In the process of putting some reins on the power wielded by US Big Tech companies, EU lawmakers have told Apple, Facebook, Amazon, and Alphabet that they are willing to push the proposed February 1 hearing to two months later.
The European Parliament invited the CEOs of the four biggest tech companies to a hearing in Belgium, Brussels to prepare their expected input to the European Commission’s new tough laws.
EU antitrust regulators would like to see the four companies end business practices aimed at cementing dominance, blocking smaller rivals, and gaining more market share.
Regulating the internet
The regulators are also keen to see that the platforms take down harmful or illegal content that could lead to events like those seen in January when the Capitol was stormed. If they do not play ball and do as the law requires, they will face heavy fines.
Parliament’s economic affairs committee, which sent out the invitations to big tech, said it is willing to consider rescheduling.
They are looking into alternative dates that are later than the originally planned February 1 meeting. In a letter seen by Techzine, lawmakers state they are willing to have the hearing on a different day.
CEOs may not attend
Most lawmakers want a date for March or even February if possible. The invitations are meant for the CEOs, but things could play out differently. According to sources close to the matter, the CEOs are unlikely to attend the event and will probably send their senior executives to represent them.
EU antitrust regulators drafted the Digital Markets Act and Digital Services Act under review by the EU member states and parliament before they are passed into law.
Big tech will have to comply with illegal content orders or face fines as high as 6% of the offending company’s global revenue.