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ld0=3D.
Hi friends,

=20

As 2025 comes to an end, fundamental changes are underway in the European o=
nline advertising landscape. In the US, while the likelihood of divestiture=
in the US v. Google (adtech) remedies trial is uncertain, the industry scr=
ambles to make the most of the AI "revolution" (aka AI bubble). The market =
sees both opportunity and fear, especially as OpenAI moves closer to the ad=
vertising market and clamours to steal the throne held by Google for years.

Meanwhile, the European policy landscape is experiencing its own tectonic s=
hifts. Whether Europe ends up with a transparent, fair, and accountable onl=
ine advertising ecosystem, or doubles down on surveillance-driven, opaque, =
and unaccountable markets, remains an open question. There are too many mov=
ing parts.

To help make sense of it all, we=E2=80=99re sending out our first policy ne=
wsletter to round up the most important developments in Europe, and what th=
ey may mean for the future of adtech.
The Digital Omnibus: how not to walk on the tightrope

The most debated development this autumn has been the Digital Omnibus Regul=
ation (=E2=80=9DOmnibus=E2=80=9D), proposed by the European Commission on 1=
9 November 2025. The Omnibus is a direct outgrowth of the Draghi report on =
European competitiveness, which bluntly argued that the EU must reduce regu=
latory friction if it wants to remain economically relevant=E2=80=94without=
abandoning its values or fundamental rights. That balance was always going=
to be difficult. The Omnibus is the Commission=E2=80=99s attempt to walk t=
hat tightrope in the context of digital regulation and online advertising.
The Digital Omnibus: Nothing personal - adtech business as usual=20

One particularly sensitive proposal concerns the definition of personal dat=
a=E2=80=94specifically, whether it should be understood as relative rather =
than absolute. The Commission appears to rely on the reasoning of the Court=
of Justice of the European Union (CJEU) in SRB v EDPS (T-557/20), where th=
e Court clarified that information may qualify as personal data for some ac=
tors but not for others, depending on the realistic means of identification=
available to them. This ruling was long anticipated in adtech circles. Lar=
ge platforms and smaller adtech intermediaries alike, especially those embr=
acing Privacy-Enhancing Technologies (PETs), have increasingly lobbied that=
pseudonymised data in many adtech contexts should fall outside the GDPR al=
together. If the EU embraces this argument without a detailed technical ana=
lysis and impact assessment, it will be giving the green light to large-sca=
le commercial surveillance, as described by Cracked Labs, which is impossib=
le for European consumers to comprehend but would never formally =E2=80=9Ct=
rigger=E2=80=9D data protection law.

To be clear: we are not arguing that personal data must always be interpret=
ed absolutely. But changing how the GDPR=E2=80=99s core concepts operate=E2=
=80=94especially those on which entire business models depend=E2=80=94canno=
t responsibly be done without a serious impact assessment. There are real q=
uestions about the extent to which pseudonymization is fundamentally compat=
ible with adtech use cases, particularly where a central promise (and archi=
tecture) of programmatic advertising is to enable one-to-one =E2=80=9Caddre=
ssability=E2=80=9D across third-party websites. The EDPB=E2=80=99s draft gu=
idance on pseudonymisation already shows how subtle these distinctions are.=
The EDPB has collected the public consultation in March 2025, and the fina=
l version of pseudonimisation guidance is expected early next year. Shortcu=
tting that debate risks legal uncertainty and real harm to individuals and =
healthy advertising markets.
Quick fix to "cookie fatigue"

Everyone in Europe=E2=80=94except perhaps Consent Management Platforms (CMP=
s)=E2=80=94is tired of cookie banners: consumers, publishers, adtech, civil=
society, and regulators. While many in the industry frame this as a regula=
tory failure, in essence, the current proliferation of consent banners is n=
othing short of malicious compliance. The Commission seems keen to fix the =
cookie fatigue, but whether Omnibus is the right fix is another question. T=
o simplify this complex attempt at simplification, the Omnibus addresses co=
okie fatigue by:

Mandating browser-level central opt-out signals, inspired by =E2=80=9CGloba=
l Privacy Control (GPC).

Carving out an exemption from the Article 5(3) ePrivacy Directive requireme=
nts, and not requiring consent for certain personal data processing activit=
ies, such as for first-party analytics.

While the frustration is understandable, execution is not. The proposal was=
fast-tracked: four weeks of consultation, no impact assessment, and sweepi=
ng changes to the foundations of online monetisation. This is precisely how=
not to walk the tightrope. A Taoist saying, =E2=80=9CThose who rush ahead,=
do not go far,=E2=80=9D fits perfectly here. The civil society backlash wa=
s swift and compelling enough that the Commission has now opened post-propo=
sal consultations until February 9 (for now, the deadline is crawling). Thi=
s will feed into the legislative processes in Parliament and the Council, w=
hich are currently ongoing. The position of Check My Ads is clear: unless t=
his iteration is substantively revised and certain provisions are blocked, =
it risks becoming an act of regulatory self-sabotage: complicating the lega=
l environment while undermining the very values it claims to protect.

We support the initiative to end consent fatigue once and for all and to es=
tablish fair online monetisation practices, but we acknowledge that no quic=
k fix can achieve this. Instead, this requires an impact assessment and sta=
keholder consultations. Interestingly, the Commission also announced the Di=
gital Fitness Check or Part II of Simplification, seeking feedback until Ma=
rch 11, on how to better streamline the digital rulebook. The discussions a=
bout adapting core rules of the GDPR and ePrivacy Directive should be postp=
oned until then. When it comes to certain exceptions for data processing ac=
tivities, such as for first-party analytics, it is critical that purpose li=
mitation is strictly applied, and ideally tracking and processing for such =
purposes are standardised, and their monitoring is mandated, but this requi=
res moonshot thinking, not a quick fix.
Google versus Europe=20

When it comes to online advertising, Google is almost always the elephant i=
n every room. While Google is waging war for dominance on many fronts, pres=
sure on the company is increasing in Europe, specifically in the EU. As Ala=
n Chapell rightly argues, Google is the master of spinning regulators on th=
e flywheel, and a reasonable bet is that it will emerge victorious in the E=
U too. Still, some signals, discussed below, suggest that Google may actual=
ly be in trouble in Europe.
Privacy Sandbox: Will Google awaken Zombies?=20

Speaking of Google's proclivity for unilateral preemptive changes, one stri=
king omission in the Omnibus debate is Google=E2=80=99s strategic position.

