The European Union has taken a significant leap forward in its quest to become a global pacesetter in the data-driven economy.
The European Commission designated 17 Very Large Online Platforms (VLOPs) and 2 Very Large Online Search Engines (VLOSEs) that reach at least 45 million monthly active users.
The proposal’s main goals include improving transparency, fostering trust, and reducing the administrative burden for companies, particularly SMEs, engaged in cross-border activities within the EU.
The GDPR has signified the importance and value that online personal data holds and established strict criteria for data collection and processing. Failure to comply can cost companies dearly.
The EU cybersecurity regime recently underwent a notable reform. In January 2023, Directive 2022/2555, the new NIS 2 Directive – the EU-wide legislation on cybersecurity – entered into force, amending existing legislation and repealing Directive 2016/1148, in place since 2016.
The e-commerce giant could potentially be imposed some significant fines reaching in the billions of euros, in violation of EU competition law rules, unless they can strike a deal with the Commission.
The letters of formal notice, the first step in the proceedings, were sent 23 EU Member States have yet to fully transpose the Directives into national legislation, which entered into force in June 2019 and for which the transposition deadline was on 7 June.
The Commissioner for Competition has been active in approving state aid measures in order to benefit the affected businesses as quickly as possible.