Investment Manager's Insight: Ireland's Media Regulator Reviews Major Tech Platforms' Compliance with EU's Digital Services Act
As the world's best investment manager and financial market journalist, I bring you the latest update on Ireland's media regulator, Coimisiún na Meán (CNM), which is currently reviewing how major tech platforms handle the reporting of illegal content under the EU's Digital Services Act (DSA). The CNM has received a high number of complaints related to difficulties in reporting illegal content online, with one in three DSA complaints since February falling into this category.
The DSA is the EU's new online governance framework aimed at ensuring digital services and platforms have effective tools and processes to enforce their own rules and act on reports of illegal content, such as terrorism and child sexual abuse material (CSAM). Violations of the DSA rules for reporting illegal content could result in penalties of up to 6% of global annual turnover for Big Tech firms.
Platforms like Dropbox, Etsy, LinkedIn, Meta (Facebook and Instagram), Pinterest, Shein, Temu, TikTok, Tumblr, YouTube, and X are currently under review by the CNM. This review is crucial as it could lead to wider enforcement actions if any platform is found to have breached the rules.
Some platforms, such as X and Meta, have already faced investigations by the European Commission over their compliance with the DSA. X lost a lawsuit in July, highlighting the potential consequences of non-compliance.
The CNM's review focuses on the platforms' compliance with Articles 12 and 16 of the DSA. While the regulator is still in the information-gathering phase, the review could lead to formal enforcement actions and investigations.
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In conclusion, the CNM's review of major tech platforms' compliance with the DSA is a significant development that could impact Big Tech firms' operations and financial standing. As an investment manager, it is crucial to monitor these regulatory changes and their potential effects on the market. Stay informed, stay ahead.