Meta Platforms Inc. (META)

Index:

Nasdaq 100

$ 509.50
   
  • Change Today:
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  • 52 Week High: $527.34
  • 52 Week Low: $283.25
  • Currency: US Dollars
  • Shares Issued: 2,211.00m
  • Volume: 716,721
  • Market Cap: $1,126,504m

EU to push Facebook to comply with consumer rules or face sanctions

By Caoimhe Toman

Date: Thursday 20 Sep 2018

LONDON (ShareCast) - (Sharecast News) - Facebook could face European Union sanctions if they fail to bring their user terms in line with the block's consumer laws and continue to mislead users regarding the main characteristics of the platform's services.
Seven months ago, Europe's Justice Commissioner, Vera Jourova, told Facebook and other tech companies to comply with consumer laws or face sanctions, but the social media giant has thus far failed to do so.

Airbnb was also notified for not complying with the rules but it has committed to making the necessary changes in its terms and conditions and improving the transparency of its pricing.

The European Commission claims that Facebook's progress within the framework of the ongoing enforcement action had been very limited. Brussels also said that since April its new terms contained a misleading representation of the main characteristics of the company's services. In particular, it does not disclose that users' data will be used for commercial purposes.

Věra Jourová said: "My patience has reached its limit. While Facebook assured me to finally adapt any remaining misleading terms of services by December, this has been ongoing for too long. It is now time for action and no more promises. If the changes are not fully implemented by the end of the year, I call on consumer authorities to act swiftly and sanction the company.

"I welcome Airbnb's willingness to do the necessary changes to ensure full transparency and understanding of what consumers pay for. This action is part of a larger push for stronger protection of consumers online. That's why we proposed reinforced consumer rules under the 'New Deal for Consumers' a few months ago."

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META Market Data

Currency US Dollars
Share Price $ 509.50
Change Today $ 0.00
% Change 0.00 %
52 Week High $527.34
52 Week Low $283.25
Volume 716,721
Shares Issued 2,211.00m
Market Cap $1,126,504m

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