Brazil tightens antitrust rules on big tech

Brazil's Finance Ministry believes that existing legislation needs to be equipped with additional tools to deal with the new reality, where large technology corporations hinder competition due to their size and overwhelming 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, Britain 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 Economic Reform Secretariat, predicting 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