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Benzinga
Benzinga
Politics
Anusuya Lahiri

Here's Why Apple Is Liable To Pay Regulatory Fine Of €5M

Apple ACM AAPL App Store Cowen (Person)
  • Apple Inc (NASDAQ:AAPL) failed to comply with the requirements set by the Netherlands Authority for Consumers and Markets (ACM) regarding payment systems for dating-app providers. 
  • The decision follows an investigation into Apple's statements of January 15, 2022. 
  • Apple now has to pay ACM the first penalty payment of €5 million.
  • Related Content: Here's Why Cowen Remains Optimistic On Apple
  • The penalty could extend to a maximum of €50 million, if Apple did not act by the said order.
  • Apple needs to allow dating-app providers to use payment systems other than Apple's payment system in the App Store. 
  • Additionally, dating-app providers should have the ability to refer to payment systems outside of the app. 
  • Price Action: AAPL shares traded lower by 2.73% at $158.05 on the last check Monday.
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