financetom
Business
financetom
/
Business
/
Temu will have to comply with tougher EU online content rules, EU says
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Temu will have to comply with tougher EU online content rules, EU says
May 31, 2024 4:14 AM

BRUSSELS, May 31 (Reuters) - Temu will have to comply

with stricter EU online content rules after its user numbers

exceeded a key criterion, the European Commission said on

Friday, putting the PDD Group's fast-fashion e-commerce

retailer in a group that includes Amazon ( AMZN ), Meta

Platforms ( META ) and TikTok.

Under the European Union's Digital Services Act (DSA),

companies with more than 45 million users are designated very

large online platforms (VLOPs) and are required to do more to

fight illegal and harmful content as well as counterfeit

products on their platforms.

Temu, which entered the EU market in April last year, had

about 75 million average monthly active users in the European

Union for the six months ended March 31 this year.

"Following today's designation as a VLOP, Temu will have to

comply with the most stringent rules under the DSA within four

months of its notification (that is by the end of September

2024)," the EU executive, which acts as the EU tech regulator,

said in a statement.

DSA obligations for VLOPs include assessing and mitigating

systemic risks related to their services such as the listing and

sale of counterfeit goods, unsafe or illegal products, and items

that infringe intellectual property rights.

DSA violations can cost companies up to 6% of their global

annual turnover.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Apellis Pharmaceuticals Says EMA Moves Pegcetacoplan Application to Last Phase of Initial Assessment
Apellis Pharmaceuticals Says EMA Moves Pegcetacoplan Application to Last Phase of Initial Assessment
Apr 26, 2024
10:30 AM EDT, 04/26/2024 (MT Newswires) -- Apellis Pharmaceuticals ( APLS ) said Friday that the review of the marketing authorization application for pegcetacoplan has been reset to day 180, the last phase of the initial assessment by the European Medicines Agency. The application is for intravitreal pegcetacoplan to treat geographic atrophy, a leading cause of blindness. The company said...
Allogene Therapeutics Gets $15 Million Grant from California Institute for Regenerative Medicine for Cancer Drug Development
Allogene Therapeutics Gets $15 Million Grant from California Institute for Regenerative Medicine for Cancer Drug Development
Apr 26, 2024
10:32 AM EDT, 04/26/2024 (MT Newswires) -- Allogene Therapeutics ( ALLO ) said Friday it received a $15 million grant from the California Institute for Regenerative Medicine for the development of investigational advanced or metastatic renal cell carcinoma therapy ALLO-316. The grant will fund the phase 1 study to evaluate the safety, tolerability and preliminary efficacy of ALLO-316 in patients...
Mexico's FEMSA revenues climb 11% on Oxxo, Coca-Cola growth
Mexico's FEMSA revenues climb 11% on Oxxo, Coca-Cola growth
Apr 26, 2024
MEXICO CITY, April 26 (Reuters) - Mexico's FEMSA, which controls one of the largest Coca-Cola bottlers and a string of convenience store chains, posted an 11% increase in revenue in the first quarter, boosted by growth across nearly all its business sectors. Revenue came in at 178.20 billion pesos ($10.78 billion) in the three-month period, largely in line with expectations,...
Why Petroleum Refineries Major Phillips 66 Shares Are Falling Today
Why Petroleum Refineries Major Phillips 66 Shares Are Falling Today
Apr 26, 2024
Phillips 66  shares are trading lower after it reported first-quarter FY24 results. Revenue of $36.436 billion exceeded the consensus of $33.075 billion. Adjusted EPS of $1.90 missed the consensus of $2.17. Midstream segment adjusted pre-tax income stood at $613 million, vs. $754 million in the fourth quarter of fiscal 2023. The Chemicals segment adjusted pre-tax income stood at $205 million vs. $106 million in the prior...
Copyright 2023-2026 - www.financetom.com All Rights Reserved