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| The European Union is imposing heavy fines on Google and Facebook |
Big tech companies like Google and Facebook can expect to be fined up to 6% of their revenue for failing to properly manage illegal content and disclose additional information about their business. Promotional activities on their platforms according to draft European Union regulations.
The European Union's firm stance will be announced next week as the scrutiny of global tech giants increases and their control over data access and their platforms.
European Union Digital President (Thierry Breton) stressed that large tech companies (like Google and Facebook should take more responsibility) will present a draft rule called (Digital Services Act) on December 15th.
The Commission's Digital Services Act, published by Reuters, defines very large online platforms as platforms with more than 45 million users or 10% of the European Union population.
The document states that additional obligations must be placed on very large platforms in order to address systemic risks posed by public policy and service issues.
Tech giants need to do more to tackle illegal content such as hate speech, child sexual abuse material, misuse of platforms that violate fundamental rights, and intentional manipulation of the platform. Forms such as using chatbots to influence elections and public health.
The company needs to post contact information to its advertisers online and display algorithm parameters for recommendations and ranking information. Independent auditors will monitor compliance and the European Union will enforce the rules.
It could take a year or more for the draft law to come into effect as it should take into account the reactions of the European Union and European Parliament, both of which are expected to come under tremendous pressure.