08:44 AM EDT, 07/24/2024 (MT Newswires) -- Spain's competition regulator said Wednesday it is opening an antitrust investigation on Apple ( AAPL ) concerning complaints about unfair conditions that its App Store imposes on mobile application developers.

Apple ( AAPL ) could face fines of up to 10% of its global revenue if the regulator rules that the company had breached competition law, said the CNMC, as the agency is known. The investigation could take up to two years.

"Apple ( AAPL ) will continue to work with the Spanish Competition Authority to understand and respond to their concerns," an Apple ( AAPL ) statement was quoted saying in a Reuters report. The company reportedly denied imposing unequal commercial conditions on developers.

The iPhone maker did not immediately respond to MT Newswires' request for comment.

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