BRUSSELS—European lawmakers reached agreement late Thursday on the main points of a new digital-competition law focused on the world’s biggest tech companies, setting the stage for one of the most sweeping pieces of technology-regulation legislation to go into effect next year.
The new law, known as the Digital Markets Act, is part of the biggest proposed expansion of global-tech regulation in decades. It seeks to impose new obligations and prohibitions on a small cadre of digital giants the European Union defines as gatekeepers—backed by fines for noncompliance that, based on early drafts of the legislation, could rise into the tens of billions of dollars.
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