Technology giants such as Facebook Inc. and Google will have to agree to new rules to ensure that they won’t abuse their market power and hurt their competition, the Australian government said, or else they will impose new controls over these tech giants.
Prime Minister Scott Morrison said the Australian Competition and Consumer Commission (ACCC) will create a code of conduct to address complaints that the technology companies have a stronghold on advertising, the main income generator of local media operators.
The guidelines will ensure substantial market power is not used to lessen competition in media and advertising services markets.
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The move tightens the regulatory screws on the online platforms, which have governments from the United States to Europe scrambling to address concerns ranging from anti-trust issues to the spread of “fake news” and hate speech.
The Australian government stated that the technology companies would need to agree to the new rules by November 2020 or it will be imposed upon them.
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