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Meta Platforms:Regulatory Environment: Difference between revisions
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=== May 2023 === | === May 2023 === | ||
May 22, 2023: The Irish Data Protection Commission announced that it has fined Meta platforms €1.2 billion ($1.3 billion) for transferring user data to the U.S., where it will be exposed to the prying eyes of the American security services. The commission has also asked Meta Platforms to stop " any future transfer of user data to the U.S." within 5 months. Additionally, Meta Platforms has been asked to stop “the unlawful processing, including storage, in the US” of such data within 6 months. The ban was widely expected though its impact has been reduced by the transition phases included in the decision as well as the possibility of a new EU-US data flows agreement that could be operational by June of this year<ref>https://www.bloomberg.com/news/articles/2023-05-22/meta-fined-record-1-3-billion-in-eu-over-us-data-transfers</ref>. This ruling applies only to Facebook and not WhatsApp or Instagram but the decision could force Meta to delete vast amounts of EU user data. Meta said they will appeal the decision and that no immediate disruption to Facebook services in the EU is expected<ref>https://www.nytimes.com/2023/05/22/business/meta-facebook-eu-privacy-fine.html</ref>. The company said during the latest earnings call that " roughly 10% of worldwide ad revenue comes from ads delivered to Facebook users in EU countries."<ref>https://www.investmentwiki.org/wiki/Meta_Platforms:Quarterly_Results/2023_Q1#:~:text=Regulatory%20Environmennt%5Bedit,suspension%5B13%5D</ref> It also warned last year that if a new transatlantic data transfer framework doesn't materialize, it will be forced to pull its Facebook and Instagram services from the EU<ref>https://www.bloomberg.com/news/articles/2022-07-29/meta-repeats-threat-it-may-pull-facebook-instagram-from-europe</ref>. | May 22, 2023: The Irish Data Protection Commission announced that it has fined Meta platforms €1.2 billion ($1.3 billion) for transferring user data to the U.S., where it will be exposed to the prying eyes of the American security services. The commission has also asked Meta Platforms to stop " any future transfer of user data to the U.S." within 5 months. Additionally, Meta Platforms has been asked to stop “the unlawful processing, including storage, in the US” of such data within 6 months. The ban was widely expected though its impact has been reduced by the transition phases included in the decision as well as the possibility of a new EU-US data flows agreement that could be operational by June of this year<ref>https://www.bloomberg.com/news/articles/2023-05-22/meta-fined-record-1-3-billion-in-eu-over-us-data-transfers</ref>. This ruling applies only to Facebook and not WhatsApp or Instagram but the decision could force Meta to delete vast amounts of EU user data. Meta said they will appeal the decision and that no immediate disruption to Facebook services in the EU is expected<ref>https://www.nytimes.com/2023/05/22/business/meta-facebook-eu-privacy-fine.html</ref>. The company said during the latest earnings call that " roughly 10% of worldwide ad revenue comes from ads delivered to Facebook users in EU countries."<ref>https://www.investmentwiki.org/wiki/Meta_Platforms:Quarterly_Results/2023_Q1#:~:text=Regulatory%20Environmennt%5Bedit,suspension%5B13%5D</ref> It also warned last year that if a new transatlantic data transfer framework doesn't materialize, it will be forced to pull its Facebook and Instagram services from the EU<ref>https://www.bloomberg.com/news/articles/2022-07-29/meta-repeats-threat-it-may-pull-facebook-instagram-from-europe</ref>. | ||
== Antitrust == | |||
=== Courts and Laws === | |||
==== Sherman Antitrust Act of 1890 ==== | |||
The Sherman Antitrust Act refers to a landmark U.S. law that banned businesses from colluding or merging to form a monopoly. Passed in 1890, the law prevented these groups from dictating, controlling, and manipulating prices in a particular market.<ref>https://www.britannica.com/topic/Miller-Tydings-Act-of-1937</ref><ref>https://www.investopedia.com/terms/s/sherman-antiturst-act.asp</ref> | |||
* Section 1 outlaws "every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several States, or with foreign nations". This prohibition applies not only to formal cartels but also to any agreement to fix prices, limit industrial output, share markets, or exclude competition. | |||
* Section 2 prohibits "monopolizing, or attempting to monopolize, or combining or conspiring with any other person or persons, to monopolize any part of the trade or commerce among the several States, or with foreign nations" | |||
These two provisions, which constitute the heart of the Sherman Act, are enforceable by the U.S. Department of Justice through litigation in the federal courts. Firms found in violation of the act can be ordered dissolved by the courts, and injunctions to prohibit illegal practices can be issued. | |||
==== Meta Case ==== | |||
=== Sucessful Cases In the Past === | |||
=== Scholars Assestment === | |||
=== Bi Partisan Support === | |||
== References == | == References == | ||