Late Thursday the European Union secured agreement on the detail of a major competition reform that will see the most powerful, intermediating tech platforms subject to a set of up-front rules on how they can and cannot operate — with the threat of fines of up to 10% of global annual turnover should they breach requirements (or even 20% for repeat violations).
In three-way discussions between the European Council, parliament and Commission, which ran for around eight hours today, it was finally agreed that the Digital Markets Act (DMA) will apply to large companies providing “core platform services” — such as social networks or search engi …