As currently framed in Article 88b(6) GDPR, a legally mandated global opt-o=
ut signal is likely to be interpreted=E2=80=94de facto=E2=80=94as a user ch=
oice to disable cross-context, third-party cookie (3PC)-based tracking. Thi=
s is likely to have a similar effect to the adtech industry as Apple App Tr=
acking Transparency (ATT), when a majority of end-users see the prompt refu=
sed tracking. That matters because Google has spent years running circles a=
round regulators with its Privacy Sandbox: browser-embedded advertising and=
measurement APIs (Topics, Protected Audiences, Aggregated Reporting) that =
can effectively entrench Chrome and Android into advertising intermediaries=
.

Google was unable to convince the UK Competition and Markets Authority that=
these APIs would not result in anticompetitive effects. Google=E2=80=99s l=
ater decision not to deprecate 3PCs raises an uncomfortable question: was t=
his really about maintaining competitiveness of the adtech market, or about=
waiting for regulators to ban the old system themselves?

If browsers are now legally required to manage global opt-out signals, what=
exactly prevents Google from re-activating browser-based ad APIs, or deplo=
ying new AI-driven mechanisms, to entrench its dominance=E2=80=94this time =
with regulatory blessing? Now that Chrome divestiture hasn't been ordered a=
s part of Google's search antitrust remedies in the US, and isn't on the ta=
ble in adtech remedies discussions in either the US or EU, there is little =
comfort that this type of self-preferential data strategy would be curbed.
Calm before the Google Adtech remedies in Europe=20

All of this unfolds against the backdrop of the expected Commission=E2=80=
=99s decision on the behavioural and structural remedies for Google's abuse=
of its monopoly in the ad tech market. The Commission has already fined Go=
ogle =E2=82=AC2.95 billion for this, but, like the US court, is considering=
the divestiture of Google=E2=80=99s sell-side bundled ad tech stack=E2=80=
=94 publisher ad server DFP and ad exchange AdX, collectively referred to a=
s Google Ad Manager (GAM). It seems that the Commission is using every tric=
k to postpone its own decision, so that the US can lead any structural reme=
dy for one of the largest US companies. On November 14, Google proposed to =
the Commission the measures it intends to implement to avoid the break-up.

In the meantime, and in classic Google fashion, Google has reportedly alrea=
dy started rolling out some changes to its products, to seemingly stave off=
less favorable outcomes.







Let=E2=80=99s be honest, though, divesting GAM's components (DFP/AdX) is on=
ly the beginning of dealing with Google=E2=80=99s power in online advertisi=
ng and the online ecosystem in general. Even if GAM is divested, Google wil=
l continue to dominate the ad ecosystem. It=E2=80=99s no secret that Google=
increasingly prefers ad spend toward its own properties (Search, YouTube) =
and downplays the importance of its network business. It is true that ad in=
termediation may be less profitable on paper, but control over intermediati=
on means control over data and the market, and Google may use Chrome and An=
droid in even more "creative" ways to exercise this control - ways that may=
be unexpected for adtech.

After receiving Google=E2=80=99s proposed changes, the Commission has sent =
Requests for Information (RFIs) to hundreds of stakeholders to gather evide=
nce on Google=E2=80=99s proposed remedies. While Brussels may be waiting fo=
r the US court=E2=80=99s decision, it would not be surprising if the EU pur=
sued structural remedies regardless.

Early 2026 could bring a genuine showdown.
Signs that the Commission is not backing down=20

The Commission=E2=80=99s tough stance on Google is also visible elsewhere.

On November 12, it opened an investigation under the Digital Markets Act (D=
MA) examining whether Google=E2=80=99s =E2=80=9Csite reputation abuse=E2=80=
=9D policy unfairly demotes legitimate news publishers in Google Search, an=
d

On December 9, it opened another Article 102 TFEU investigation into Google=
=E2=80=99s use of AI Overviews and AI Mode, focusing on whether publisher c=
ontent is used without proper consent or compensation, as well as Google us=
ing the video content uploaded on YouTube for training its generative AI sy=
stems without appropriate permissions.

As Executive Vice-President, and the EU competition chief, Teresa Ribera pu=
t it, the goal of the Commission is to ensure that publishers are not =E2=
=80=9Closing out on important revenues at a particularly difficult time for=
the industry.=E2=80=9D Ribera always sounds like the Commission means busi=
ness. Obviously, these signs do not necessarily point to divestiture of GAM=
, but they indeed suggest that the Commission is still in the game.

The Digital Markets Act (DMA) is often mistakenly called a =E2=80=9Ccompeti=
tion law=E2=80=9D instrument. Seeing the Commission launch two probes into =
Google=E2=80=99s practices, both directed to help online publishers, but us=
ing two different legal instruments, is probably entertaining only for the =
legal nerds, but the truth is the Commission demonstrated that these tools =
can be used in tandem.
Is the DMA getting its act together?=20
DMA and AI=20

The DMA has received significant attention in 2025 and may steal the show i=
n 2026. Article 40 of the DMA establishes =E2=80=9Cthe High-Level Group=E2=
=80=9D (HLG), consisting not only of the relevant Commission divisions but =
also of the European personal data protection, consumer protection, competi=
tion, electronic communications, and audiovisual media authorities. In esse=
nce, the HLG serves as a seed for an independent regulatory agency for the =
online environment. Currently, it has no authority to intervene in investig=
ations and is limited to helping the Commission coordinate its actions and =
regulatory actions. Just before we closed 2025, HLG published a small discu=
ssion paper on AI and how it maps to the DMA.

