The European Union has agreed on a bill that will regulate the market for digital services, in particular, introduce new rules for controlling content.
This was reported by Reuters.
The document was developed over two years, will enter into force in 2024, and will affect such IT giants as Google, Amazon, Apple, Meta, and Microsoft. They will have to step up the fight against illegal content, pass on data about their algorithms to regulators, and pay up to 0.05% of annual revenue each year to cover compliance costs.
The new terms prohibit targeted advertising that targets children or is based on personal information such as religion, gender, race, or political views. Approaches that mislead people and force them to share personal information are also prohibited.
For violating the rules, companies will face a fine of up to 6% of their global turnover, for repeated violations — a ban on doing business in the EU.