EU Digital Markets Act enters into force
The Digital Markets Act (DMA) regulates “gatekeepers”, tech companies with a market capitalization of at least 75 billion euros or annual revenues within the EU of at least 7.5 billion euros in the past three years, to prevent them from abusing their market position to harm smaller competitors. It also limits their ability to give preference to their own products over others. If a gatekeeper does not comply, the Commission can impose fines of up to 10% of its total worldwide turnover in the previous financial year, and 20% in case of repeated infringements. Civil society actors had called on the European Commission and legislators to ensure that the Act adopts a human rights-based approach and guarantees protections for the rights of users.
The regulation entered into force on 1 November 2022 and became applicable, for the most part, on 2 May 2023.