The paper leaves many questions unanswered: Will OpenAI be designated as a =
Very Large Online Search Engine (VLOSE) under the Digital Services Act (DSA=
)? - a question that, as reported, the Commission is currently actively con=
sidering. Will the Commission create a new core platform service (CPS) unde=
r the DMA to capture conversational and agentic AI, or will these services =
be regarded as =E2=80=9Cvirtual assistants=E2=80=9D? One thing is clear: th=
e EU enforcers are closely watching AI.
Meta: Consent-Pay-Leave?=20

On December 8, the Commission quietly dropped another bombshell.

Recall that in April 2025, Meta was fined =E2=82=AC200 million for violatin=
g the DMA with its initial consent-or-pay model (March 2024=E2=80=93Novembe=
r 2025). The Commission explicitly did not assess the revised model introdu=
ced in November 2025=E2=80=94but said it would continue investigating. Buri=
ed in the latest press release was a surprise: Meta will introduce a third =
model in January 2026.

That raises obvious questions:

Was the second model (Nov 2025=E2=80=93Jan 2026) also unlawful?

If so, where is the decision and a fine?

Has the Commission already assessed the legality of the third model?

Or are we about to repeat the same year-long cycle?
Due diligence for ads=20

Finally, on December 2, the Grand Chamber of the Court of Justice of the Eu=
ropean Union (CJEU) issued a ruling in X v. Russmedia Digital SRL (C-492/23=
), signalling a significant shift for online platforms that monetise with a=
ds. A Romanian company, Russmedia Digital SRL (=E2=80=9CRussmedia=E2=80=9D)=
, operates an online marketplace at [link removed] that allows users=
to list their classified offers for free or for a fee. In 2018, an anonymo=
us user posted an advertisement falsely representing a woman as offering se=
xual services, including her photos and telephone numbers, without her prio=
r consent.

The woman in question initiated proceedings against Russmedia for breaches =
of her image rights and of her right to data protection. Since the 2002 eCo=
mmerce Directive (now superseded mainly by the DSA), platforms in the EU, a=
s elsewhere in the world, have enjoyed immunity from intermediary liability=
. The lower courts were split between applying this immunity and holding th=
e platform liable under the GDPR. The court of appeal referred the case to =
the CJEU for guidance, which held that an online platform is a data control=
ler for personal data included in an advertisement published on its website=
, even if such an ad is designed and placed by a user. In other words, even=
though the marketplace did not create the content, it published and moneti=
sed it for its own purposes, thereby exerting decisive influence over the p=
rocessing.

The CJEU made clear that in such contexts (and this is important!) marketpl=
aces cannot avoid their GDPR obligations by relying on the liability exempt=
ions under the eCommerce Directive. This has several implications:

A platform and an advertiser qualify as joint controllers when an ad is pub=
lished, thus responsible to have legal basis for processing any personal da=
ta in the ad.

A platform as a controller must adopt appropriate measures to make sure sen=
sitive data is not published without compliance with the GDPR (which is lik=
ely to mean scanning the ads).

A platform must verify the identity of an advertiser before publishing an a=
d (e.g. because joint controllers must know each other=E2=80=99s identities=
, controller must disclose identity to data subject, etc.)

A platform must implement security measures, to ensure that ads containing =
personal data are not copied and unlawfully published on other websites. Be=
fore Russmedia took down the ad from its platform, the content had been scr=
aped and proliferated across the internet. The court does not prescribe exa=
ctly what security measures are necessary to prevent such scraping, but it =
certainly raises the bar for online platforms.

This judgment signals a significant shift from passive hosting toward activ=
e responsibility for platforms that publish or monetise user-generated ads =
containing personal data, especially sensitive data. One very important cav=
eat here is that the CJEU discusses a specific context: an online platform =
placing and delivering ads on its website for its own benefit, thereby incr=
easing the platform=E2=80=99s responsibility. There is no ground for interp=
reting the CJEU as requiring a general monitoring obligation for content sh=
ared by end-users in other contexts, as this was never discussed in the cas=
e.

To some extent, the decision encourages a common-sense approach: when a pla=
tform delivers ads, it must verify the advertiser's identity. While in this=
case the CJEU mandates such verification to ensure that any personal data =
contained in the ad relates to the end-user who chose to advertise, similar=
measures can be applied to all ad placements, whether the ad includes pers=
onal data or not, and include any adtech intermediary involved.

Indeed, Check My Ads has long advocated for Know-Your-Customer rules that w=
ould require adtech firms to perform baseline due diligence on the business=
users that buy and sell ads using their platforms. This would reduce the r=
isk of unlawful dissemination of personal data, reduce the ad dollars flowi=
ng to spam and scams, redistribute value to publishers and advertisers, , a=
nd ultimately proactively create a safer, more fair online world for users.=
which To that end, by requiring proactive authentication of identity befor=
e purchase of ads, and creating a joint responsibility for advertisers and =
platforms over the content of their ads, this decision is an encouraging st=
ep in the right direction.

=20

Cheers!

Dr. Lex Zard, Director of Policy



=20









=20



Fund the work

DONATE

=20



=20



Check My Ads Institute is a non-profit 501(c)3 organization.=20
=E2=80=A8Tax ID/EIN: 87-1895699

Have any questions or comments? =E2=80=A8Reach out to us at Hello@CheckMyAd=
s.org

