EU MPs consider changes that could bring European companies under EU technical regulations

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FILE PHOTO: The Facebook and Twitter logos are seen at the Malaga show window on June 4, 2018 in Spain. Reuters / John Nazca / FILE PHOTO

October 6, 2021

by Fu Yun Chi

Strasbourg (Reuters) – EU lawmakers could lower the limit to decide which companies are subject to new technology rules, EU lawmakers said on Wednesday.

This suggestion could mean that some European companies, such as Booking.com, may be included in the list to which the rules apply. It is expected to include major tech players like Facebook, Alphabet unit Google, Amazon, Apple and Microsoft.

EU antitrust law chief Margrethe Vestager said her draft rules, known as the Digital Markets Act (DMA), dominate €65 billion ($75.03 billion) with a market cap of more than €6.5 billion. Huh. We want to curb the power of online companies or gatekeepers. With European sales in the past three years.

Andreas Schwab, who ran the DMA through the European Parliament and offered a higher market value of €100 billion, said EU lawmakers are considering changing the limit to a lower number. ..

“We haven’t got a final agreement yet, but my agreement is expected to be €80 billion,” Schwab told Reuters in an interview.

“I expect soon there will be European companies with similar amount and sales within the DMA range,” he said, but none of them were nominated.

He said the new numbers are based on the methodology used by the European Commission in calculating proposed thresholds.

Booking.com, a Dutch-based online travel agency, has a market capitalization of around $100 billion based on Refinitiv data.

Critics said Schwab also said that national authorities should have room to act after German and French antitrust oversight agencies called for more enforcement of the DMA. He said this could lead to fragmentation.

“Under the DMA, I think it’s important that national authorities have the right to request information from gatekeepers,” he said.

“But it is clear that the gatekeeper designation rests with the commission and most of the process will be done by the commission.”

Mr Schwab said he hoped to reach an agreement with his fellow lawmakers soon so that Congress can vote on his draft. The next step is to break details with EU countries before the DMA goes into effect in 2023.

($1 = 0.8663 euros)

(Reporting by Fu Yun Chi, edited by Jane Merriman)

EU MPs consider changes that could bring European companies under EU technical regulations

Source link EU MPs consider changes that could bring European companies under EU technical regulations

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