EU to impose stricter norms on tech giants for regional operations
Author : Saipriya Iyer | Published Date : 2020-10-12
- EU has reportedly shortlisted 20 tech giants that will be compelled to follow the new norms.
- This move is intended to dissolve the monopoly gained by the listed companies.
The European Union (EU) has reportedly developed a list of technology giants who will have to follow stricter government norms for running their businesses in the region.
As per the trusted sources, the apparent ‘hit list’ developed by the EU comprises of 20 leading tech companies who will have to face stricter regulations as compared to the smaller organizations. These regulations are expected to compel the corporations to provide greater transparency during data sharing as well as in the respective business models.
The list will be created based on various criteria such as company’s user counts, market share, and the dependency of other individuals and organizations on their platforms, cited sources with relevant information.
The names of companies on the list is unknown, yet there is a possibility that the list may include major US-based companies such as Facebook Inc., Google LLC, Apple Inc., and Amazon.com.
Although these rules may not impact the tensions with the American leadership, the new norms will interlock with House Democrats’ investigation on the tech giants having monopoly power.
For those unfamiliar, the European Union is planning to revamp its internet regulations across the region by introducing The Digital Service Act in December 2020. However, it is currently uncertain when EU’s list will be finalized.
EU is reportedly planning to take stricter actions instead of fining the tech companies. Sources claimed that the organization intends to find a way to change the tech companies’ behavior by either providing access to competitors or splitting their respective mergers.
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About Author
Saipriya Iyer . .
Saipriya Iyer presently works as a content developer for fractovia.org. Having dabbled with the domain of content creation for nearly half a decade, she now boasts of an enviable portfolio, holding substantial experience in penning down pieces related to technology, finance, and a wide spectrum of other industry verticals. A qualified computer engineering graduate from the University of Pune, Saipriya can often be found leveraging her knowledge of software technology and electronics in her write-ups. She can be contacted at- [email protected] | https://twitter.com/saipriya_i
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