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The world’s largest technology organizations could encounter billions of dollars in fines for breaches of new European Union legislation. The landmark Electronic Companies Act is the EU’s answer to what it sees as a failure by tech giants to beat unlawful material on their platforms. Noncompliance could expense providers as significantly as 6 for every cent of their global annual profits when the principles go into outcome as early as 2024.

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Failures could be incredibly pricey. Dependent on their reported 2021 annual revenue, Amazon, for instance, could face a theoretical great of as considerably as 26 billion euros ($28 billion) for long term noncompliance with the DSA, or Google as a lot 14 billion euros.&#13
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Facebook whistle-blower Frances Haugen said the DSA could characterize a “global gold standard” for regulating it.

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Technology companies face billions in fines under EU content rules

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All internet websites will be accountable to the DSA, but platforms with additional than 45 million users will have to abide by stricter procedures these kinds of as paying out Brussels a supervisory rate of as a lot as .1 for each cent of their world once-a-year earnings to implement the law, and supplying regulators with yearly reports about illegal and dangerous articles on a their web sites.

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An settlement on the textual content of the DSA will be the second significant piece of laws in Brussels’ electronic rulebook to be cemented in a month. On March 24, the EU finalized its Electronic Markets Act, a associated framework that requires “gatekeepers” to adhere to strict antitrust rules.

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The two rules had been built to tackle market place dominance and world-wide-web security. But even though the earlier-introduced DMA targets about a dozen significant, largely US-primarily based tech organizations, the DSA sets basic standards for all.

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