November 29, 2021

European Parliament agrees on giant tech regulation method [FT]

European Parliament

European Parliament’s major political parties have reached an agreement on what giant tech will be regulated as part of efforts to limit anti-competitive behavior in the digital economy. The Financial Times (FT) reported on the 17th as a story of several sources familiar with the situation.

According to the FT, major political parties have agreed to target companies with a market capitalization of more than € 80 billion ($ 91 billion) and at least one Internet service such as online search.

The FT points out that the regulation will put more companies under the European Union’s (EU) Digital Markets Act (DMA) than previously expected. The EU plans to enforce this law next year.

DMA was proposed last year by Commissioner Vestair (in charge of competition policy) and aims to curb the power of giant tech by listing “what to do” and “what not to do”.

The law will also help tech competitions scrutinize small-scale competitor acquisitions, as tech fears that tech companies will buy competitors cheaply, according to the FT.

FT said the target companies include Alphabet’s Google, Amazon, Apple, Facebook, Microsoft, Alibaba Group Holding in China and Booking in the Netherlands.

Robert Warner is a journalism graduate with keen interest in covering business news – specifically startups. He has as a keen eye for technologies and has predicted quite a few successful startups over the last couple of years. His goal with this website is to report accurately on all kinds of stock news, and have a great deal of passion for technical and active reporting. Robert is diligent and proactive when it comes to news reporting.