Legislation regulating Big Tech should be approved ASAP by the European Parliament and European Council because “it is best to get 80 percent now than 100 percent never” the European Union (EU) competition and digital policy head Margrethe Vestager said ahead of the FT-ETNO Tech and Politics forum on Monday (Nov. 29), Financial Times reported.
“This is another way of saying that perfect should not be the enemy of very, very good,” Vestager said, adding that “another 20 years” won’t go by before the legislation is evaluated.
Vestager’s call for action follows nearly a year of talks and negotiations with EU regulators and lawmakers who have yet to agree on the final points of the Digital Markets Act (DMA) and the Digital Services Act (DSA).
Meanwhile, the European Parliament Committee on Internal Market and Consumer Protection (IMCO) gave its nod of approval on Nov. 25 to greenlight the DMA to advance rigorous mandates concerning social media platforms, PYMNTS reported.
The approval happened in advance of a December plenary vote. The DSA has not yet been put to a vote before the IMCO, per the report.
The new rules mandate that any platform topping 45 million monthly end users and with a market capitalization of at least €80 billion must answer to stricter requirements concerning unfair business practices. The rules affect Google, Amazon, Apple, Facebook and Microsoft, among others.
Vestager could bring the new rules before the EU Parliament and Council again once enacted.
“With the parliament and the council’s position we can make a very strong rule book that can be enforceable soon,” Vestager said. “We have so many companies out there waiting and asking for a level playing field.”
You may also enjoy: Facebook Whistleblower to EU Lawmakers: Beef up Tech Rules