EU legislation governing the activities of digital giants will be published in spring 2023, in spite of earlier assurances about implementing it already this year. The information about the delay was communicated by Vice-President of the European Commission Margrethe Vestager at the conference of the International Competition Network in Berlin. According to the Vice-President, the reason for the change is the prolonging process of preparing for the implementation of the new legislation and the need for restructuring within the European Commission.
The Digital Markets Act is part of the European Digital Strategy. New regulations aim to regulate the market of platforms which are called ‘gatekeepers’, i.e. watchmen guarding the access to information and services online. The term denotes the largest technology companies in Europe. According to the proposed legislation, such entities are characterised by, among others, strong economic position, conducting activity in many European countries, providing services to a wide audience, and a stable market position.
The goal of implementing the act is to improve the competitiveness and fairness for all market participants and to ensure a fair business environment. This change is to increase the share of innovative small entities and startups which were previously unable to compete with the largest online platforms and were dependent on them. An average user will also benefit from the change of law, among others by having a greater choice of services and the possibility of changing their provider.
The act provides for heavy sanctions for non-compliance, which are to mobilise ‘gatekeepers’ to comply with the new regulations.
Source: https://www.finextra.com/newsarticle/40196/eu-digital-markets-act-delayed-until-2023/risk