The EU requires authority to levy penalties of billions on tech giants

The European Commission, the executive branch of the European Union, has adopted regulations that will have an effect on the way technological firms work. If the giants do not meet with the conditions, they could be fined billions or requested to dissolve their assets.

As part of new EU rules, technological companies could shortly face heavy penalties and tighter regulation of their actions.

The European Commission, the European Union’s executive arm, proposed regulations today (Tuesday) that may have an effect on the way technology firms work. The commission will affect search results in the Apple App Store by legislation, for example, so that small app creators can have the same chance of being selected by consumers as Apple products have.