💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

UK competition watchdog accepts Meta's changes to ad data rules

Published 08/20/2024, 08:20 AM
Updated 08/20/2024, 01:10 PM
© Reuters. FILE PHOTO: Meta logo is seen in this illustration taken, August 22, 2022. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo
META
-

(Reuters) -Britain's competition watchdog said on Tuesday it has accepted Meta's proposed changes to the way it uses the data of customers advertising on the global social media platform.

In May, Meta had pledged to limit how it uses advertising customers' data to prevent it from gaining an unfair advantage.

Under the original commitments, advertisers on Meta platforms could "opt out" of their data being used to improve Facebook (NASDAQ:META) Marketplace.

However, the new proposal ensures that all of the Facebook Marketplace advertisers' data will not be used to improve the ecommerce platform, without having to opt in or out, the Competition and Markets Authority (CMA) said.

"The CMA has concluded that the revisions go above and beyond the original commitments and would not leave any advertisers worse off. As a result, the CMA has accepted the proposed variation," it added.

© Reuters. FILE PHOTO: Meta logo is seen in this illustration taken, August 22, 2022. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo

The CMA, which opened the investigation in 2021, was looking into whether the platform held an unfair advantage in areas such as online classified ads and online dating, in the way it gathers and uses data.

Last year, Amazon.com (NASDAQ:AMZN) committed to not using marketplace data from rival sellers to ensure an even playing field for third-party sellers.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.