The Japanese government is making new contract disclosure requirements for companies such as Apple, Google and Amazon, according tomedia reports, in a law designed to prevent any large company from abusing its market power. Japan will tighten its oversight of what it calls “platformers”, which in effect refer to big international technology companies, particularly big ones such as Apple, Google, Facebook and Amazon. The new measures are designed to prevent big companies quietly gaining an unfair advantage over smaller local firms.
The companies will now have to explicitly disclose all the terms of their contracts with their customers, Reuters reported. In addition, they are obliged to report details of their operations to the Government, but the specifics of their business have not been made public.
“We hope that the implementation of new laws will make business transactions transparent, without overburdening businesses or hindering innovation.” “The new law creates a framework for ‘platformers’ to make their own efforts to maintain market transparency and fairness, ” said Yasutoshi Nishimura, the japanese government’s economy minister. “
The need for “autonomous efforts” to make the law necessary means that Japan also wants to allow the big companies to self-regulate for the time being.
In addition to new contract disclosure and business reporting requirements, Japan is conducting a more specific assessment of its existing laws.
The Japan Fair Trade Commission will revise its guidelines on Japan’s antitrust laws. In assessing the proposed merger, the committee will assess the value of the personal data of consumers involved.
Similarly, the Personal Information Protection Act will be amended to explicitly allow individuals to allow companies to stop using their personal data.
Tim Cook, Apple’s chief executive, made the announcement shortly after Mr Cook left tokyo.
Earlier this year, Japanese legislation also restricted mobile operators from offering discounts on mobile phone sales. Given the price structure of the flagship phone, the move will have the biggest impact on Apple.