Shulou(Shulou.com)11/24 Report--

CTOnews.com October 31 news, according to CCTV news report, the European Union in March this year to regulate the operation of large Internet platform companies "Digital Markets Act"(Digital Markets Act) will take effect on November 1 local time.

After the law comes into effect, it enters a key implementation period of six months. By May 2 next year, all large Internet enterprises that think they should be classified as "gatekeepers" companies will have to voluntarily declare to the European Commission. Within 45 working days, the European Commission will confirm whether these companies meet the criteria of "gatekeeper" companies. Once confirmed, these companies have a transition period of six months during which they must ensure compliance with the requirements of the Digital Markets Act.

According to the above procedures, the EU Digital Market Law will be fully implemented by March 6,2024 at the latest.

CTOnews.com has learned that the European Union's Digital Markets Law previously stipulated that large technology companies could only use personal data for targeted advertising if they obtained the explicit consent of users. Allow users to freely choose between browsers, virtual assistants or search engines. Companies that violate the rules face fines of 10 percent of global annual turnover, cumulative fines of up to 20 percent for multiple violations, and a possible takeover ban.

The Digital Markets Act will cover leaders in online intermediary services, Social networks, search engines, operating systems, online advertising services, cloud computing, video sharing services, web browsers and virtual assistants, and apply to companies with a market capitalization of 75 billion euros, annual turnover of 7.5 billion euros and at least 45 million monthly users, which companies such as Alphabet, Amazon, Apple, Meta and Microsoft meet.

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