12:32 PM EDT, 06/14/2024 (MT Newswires) -- Apple ( AAPL ) is facing a potential fine under the European Union's Digital Markets Act or DMA for allegedly limiting competition on its applications store, the Financial Times reported Friday, citing three unnamed sources familiar with the matter.

The European Commission said in March that it was investigating Apple ( AAPL ) over the allegations and sources told the Financial Times that preliminary findings showed that the company is not complying with regulations to allow app developers to offer their applications outside of the Apple App Store without fees.

Two of the sources also said the announcement of charges against Apple ( AAPL ) is expected in the coming weeks, but the decision remains preliminary and corrective measures could lead the Commission to reassess its decision, according to the report. The Financial Times said Apple ( AAPL ) is facing daily fines of up to 5% of its average daily worldwide turnover for non-compliance with the DMA.

Apple ( AAPL ) did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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