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General counsel in the United States should be keeping an eye on the European Union’s newly proposed Digital Services Act and Digital Markets Act to see how the legislation might affect businesses, but it is too soon to roll out a compliance plan, experts told Corporate Counsel.

The Digital Service Act and the Digital Markets Act were unveiled Tuesday. The Digital Services Act would change the handling of illegal or harmful content online, and the Digital Markets Act would establish an even playing field to “foster innovation, growth and competitiveness, both in the European Single Market and globally,” according to the European Union.

Marc Gilman, general counsel and vice president of compliance at Santa Barbra, California-based Theta Lake, a security and compliance adviser for modern communications, said the reporting requirements spelled out in the proposal would actually be helpful.

“I’m generally in favor of regulations that offer increased transparency and increased customer protection,” he said.

Gilman, who is based in New York, said the impact on Theta Lake itself will be minimal, but the legislation will have an impact on the company’s clients, he said.

“Those subject to it will be much more mindful of the content that they’re posting to public platforms and as a result they’re going to have to get serious [about compliance because of] the financial ramifications under the proposal,” Gilman said.

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Marc Gilman

Author Marc Gilman

Marc brings a wealth of experience to the Theta Lake team, where he advises on technology, privacy, and product strategy. Marc is also an adjunct professor at Fordham Law where he teaches a course on compliance, technology, and financial services. Prior to joining Theta Lake, Marc held legal and compliance roles at Morgan Stanley and was a litigation associate at Schiff Hardin LLP. Gilman is a certified information privacy professional with both the CIPP/E and CIPP/US credentials.

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