If a violation is confirmed, a fine of up to 6% of annual sales may be imposed.
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(Seoul = Yonhap News) Reporter Cha Byeong-seop = It has been reported that the European Union (EU) plans to officially investigate whether Chinese online shopping platform Temu responded appropriately to prevent the sale of illegal products.
Citing multiple anonymous sources, Bloomberg News reported on the 30th (local time) that the European Commission (EC) plans to open an official investigation into whether Temu violated regulations on illegal online activities under the Digital Services Act (DSA). did it
Sources explain that the investigation policy is likely to be announced immediately, but the timing may be pushed back due to changes in the EC leadership.
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According to the EU Digital Services Act, ‘very large online platforms’ (VLOPs) with more than 45 million users in the region must take measures to prevent the spread of false and illegal content, and in case of violation, up to 6% of the company’s global annual sales will be cut off. A fine may be imposed.
The EC had previously requested on the 11th that Temu share information on what measures it had taken to prevent the sale of illegal products. It is reported that the EU’s position is that the information submitted is not at a level that can allay concerns and is not satisfactory.
Temu’s side did not respond to Bloomberg’s request for comment.
If an EU investigation is launched, Temu could propose its own measures to address the EU’s concerns and avoid fines.
Recently, EU authorities are looking into whether large platform companies are complying with online content-related regulations.
Metaplatform, the parent company of Facebook and Instagram, Alibaba’s online shopping mall AliExpress, ByteDance’s social network service (SNS) TikTok, and X (formerly Twitter) acquired by Tesla CEO Elon Musk are also digital services. It is being investigated in accordance with the law.
On this day, the stock price of Pinduoduo (PDD Holdings), Temu’s parent company, closed down 3.5% on the New York Stock Exchange. The stock price has fallen by about 17% this year.
Temu is targeting the global market with various discount events and low-priced products, and it attracted attention by running a television advertisement with the message ‘Shop like a billionaire’ during the Super Bowl, the final of the National Football League (NFL) last year.
However, amid the recent intensification of competition in the low-price online shopping market, Pinduoduo’s second quarter sales were 97.1 billion yuan (approximately 18.7 trillion won), falling short of the market average forecast of 100 billion yuan (approximately 19.3 trillion won).
bscha@yna.co.kr
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2024/10/31 11:33 Sent
