EU’s Vestager says new rules for US tech giants will come into effect in October

Tough new rules targeting US tech giants agreed late on Thursday are expected to come into force in October, Margrethe Vestager, the EU’s head of antitrust, said today. Friday.

The rules, which Vestager proposed a year ago, are called the Digital Markets Act and provide a list of do’s and don’ts Amazon, AppleMeta, Alphabetical Unit Google and Microsoft.

Violation fines ranging from 10% of a company’s annual global revenue to 20% for repeat offenders can face buyback bans.

“And with the processes foreseen, these legislation will be voted on and published in the Official Journal, so it will come into effect in October,” Vestager said in a press conference. Vestager said in a press conference.

Companies designated as online gatekeepers control access to their platforms and the data generated there will have six months to comply with the new rules.