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Online platforms - promoting fairness and transparency
If you are running online intermediation services or if you are a user of online intermediation services, this article is for you.
A new European Regulation, which will become enforceable in 2020, has been adopted by the Economic and Financial Affairs Council. It is set to improve transparency for online platforms by using plain language in their terms and conditions.
Platforms will now be required to set up efficient internal systems for complaint handling, as well as reporting on the effectiveness of those systems on an annual basis. Platforms include:
- online market places
- online software applications stores
- online social media
- search engines with an EU reach
More information can be found on the European Council website.
Online platforms are key enablers of digital trade. At present, more than one million EU businesses trade through online platforms in order to reach their customers, and it is estimated that around 60% of private consumption and 30% of public consumption of goods and services related to the total digital economy are transacted via online intermediaries.”*
Now is the time to start preparing for compliance with the new Regulation.
If you are a business owner and require assistance in connection with the matters referred to in this article, please get in touch.