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table.button.small-expand center,
table.button.small-expanded center {
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<style type=3D"text/css">
li {
text-indent: -1em; /* Normalise space between bullets and text =
*/
}
</style>
<![endif]-->=20
</head>=20
<body style=3D"min-width: 100%; -webkit-text-size-adjust: 100%; -ms-text-s=
ize-adjust: 100%; -moz-box-sizing: border-box; -webkit-box-sizing: border-b=
ox; box-sizing: border-box; color: #3c4144; font-family: Open Sans,sans-ser=
if; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left; f=
ont-size: 12pt; line-height: 1.5; width: 100%;">=20
<table class=3D"body" style=3D"border-spacing: 0; border-collapse: collap=
se; vertical-align: top; background: #FFFFFF; background-image: url(''); ba=
ckground-position: center center; background-repeat: no-repeat; background-=
size: cover; height: 100%; width: 100%; color: #3c4144; font-family: Open S=
ans,sans-serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-al=
ign: left; font-size: 12pt; line-height: 1.5;">=20
<tbody>
<tr style=3D"padding: 0; vertical-align: top; text-align: left;">=20
<td class=3D"float-center" align=3D"center" valign=3D"top" style=3D"wo=
rd-break: normal; overflow-wrap: break-word; vertical-align: top; color: #3=
c4144; font-family: Open Sans,sans-serif; font-weight: 400; padding: 0; fon=
t-size: 12pt; line-height: 1.5; margin: 0 auto; Margin: 0 auto; float: none=
; text-align: center; border-collapse: collapse;">=20
<center style=3D"min-width: 540px; width: 100%;">=20
<table class=3D"container" width=3D"600" style=3D"border-spacing: 0;=
border-collapse: collapse; padding: 0; vertical-align: top; width: 600px; =
margin: 0 auto; Margin: 0 auto; text-align: inherit;">=20
<tbody>
<tr style=3D"padding: 0; vertical-align: top; text-align: left;">=
=20
<td style=3D"word-break: normal; overflow-wrap: break-word; verti=
cal-align: top; color: #3c4144; font-family: Open Sans,sans-serif; font-wei=
ght: 400; padding: 0; margin: 0; Margin: 0; text-align: left; font-size: 12=
pt; line-height: 1.5; border-collapse: collapse;">=20
<table class=3D"row" style=3D"border-spacing: 0; border-collapse=
: collapse; vertical-align: top; text-align: left; padding: 0; position: re=
lative; width: 100%; display: table; margin: 0; Margin: 0; font-family: Ope=
n Sans,sans-serif; min-height: 16px;">=20
<tbody>
<tr style=3D"padding: 0; vertical-align: top; text-align: left=
;">=20
<th class=3D"columns small-12 large-12 first last" style=3D"v=
ertical-align: top; color: #3c4144; font-family: Open Sans,sans-serif; font=
-weight: 400; padding: 0; text-align: left; margin: 0 auto; Margin: 0 auto;=
padding-top: 24px; word-break: break-word; overflow-wrap: break-word; widt=
h: 564px; padding-left: 24px; padding-right: 24px; font-size: 14px; line-he=
ight: 2em; border-collapse: collapse; padding-bottom: 10px;">=20
<center style=3D"width: 100%; min-width: 532px;">
<span style=3D"color:#3c4144;">If you're having trouble vie=
wing this email, you can</span> <a style=3D"font-weight: inherit; padding: =
0; text-align: left; line-height: 1.5; color: #0074d9; text-decoration: non=
e;" href=3D"[link removed]
chG99pnjt2XGe2lE2EUkRKuDG20JIHdld0=3D/RfUOLWd_jXqVviaiDeKfvmtr75ShCp0LUyoP-=
io8lZk=3D" target=3D"_blank" title=3D"View email online">see it online.</a>
</center> </th>=20
</tr>=20
</tbody>
</table>=20
<table class=3D"row" style=3D"border-spacing: 0; border-collapse=
: collapse; vertical-align: top; text-align: left; padding: 0; position: re=
lative; width: 100%; display: table; margin: 0; Margin: 0; font-family: Ope=
n Sans,sans-serif;">=20
<tbody>
<tr style=3D"padding: 0; vertical-align: top; text-align: left=
;">=20
<th class=3D"columns small-12 large-12 first last" style=3D"v=
ertical-align: top; color: #3c4144; font-family: Open Sans,sans-serif; font=
-weight: 400; text-align: left; font-size: 12pt; line-height: 1.5; margin: =
0 auto; Margin: 0 auto; padding-top: 24px; padding-bottom: 24px; word-break=
: break-word; overflow-wrap: break-word; width: 564px; padding-left: 24px; =
padding-right: 24px; border-collapse: collapse; padding: 0;">=20
<center style=3D"width: 100%; min-width: 532px;">=20
</center> </th>=20
</tr>=20
</tbody>
</table>=20
<table class=3D"row first-row-header only8" style=3D"border-spac=
ing: 0; border-collapse: collapse; vertical-align: top; text-align: left; p=
adding: 0; position: relative; width: 100%; display: table; margin: 0; Marg=
in: 0; background-color: #ffffff; font-family: Open Sans,sans-serif;">=20
<tbody>
<tr style=3D"padding: 0; vertical-align: top; text-align: left=
;">=20
<th class=3D"columns small-12 large-12 first last divider" st=
yle=3D"vertical-align: top; color: #3c4144; font-family: Open Sans,sans-ser=
if; font-weight: 400; padding: 0; text-align: left; font-size: 12pt; line-h=
eight: 1.5; margin: 0 auto; Margin: 0 auto; word-break: break-word; overflo=
w-wrap: break-word; width: 564px; padding-left: 24px; padding-right: 24px; =
border-collapse: collapse; padding-bottom: 0; padding-top: 24px;">
<div>
<!--[if mso]><center><![end-if]-->=20
<div class=3D"titan__email-divider" style=3D"mso-line-heigh=
t-rule: exactly; line-height: 1pt; height: 1px; border-top-width: 1px; bord=
er-top-style: solid; border-top-color: #013B5C; margin-top: 18px; margin-bo=
ttom: 18px;" data-color=3D"#013B5C" data-thicknessnum=3D"1" data-dividersty=
le=3D"solid" data-topnum=3D"18" data-bottomnum=3D"18" data-height=3D"1" dat=
a-lineheight=3D"1">
&nbsp;
</div> <!--[if mso]></center><![end-if]-->
</div></th>=20
</tr>=20
</tbody>
</table>=20
<table class=3D"row content-row-blockpadding" style=3D"border-sp=
acing: 0; border-collapse: collapse; vertical-align: top; text-align: left;=
padding: 0; position: relative; width: 100%; display: table; margin: 0; Ma=
rgin: 0; background-color: #ffffff; font-family: Open Sans,sans-serif;">=20
<tbody>
<tr style=3D"padding: 0; vertical-align: top; text-align: left=
; background-color: #FFFFFF;">=20
