The European Union EU released stringent proposed regulations targeted at tech giants like Google, Amazon and Facebook, whose influence sees as a challenge to innovation and even democracy.
The landmark proposals-which come as Silicon Valley faces rising global accountability shake up the way Corporate Tech does business by punishing some of the world’s largest businesses with massive fines or bans from the European market.
The EU claims that long-standing laws will cause Internet giants to pay penalties of up to 10% of their revenue for violating any of the more serious antitrust laws or else risk breaking up. It also proposes that they be fined six percent of revenues or indefinitely barred from the EU market in the event of significant and persistent infringements of the law which threaten the protection of European citizens.
Currently some of the biggest tech corporations including Google, Facebook, Apple, Amazon and Microsoft – will be appointed as facilitators to the Internet under the legislation which will be subjected to strict laws to limit their market control.
However, the reforms would go through a lengthy and complicated accession process, with the EU’s 27 Member States, the European Assembly, and a frenzy of lobbying from businesses and trade unions that will affect the final legislation.
This draft of tough rules comes as policymakers around the globe have become deeply anxious about the financial and social influence of major tech firms.