Brazil's Finance Ministry believes that existing laws need to be equipped with additional tools to deal with the new reality, where large technology corporations hinder competition due to their overwhelming size and market power.
Photo: REUTERS/Dado Ruvic
The new regulations include pre-merger notification requirements, transparency rules for end users and businesses about important commercial information related to the use and provision of products and services, and requirements to publish changes to terms of service.
The government sees the proposal as a middle ground between the US and European Union models for regulating large tech platforms, inspired by measures already adopted in Japan, the UK and Germany.
The Brazilian government will decide whether to submit this recommendation as a new draft law to Congress or incorporate it into an existing legislative proposal.
“What we are proposing here is reasonable and balanced,” said Marcos Pinto, head of the Secretariat for Economic Reform, who predicted action later this year. “Our goal is not to stifle innovation, impose unnecessary costs, or create bureaucracy. We want to maintain competitive values in the economy.”
Hong Hanh (according to CNA, Reuters)
Source: https://www.congluan.vn/brazil-muon-that-chat-quy-dinh-chong-doc-quyen-doi-voi-cac-big-tech-post316294.html
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