<th class=3D"columns small-12 large-12 first last default" st=
yle=3D"vertical-align: top; color: #3c4144; font-family: Open Sans,sans-ser=
if; font-weight: 400; padding: 0; text-align: left; font-size: 12pt; line-h=
eight: 1.5; margin: 0 auto; Margin: 0 auto; word-break: break-word; overflo=
w-wrap: break-word; width: 564px; padding-left: 24px; padding-right: 24px; =
border-collapse: collapse; padding-top: 9px; padding-bottom: 9px;">
<figure class style=3D"margin: 0 0 1rem; Margin: 0 0 1rem;">
<!--[if mso]><center><![end-if]-->
<img class=3D"align-left break-text-around-image" style=3D"=
outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; max-=
width: 100%; clear: both; float: none; display: unset; text-align: left; ma=
rgin-bottom: 12px; margin-top: 12px; height: auto; margin: 12px auto 12px 0=
;" src=3D"[link removed]
s/CMA_Logo_45_4x.png" alt=3D"A blue and red logo of dominoes falling with t=
he text Check My Ads" width=3D"146" align=3D"left" data-wrap-text-margin=3D=
"25" data-wrap-text=3D"Break text around image"><!--[if mso]></center><![en=
d-if]-->
</figure></th>=20
</tr>=20
</tbody>
</table>=20
<table class=3D"row content-row-blockpadding" style=3D"border-sp=
acing: 0; border-collapse: collapse; vertical-align: top; text-align: left;=
padding: 0; position: relative; width: 100%; display: table; margin: 0; Ma=
rgin: 0; background-color: #ffffff; font-family: Open Sans,sans-serif;">=20
<tbody>
<tr style=3D"padding: 0; vertical-align: top; text-align: left=
; background-color: #ffffff;">=20
<th class=3D"columns small-12 large-12 first last default" st=
yle=3D"vertical-align: top; color: #3c4144; font-family: Open Sans,sans-ser=
if; font-weight: 400; padding: 0; text-align: left; font-size: 12pt; line-h=
eight: 1.5; margin: 0 auto; Margin: 0 auto; word-break: break-word; overflo=
w-wrap: break-word; width: 564px; padding-left: 24px; padding-right: 24px; =
border-collapse: collapse; padding-top: 9px; padding-bottom: 9px;">
<figure class style=3D"margin: 0 0 1rem; Margin: 0 0 1rem;">
<!--[if mso]><center><![end-if]--><!--[if mso]></center><![=
end-if]-->
</figure>=20
<figure class style=3D"margin: 0 0 1rem; Margin: 0 0 1rem;">
<!--[if mso]><center><![end-if]-->=20
<figure class style=3D"margin: 0 0 1rem; Margin: 0 0 1rem;"=
></figure> <!--[if mso]></center><![end-if]-->
</figure>=20
<div class=3D"OutlineElement Ltr SCXW174244998 BCX0">=20
<figure class style=3D"margin: 0 0 1rem; Margin: 0 0 1rem;"=
>
<!--[if mso]><center><![end-if]--><!--[if mso]></center><!=
[end-if]-->
</figure>=20
<figure class style=3D"margin: 0 0 1rem; Margin: 0 0 1rem;"=
>
<!--[if mso]><center><![end-if]--><!--[if mso]></center><!=
[end-if]-->
</figure>=20
</div>=20
<div class=3D"OutlineElement Ltr SCXW174244998 BCX0">=20
<div class=3D"SCXW177053040 BCX0">=20
<div class=3D"OutlineElement Ltr SCXW177053040 BCX0">=20
<div class=3D"OutlineElement Ltr SCXW211069502 BCX0">=20
<figure class style=3D"margin: 0 0 1rem; Margin: 0 0 1re=
m;">
<!--[if mso]><center><![end-if]-->=20
<div class=3D"custom-insert-img align-center break-text=
-around-image" style=3D"margin: 12px auto important; float: none; max-width=
: 550px; text-align: center; margin-bottom: 12px; margin-top: 12px; Margin:=
12px auto;">
<img class=3D"align-center break-text-around-image" sr=
c=3D"[link removed]
nal-2025-12-12-055606_002.png" alt width=3D"600" align=3D"center" data-wrap=
-text-margin=3D"25" data-wrap-text=3D"Break text around image" style=3D"out=
line: none; text-decoration: none; -ms-interpolation-mode: bicubic; max-wid=
th: 100%; clear: both; display: block; margin: 0 auto; float: none; text-al=
ign: center; width: 100%; height: auto; Margin: 12px auto;">
</div> <!--[if mso]></center><![end-if]-->
</figure>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">&nbsp;Hi friends,</p>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">&nbsp;</p>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">As 2025 comes to an end, fundamental changes are underway in the Europ=
ean online advertising landscape. In the US, while the likelihood of divest=
iture in the US v. Google (adtech) remedies trial is uncertain, the industr=
y scrambles to make the most of the AI "revolution" (aka AI bubble). The ma=
rket sees both opportunity and fear, especially as OpenAI moves closer to t=
he advertising market and clamours to steal the throne held by Google for y=
ears.</p>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">Meanwhile, the European policy landscape is experiencing its own tecto=
nic shifts. Whether Europe ends up with a transparent, fair, and accountabl=
e online advertising ecosystem, or doubles down on surveillance-driven, opa=
que, and unaccountable markets, remains an open question. There are too man=
y moving parts.</p>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">To help make sense of it all, we=E2=80=99re sending out our first poli=
cy newsletter to round up the most important developments in Europe, and wh=
at they may mean for the future of adtech.</p>=20
<h2 class=3D"md-end-block md-p md-focus" style=3D"paddin=
g: 0; Margin: 0; word-wrap: normal; margin-bottom: 10px; Margin-bottom: 10p=
x; box-sizing: border-box; --tw-border-spacing-x: 0; --tw-border-spacing-y:=
0; --tw-translate-x: 0; --tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: =
0; --tw-skew-y: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-stric=
tness: proximity; --tw-ring-offset-width: 0px; --tw-ring-offset-color: #fff=
; --tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #000=
0; --tw-ring-shadow: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored=
: 0 0 #0000; line-height: inherit; margin: 0.8em 0px; white-space: pre-wrap=
; position: relative; caret-color: rgb(51, 51, 51); color: rgb(51, 51, 51);=
font-family: Georgia, serif; font-size: 16px; font-style: normal; font-var=
iant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: st=
art; text-indent: 0px; text-transform: none; word-spacing: 0px; -webkit-tex=
t-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration:=
