(FT) The European Union is expected to unveil the Digital Markets Act as soon as this week to govern core online platforms whose market value runs at least 75 billion euros.
The European Parliament, the European Commission, and member states are said to have agreed on the details of the law, which could be unveiled as early as Thursday.
The qualifying companies, under the new law, will consist of those that have not less than 45,000 active users.
At the minimum market cap of 75 billion euros, the law will include big tech companies such as Google, Facebook, Amazon, Apple, and Microsoft. Other entities, including e-commerce giant Alibaba and accommodations site Bookings.com also make the cut.
The rules are expected to outline how large online platforms compete in the EU market. An option to force large tech companies to give consumers an option for an email application and a search engine when purchasing a new smartphone is said to have been included.
Users could also be allowed to uninstall applications, with the big tech slapped with restrictions on the handling of the user data.
Further measures include forcing messaging services such as Meta-owned WhatsApp to let users interact with others using rival services.
The regulators in the EU say the new regulations will curb monopoly and allow smaller firms to enter the market. Nick Clegg, president of global affairs at Meta, warned that the new law will stifle innovation.
Nasdaq 100 is up +1.94%
