal on the DSA: The Digital Services Act will ensure that what is illegally offline is also seen and treated as illegal online – not as a slogan, but as a reality,” Vestager tweeted.

Ticker Security Last Modified Change% GOOGL ALPHABET INC. 2,392.71 -103.58 -4.15% FB META PLATFORMS INC. 184.11 -3.96 -2.11%

EU MEP Dita Charanzova, who called for such rules eight years ago, welcomed the agreement.

“Google, Meta and other major online platforms will need to act to better protect their users. “Europe has made it clear that it cannot act as an independent digital island,” she said in a statement.

DOJ SUPPORTS ANTI-MONOPOLY LAW AIMED AT AMAZON, GOOGLE, APPLE

In a statement, Google said: “As the law is finalized and implemented, the details will matter. We look forward to working with politicians to get the rest of the technical details properly to ensure that the law works for everyone.”

According to the DSA, companies face fines of up to 6% of their global turnover for violating the rules, while repeated violations may prohibit them from doing business in the EU.

Google logo (Getty Images)

The new rules prohibit targeted advertising aimed at children or based on sensitive data such as religion, gender, race and political views. Dark models, which are tactics that mislead people into providing personal information to companies online, will also be banned.

Many large online platforms and search engines will be required to take concrete action during a crisis. The move was prompted by Russia’s invasion of Ukraine and related misinformation.

META INVESTS $ 800 MILLION IN KANSAS CITY’S NEW DATA CENTER

Companies may be forced to pass on data related to their algorithms to regulators and researchers.

Ticker Security Last Updated% AMZN AMAZON.COM INC. 2,887.00 -78.92 -2.66% MSFT MICROSOFT CORP. 274.03 -6.78 -2.41% AAPL APPLE INC. 161.79 -4.63 -2.78%

Companies also face an annual fee of up to 0.05% of global annual revenue to cover the cost of monitoring their compliance.

EU MEP Martin Shirdevan criticized the exemption granted to medium-sized companies.

CLICK HERE TO READ MORE ABOUT FOX BUSINESS

“Under pressure from conservatives, an exception rule has been integrated for medium-sized companies, which is a mistake. Due to the large number of companies that fall into this definition in the digital sector, the exception is a loophole,” he said. .

The DSA will enter into force in 2024.

(Report by Foo Yun Chee; Edited by Sam Holmes and Sri Navaratnam)