none;"><span class=3D"md-plain md-expand" style=3D"box-sizing: border-box;=
--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-translate-x: 0; -=
-tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: 0; --tw-skew-y: 0; --tw-sc=
ale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-rin=
g-offset-width: 0px; --tw-ring-offset-color: #fff; --tw-ring-color: rgb(59 =
130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-shadow: 0 0 #=
0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored: 0 0 #0000; color: rgb(1,=
59, 92);"><span class=3D"notion-enable-hover" style=3D"font-size: 16pt;" d=
ata-token-index=3D"0"><span class=3D"notion-enable-hover" data-token-index=
=3D"0"><span class=3D"discussion-id-238085ab-68c9-8015-b816-001c9194d499 no=
tion-enable-hover" data-token-index=3D"0">The Digital Omnibus: how not to w=
alk on the tightrope</span></span></span></span></h2>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">The most debated development this autumn has been the <a href=3D"https=
://api.neonemails.com/emails/tracking/click-link/1_--2fQG1chG99pnjt2XGe2lE2=
EUkRKuDG20JIHdld0=3D/RfUOLWd_jXqVviaiDeKfvp2S9xuRvyLsLf7b4bjOeds=3D" style=
=3D"color: #0074d9; text-decoration: none; font-weight: inherit; padding: 0=
; text-align: left; line-height: 1.5;">Digital Omnibus Regulation</a> (=E2=
=80=9DOmnibus=E2=80=9D), proposed by the European Commission on <strong>19 =
November 2025.</strong> The Omnibus is a direct outgrowth of the <a href=3D=
"[link removed]
Ge2lE2EUkRKuDG20JIHdld0=3D/RfUOLWd_jXqVviaiDeKfvr-lqD2H2uk2pqj_TiCCqSU=3D" =
style=3D"color: #0074d9; text-decoration: none; font-weight: inherit; paddi=
ng: 0; text-align: left; line-height: 1.5;"><em>Draghi report</em></a> on E=
uropean competitiveness, which bluntly argued that the EU must reduce regul=
atory friction if it wants to remain economically relevant=E2=80=94<em>with=
out</em> abandoning its values or fundamental rights. That balance was alwa=
ys going to be difficult. The Omnibus is the Commission=E2=80=99s attempt t=
o walk that tightrope in the context of digital regulation and online adver=
tising.</p>=20
<h2 class=3D"md-end-block md-p md-focus" style=3D"paddin=
g: 0; Margin: 0; word-wrap: normal; margin-bottom: 10px; Margin-bottom: 10p=
x; box-sizing: border-box; --tw-border-spacing-x: 0; --tw-border-spacing-y:=
0; --tw-translate-x: 0; --tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: =
0; --tw-skew-y: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-stric=
tness: proximity; --tw-ring-offset-width: 0px; --tw-ring-offset-color: #fff=
; --tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #000=
0; --tw-ring-shadow: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored=
: 0 0 #0000; line-height: inherit; margin: 0.8em 0px; white-space: pre-wrap=
; position: relative; caret-color: rgb(51, 51, 51); color: rgb(51, 51, 51);=
font-family: Georgia, serif; font-size: 16px; font-style: normal; font-var=
iant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: st=
art; text-indent: 0px; text-transform: none; word-spacing: 0px; -webkit-tex=
t-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration:=
none;"><span class=3D"md-plain md-expand" style=3D"box-sizing: border-box;=
--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-translate-x: 0; -=
-tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: 0; --tw-skew-y: 0; --tw-sc=
ale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-rin=
g-offset-width: 0px; --tw-ring-offset-color: #fff; --tw-ring-color: rgb(59 =
130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-shadow: 0 0 #=
0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored: 0 0 #0000; color: rgb(1,=
59, 92); font-size: 14pt;"><span class=3D"notion-enable-hover" data-token-=
index=3D"0"><span class=3D"notion-enable-hover" data-token-index=3D"0"><spa=
n class=3D"discussion-id-238085ab-68c9-8015-b816-001c9194d499 notion-enable=
-hover" data-token-index=3D"0">The Digital Omnibus: Nothing personal - adte=
ch business as usual </span></span></span></span></h2>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">One particularly sensitive proposal concerns the <strong>definition of=
personal data</strong>=E2=80=94specifically, whether it should be understo=
od as <em>relative</em> rather than <em>absolute</em>. The Commission appea=
rs to rely on the reasoning of the Court of Justice of the European Union (=
CJEU) in <a href=3D"[link removed]
_--2fQG1chG99pnjt2XGe2lE2EUkRKuDG20JIHdld0=3D/RfUOLWd_jXqVviaiDeKfvkTpRx3SU=
yqXOBIwPUJyDmg=3D" style=3D"color: #0074d9; text-decoration: none; font-wei=
ght: inherit; padding: 0; text-align: left; line-height: 1.5;">SRB v EDPS</=
a> (T-557/20), where the Court clarified that information may qualify as pe=
rsonal data <em>for some actors but not for others</em>, depending on the r=
ealistic means of identification available to them. This ruling was long an=
ticipated in adtech circles. Large platforms and smaller adtech intermediar=
ies alike, especially those embracing Privacy-Enhancing Technologies (PETs)=
, have increasingly lobbied that pseudonymised data in many adtech contexts=
should fall outside the GDPR altogether. If the EU embraces this argument =
without a detailed technical analysis and impact assessment, it will be giv=
ing the green light to large-scale commercial surveillance, as <a href=3D"h=
ttps://api.neonemails.com/emails/tracking/click-link/1_--2fQG1chG99pnjt2XGe=
2lE2EUkRKuDG20JIHdld0=3D/RfUOLWd_jXqVviaiDeKfvsWutYE9yDxX6AiJkpUvehM=3D" st=
yle=3D"color: #0074d9; text-decoration: none; font-weight: inherit; padding=
: 0; text-align: left; line-height: 1.5;">described by Cracked Labs,</a> wh=
ich is impossible for European consumers to comprehend but would never form=
ally =E2=80=9Ctrigger=E2=80=9D data protection law.</p>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">To be clear: we are <em>not</em> arguing that personal data must alway=
s be interpreted absolutely. But changing how the GDPR=E2=80=99s core conce=
