Category: Forex News

Google, Apple, and Meta First ‘Gatekeepers’ Under the DMA Scope LeapRate

The European Commission announced on Monday, 25 March 2024, that it was going ahead with its first investigations under the Digital Markets Act (DMA).

The five investigations concern potential breaches by Alphabet Inc’s (GOOG), Apple Inc. (AAPL), and Meta Platforms, Inc. (META), which owns Google.

Instigating these probes only two weeks after the DMA’s deadline shows the European Union (EU) is taking the legislation and gatekeeper compliance seriously. The law came into effect on 7 March 2024. It requires big tech companies offering search engines, social media platforms, and chat functionalities to comply with fair competition rules to afford smaller companies a chance in the market.


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If findings indicate transgressions, a guilty party reportedly faces fines of up to 10% of its annual turnover. The EU will investigate Google search channelling and preferencing, Apple Store partialities, and Meta’s push for Safari. In its press release, the European Commission indicated:

Today, we decided to investigate a number of these suspected non-compliance issues. And as we unearth other problems, we will tackle those too.

Come to my page!

The DMA gives the EU the power to retain documents to gain access to evidence for ongoing and future probes. This new tool extends beyond present investigations and specifies the kind of document top tech firms must provide.

The EU was asked during a press conference if it was rushing the process. Its industry chief, Thierry Breton, responded:

The law is the law. We can’t just sit around and wait.

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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