Meta, Alphabet, Twitter and Microsoft agreed on Thursday to take a tougher line against disinformation under an updated EU code of practice that could hit them with hefty fines if they fail to do so.
More than 30 signatories including advertising bodies have committed to the updated Code of Practice on disinformation, the European Commission said.
The signatories agree to do more to tackle deep fakes, fake accounts and political advertising, while non-compliance can lead to fines as much as 6% of a company’s global turnover, the EU executive said, confirming a Reuters report last week.
The companies, which include TikTok and Amazon’s live streaming e-sports platform Twitch, have six months to comply with their pledges and will have to present a progress report at the beginning of 2023.
“The new code is a testimony that Europe has learned its lessons and that we are not naive any longer,” Commission Vice-President Vera Jourova told a news conference.
She said Russia’s invasion of Ukraine, the COVID-19 pandemic and Britain’s withdrawal from the European Union accelerated the EU’s crackdown on fake news.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
FCC Set to Reinstate Net Neutrality Rules Today
Apr 25, 2024 by
CPI
Chamber of Commerce Sues to Overturn FTC Non-Compete Ban
Apr 24, 2024 by
CPI
FTC Chief Warns of Healthcare Price Fixing Risks Amid Tech Advancements
Apr 24, 2024 by
CPI
Amazon’s Investment in Anthropic Faces Antitrust Scrutiny
Apr 24, 2024 by
CPI
Italian Antitrust Authority Fines Amazon €10 Million for Unfair Trade Practices
Apr 24, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI