Iran Press/ Europe: As part of the deal, which will be agreed upon in Brussels between member states, the European Commission, and the European parliament, children will be subject to new safeguards, meaning online platforms such as YouTube or TikTok will need to explain their terms and conditions in a way a minor can understand, according to Financial Times.
Regulators will also include an emergency mechanism to force platforms to disclose what steps they are taking to tackle misinformation or propaganda in light of Covid-19 and the war in Ukraine. Medium-sized venues are likely to be given a grace period until they can fully comply with the new rules, while large companies such as Google and Amazon will have to comply once the laws are enacted.
Moreover, Big Tech will fund the supervisory fees to ensure they are compliant with their obligations of policing the internet. Large platforms, defined as having at least 45mn users in the bloc, will foot a yearly bill of between €20mn and €30mn. Those companies that break the rules will face fines of up to 6 percent of global turnover.
Thierry Breton, the EU’s internal market commissioner, has warned that Big Tech has become “too big to care.” While regulators expect a deal to be struck on Friday, some cautioned that the timing could slip and the final agreement change at the last minute.
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