pts operate=E2=80=94especially those on which entire business models depend=
=E2=80=94cannot responsibly be done without a serious impact assessment. Th=
ere are real questions about the extent to which pseudonymization is fundam=
entally compatible with adtech use cases, particularly where a central prom=
ise (and architecture) of programmatic advertising is to enable one-to-one =
=E2=80=9Caddressability=E2=80=9D across third-party websites. The <a href=
=3D"[link removed]
t2XGe2lE2EUkRKuDG20JIHdld0=3D/RfUOLWd_jXqVviaiDeKfvi9-iAWHbCTjXZr_BwKEJLA=
=3D" style=3D"color: #0074d9; text-decoration: none; font-weight: inherit; =
padding: 0; text-align: left; line-height: 1.5;">EDPB=E2=80=99s draft guida=
nce on pseudonymisation</a>&nbsp;already shows how subtle these distinction=
s are. The EDPB has collected the public consultation in March 2025, and th=
e final version of pseudonimisation guidance is expected early next year. S=
hortcutting that debate risks legal uncertainty and real harm to individual=
s and healthy advertising markets.</p>=20
<h2 class=3D"md-end-block md-p md-focus" style=3D"paddin=
g: 0; Margin: 0; word-wrap: normal; margin-bottom: 10px; Margin-bottom: 10p=
x; box-sizing: border-box; --tw-border-spacing-x: 0; --tw-border-spacing-y:=
0; --tw-translate-x: 0; --tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: =
0; --tw-skew-y: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-stric=
tness: proximity; --tw-ring-offset-width: 0px; --tw-ring-offset-color: #fff=
; --tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #000=
0; --tw-ring-shadow: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored=
: 0 0 #0000; line-height: inherit; margin: 0.8em 0px; white-space: pre-wrap=
; position: relative; caret-color: rgb(51, 51, 51); color: rgb(51, 51, 51);=
font-family: Georgia, serif; font-size: 16px; font-style: normal; font-var=
iant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: st=
art; text-indent: 0px; text-transform: none; word-spacing: 0px; -webkit-tex=
t-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration:=
none;"><span class=3D"md-plain md-expand" style=3D"box-sizing: border-box;=
--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-translate-x: 0; -=
-tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: 0; --tw-skew-y: 0; --tw-sc=
ale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-rin=
g-offset-width: 0px; --tw-ring-offset-color: #fff; --tw-ring-color: rgb(59 =
130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-shadow: 0 0 #=
0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored: 0 0 #0000; color: rgb(1,=
59, 92); font-size: 14pt;"><span class=3D"notion-enable-hover" data-token-=
index=3D"0"><span class=3D"discussion-id-238085ab-68c9-8015-b816-001c9194d4=
99 notion-enable-hover" data-token-index=3D"0">Quick fix to "cookie fatigue=
"</span></span></span></h2>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">Everyone in Europe=E2=80=94except perhaps Consent Management Platforms=
(CMPs)=E2=80=94is tired of cookie banners: consumers, publishers, adtech, =
civil society, and regulators. While many in the industry frame this as a r=
egulatory failure, in essence, the current proliferation of consent banners=
is nothing short of malicious compliance. The Commission seems keen to fix=
the cookie fatigue, but whether Omnibus is the right fix is another questi=
on. To simplify this complex attempt at simplification, the Omnibus address=
es cookie fatigue by:</p>=20
<ul style=3D"list-style-position: inside; Margin: 0 0 10=
px 0; padding: 0 0 0 10px;">=20
<li style=3D"display: list-item; line-height: 1.5em; Ma=
rgin: 0; overflow-wrap: break-word; padding: 0; word-break: break-word; ove=
rflow-wrap: break-word; list-style: disc outside; mso-special-format: bulle=
t;">Mandating browser-level central opt-out signals, inspired by =E2=80=9CG=
lobal Privacy Control (GPC).</li>=20
<li style=3D"display: list-item; line-height: 1.5em; Ma=
rgin: 0; overflow-wrap: break-word; padding: 0; word-break: break-word; ove=
rflow-wrap: break-word; list-style: disc outside; mso-special-format: bulle=
t;">Carving out an exemption from the Article 5(3) ePrivacy Directive requi=
rements, and not requiring consent for certain <em>personal data</em> proce=
ssing activities, such as for first-party analytics.</li>=20
</ul>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">While the frustration is understandable, execution is not. The proposa=
l was fast-tracked: <strong>four weeks of consultation, no impact assessmen=
t</strong>, and sweeping changes to the foundations of online monetisation.=
This is precisely how <strong>not to walk the tightrope</strong>. A Taoist=
saying, <strong>=E2=80=9CThose who rush ahead, do not go far,=E2=80=9D</st=
rong> fits perfectly here. The civil society backlash was swift and compell=
ing enough that the Commission has now opened <a href=3D"[link removed]
ails.com/emails/tracking/click-link/1_--2fQG1chG99pnjt2XGe2lE2EUkRKuDG20JIH=
dld0=3D/RfUOLWd_jXqVviaiDeKfvgfj4C8pGnG6eDOPKi10bkQ=3D" style=3D"color: #00=
74d9; text-decoration: none; font-weight: inherit; padding: 0; text-align: =
left; line-height: 1.5;">post-proposal consultations</a> until February 9 (=
for now, the deadline is crawling). This will feed into the legislative pro=
cesses in Parliament and the Council, which are currently ongoing. The posi=
tion of Check My Ads is clear: unless this iteration is substantively revis=
ed and certain provisions are blocked, it risks becoming an act of regulato=
ry self-sabotage: complicating the legal environment while undermining the =
very values it claims to protect.</p>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">We support the initiative to end consent fatigue once and for all and =
to establish fair online monetisation practices, but we acknowledge that no=
quick fix can achieve this. Instead, this requires an impact assessment an=
d stakeholder consultations. Interestingly, the Commission also announced <=
a href=3D"[link removed]
