Up to 6% of annual revenue is likely to be paid by Google, Facebook, Amazon and other tech companies if they refuse to explain how the algorithms behind the eponymous platforms work. The fines will come from the European Union in accordance with a new law.
Over the weekend, EU Member States, the European Commission and the Brussels Parliament finalized legislation that should do a better job of tackling online problems, from misinformation and incitement to hatred to the sale of products. counterfeit, AFP reports.
Sanctioning tech giants easier in Europe
After several months of negotiations, an “agreement” has been reached between the European institutions on the ‘Digital Services Act’ (DSA) which will require major platforms, such as Facebook (Meta) or Amazon, to eliminate more well illegal and dangerous online content, announced on Twitter European Commissioner for the Internal Market Thierry Breton, the initiator of the project together with his colleague from Competition, Margrethe Vestager.
Although the underlying features are very complex, the basic idea is surprisingly simple. Basically, with the new obligations in Brussels, online companies are forced to be much more effective in quickly removing problematic content from the spectrum of misinformation and extremism, as well as advertisements for counterfeit products. In addition, the same entities need to be significantly more transparent when it comes to operating algorithms and the steps taken to take strict action.
“This agreement is historic,” said European Commission President Ursula von der Leyen. “Our new rules will protect online users, provide freedom of expression and opportunities for businesses.”