Electronic Signature Legality for Business Agreements in European Union

How to eSign a document: electronic signature legality for Business agreements in European Union

well this is certainly a landmark when it comes to digital regulation around the world and it places the european union at the forefront the executive vice president of the european commission margaret festa said on twitter that she was so happy that negotiators from the european parliament and the european council had backed her proposals she even shared a video on twitter of politicians celebrating when they had approved the new digital markets act but exactly why are eu officials celebrating well this new law will allow them to focus specifically on targeting big tech companies some giants in the industry the likes of google amazon apple meta and microsoft the digital markets act will allow the eu to take a more proactive role and try and rein in some of the market dominance that these companies enjoy currently the eu rules on e-commerce have not been updated for around 20 years and of course in that time the internet has changed and developed dramatically if one of these companies is currently found to have abused their market position and violated competition laws then it is currently an anti-trust authority that launches an investigation but the eu has long lamented that that is a long-winded process that doesn't always result in an effective remedy or fine all of this then is going to change with the new digital markets act and a lot of the words the eu officials have been using are the words fair and open the eu now is going to have an ability to oversee when big tech companies take control of smaller innovations and businesses and maryam any company who has found to violate this new digital markets act or they're going to face a fine of 10 of their global sales if they do and so matthew what kind of changes are companies then going to have to enforce and how is this then going to affect consumers well it's all about supporting local startups and tech companies those big companies that i mentioned the likes of google and apple they're not going to be able to favor their own pre-installed products or services for example if you have an apple owned device you will now have the option under this new law to delete those apps that are listed as mandatory similarly if you've got a google phone you'll now be able to download and use an alternative browser or search engine you won't be tied to the one that was installed on your device when you bought it and the digital market site is also going to ensure something known as the interoperability of messaging services allowing people to send a message on whatsapp to other users on smaller competitive platforms like signal unsurprisingly mariam big tech companies have voiced their concerns about this new proposal but then it's been approved by negotiators the digital markets act is going to the european parliament and ministers from member states for a vote and if it passes that it could come into effect in january 2023