Regulatory News
In 2024, digital marketplaces were subject to several new regulations : • Digital Markets Act (DMA): This EU legislation designates large online platforms as "digital gatekeepers" based on their size and market impact. These gatekeepers, including Alphabet, Amazon, and Meta, must adhere to rules ensuring fair competition, such as prohibiting unfair practices and ensuring data access and portability. The DMA also empowers the European Commission to investigate and impose fines for non-compliance. • California Privacy Protection Agency (CPPA) Regulations: The CPPA drafted new regulations for automated decision-making technology (ADMT) under the California Consumer Privacy Act (CCPA). These regulations require businesses to notify consumers about the use of ADMT and allow them to opt-out of certain automated processes. • Organisation for Economic Development (OECD) Reporting Rules: From January 1, 2024, OECD rules mandate online marketplaces to report details and income of sellers, aiming to enhance transparency and tax compliance. This includes collecting information about sellers' transactions and reporting them annually. • Cybersecurity and Privacy: US federal and state laws continue to evolve, requiring digital marketplaces to implement robust cybersecurity measures. This includes adhering to the "reasonable security" standard and complying with specific regulations like the Gramm-Leach-Bliley Act for financial institutions and HIPAA for healthcare entities.
Source: Skadden, ICLG, Android Central, ICAEW 2024
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