The European Parliament approved both the Digital Services Act and the Digital Markets Act. If properly enforced, companies will have to make big changes.
All categories of company, for instance, will have to meet new transparency and accountability reporting requirements. However, only very large online platforms will need to allow users to opt out of ad and content recommendation algorithms based on “profiling” that consider categories like race, political views, or religion.
If they violate the DMA, companies will face fines of up to 10% of their annual gross revenue, or up to 6% for DSA violations.The DMA will begin to go into effect in early 2023. And for the largest online platforms and search engines, so will the DSA. However, smaller companies will have slightly more time to comply with the Services Act. For them, the DSA will start up either 15 months from its entry into the EU Official Journal or on January 2024 . The legislation has been years in the making.
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