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December 14, 2020 02:45 pm

Tech Firms Risk Fines of 10% of Sales in EU Power Curb Bid

Tech giants deemed to be gatekeepers could face fines as high as 10% of annual revenue if they don't comply with new European Union rules on data usage to be unveiled Tuesday, Bloomberg News reported Monday, citing a draft. From the report: Companies that could include Google, Amazon, and Apple will be banned from using any data from business users to compete with them or from treating their own services more favorably in rankings, among other obligations. Nasdaq futures pared gains. A company that "systemically infringes" the obligations could face orders by the European Commission to make behavioral and structural changes, such as divesting businesses. Companies will be considered to be in systematic non-compliance if the EU has issued at least three fines within a period of five years. The new Digital Markets Act will target "gatekeeper" firms, defined by the European Commission by a number of criteria, including the number of users in the millions and overall revenue in the billions of dollars, as well as their significant impact on the single market, the document said. The designations will be updated by the commission every two years, according to the document.

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