This was reported by Ukrinform with reference to Reuters.

The agreement was reached on Saturday morning after more than 16 hours of talks between EU member states, the European Commission and the European Parliament.

The Digital Services Act (DSA) is the second part of Margrethe Vestager’s strategy to deter Alphabet (GOOGL.O), Meta (FB.O) and other US tech giants, chair of the EU Antimonopoly Committee.

According to the DSA, companies face fines of up to 6% of their global turnover for breaking the rules, and repeated violations can lead to a ban on doing business in the EU.

The new terms prohibit targeted ads targeting children or based on personal data such as religion, gender, race or political opinion. Approaches that force people to share misleading and personal information are also prohibited.

Also, the law will require major online platforms and online search engines to take concrete action during the crisis. They were included in the document after Russia’s extensive invasion of Ukraine and misinformation about it.

Companies may be required to provide data about their algorithms to regulators and researchers.

They will also pay an annual fee of up to 0.05% of annual revenue worldwide to cover compliance monitoring costs.

The new law will enter into force in 2024.