G99pnjt2XGe2lE2EUkRKuDG20JIHdld0=3D/RfUOLWd_jXqVviaiDeKfvsIMfiZVUeB1GvkvXBd=
iYTc=3D" style=3D"color: #0074d9; text-decoration: none; font-weight: inher=
it; padding: 0; text-align: left; line-height: 1.5;">the Digital Fitness Ch=
eck</a> or <strong>Part II of Simplification,</strong> seeking feedback unt=
il March 11, on how to better streamline the digital rulebook. The discussi=
ons about adapting core rules of the GDPR and ePrivacy Directive should be =
postponed until then. When it comes to certain exceptions for data processi=
ng activities, such as for first-party analytics, it is critical that purpo=
se limitation is strictly applied, and ideally tracking and processing for =
such purposes are standardised, and their monitoring is mandated, but this =
requires moonshot thinking, not a quick fix.</p>=20
<h2 class=3D"md-end-block md-p md-focus" style=3D"paddin=
g: 0; Margin: 0; word-wrap: normal; margin-bottom: 10px; Margin-bottom: 10p=
x; box-sizing: border-box; --tw-border-spacing-x: 0; --tw-border-spacing-y:=
0; --tw-translate-x: 0; --tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: =
0; --tw-skew-y: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-stric=
tness: proximity; --tw-ring-offset-width: 0px; --tw-ring-offset-color: #fff=
; --tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #000=
0; --tw-ring-shadow: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored=
: 0 0 #0000; line-height: inherit; margin: 0.8em 0px; white-space: pre-wrap=
; position: relative; caret-color: rgb(51, 51, 51); color: rgb(51, 51, 51);=
font-family: Georgia, serif; font-size: 16px; font-style: normal; font-var=
iant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: st=
art; text-indent: 0px; text-transform: none; word-spacing: 0px; -webkit-tex=
t-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration:=
none;"><span class=3D"md-plain md-expand" style=3D"box-sizing: border-box;=
--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-translate-x: 0; -=
-tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: 0; --tw-skew-y: 0; --tw-sc=
ale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-rin=
g-offset-width: 0px; --tw-ring-offset-color: #fff; --tw-ring-color: rgb(59 =
130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-shadow: 0 0 #=
0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored: 0 0 #0000; color: rgb(1,=
59, 92);"><span class=3D"notion-enable-hover" style=3D"font-size: 16pt;" d=
ata-token-index=3D"0"><span class=3D"notion-enable-hover" data-token-index=
=3D"0"><span class=3D"discussion-id-238085ab-68c9-8015-b816-001c9194d499 no=
tion-enable-hover" data-token-index=3D"0">Google versus Europe </span></spa=
n></span></span></h2>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">When it comes to online advertising, Google is almost always the eleph=
ant in every room. While Google is waging war for dominance on many fronts,=
pressure on the company is increasing in Europe, specifically in the EU. A=
s <a href=3D"[link removed]
1chG99pnjt2XGe2lE2EUkRKuDG20JIHdld0=3D/RfUOLWd_jXqVviaiDeKfvhMR_01X7Dg33-yT=
aLjwoRo=3D" style=3D"color: #0074d9; text-decoration: none; font-weight: in=
herit; padding: 0; text-align: left; line-height: 1.5;">Alan Chapell rightl=
y argues</a>, Google is the master of spinning regulators on the flywheel, =
and a reasonable bet is that it will emerge victorious in the EU too. Still=
, some signals, discussed below, suggest that Google may actually be in tro=
uble in Europe.</p>=20
<h2 class=3D"md-end-block md-p md-focus" style=3D"paddin=
g: 0; Margin: 0; word-wrap: normal; margin-bottom: 10px; Margin-bottom: 10p=
x; box-sizing: border-box; --tw-border-spacing-x: 0; --tw-border-spacing-y:=
0; --tw-translate-x: 0; --tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: =
0; --tw-skew-y: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-stric=
tness: proximity; --tw-ring-offset-width: 0px; --tw-ring-offset-color: #fff=
; --tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #000=
0; --tw-ring-shadow: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored=
: 0 0 #0000; line-height: inherit; margin: 0.8em 0px; white-space: pre-wrap=
; position: relative; caret-color: rgb(51, 51, 51); color: rgb(51, 51, 51);=
font-family: Georgia, serif; font-size: 16px; font-style: normal; font-var=
iant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: st=
art; text-indent: 0px; text-transform: none; word-spacing: 0px; -webkit-tex=
t-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration:=
none;"><span class=3D"md-plain md-expand" style=3D"box-sizing: border-box;=
--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-translate-x: 0; -=
-tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: 0; --tw-skew-y: 0; --tw-sc=
ale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-rin=
g-offset-width: 0px; --tw-ring-offset-color: #fff; --tw-ring-color: rgb(59 =
130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-shadow: 0 0 #=
0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored: 0 0 #0000; color: rgb(1,=
59, 92); font-size: 14pt;"><span class=3D"notion-enable-hover" data-token-=
index=3D"0"><span class=3D"discussion-id-238085ab-68c9-8015-b816-001c9194d4=
99 notion-enable-hover" data-token-index=3D"0">Privacy Sandbox: Will Google=
awaken Zombies? </span></span></span></h2>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">Speaking of Google's proclivity for unilateral preemptive changes, one=
striking omission in the Omnibus debate is Google=E2=80=99s strategic posi=
tion.</p>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">As currently framed in Article 88b(6) GDPR, a legally mandated global =
opt-out signal is likely to be interpreted=E2=80=94de facto=E2=80=94as a us=
er choice to disable <strong>cross-context, third-party cookie (3PC)-based =
tracking.</strong> This is likely to have a similar effect to the adtech in=
dustry as Apple App Tracking Transparency (ATT), when a majority of end-use=
rs see the prompt refused tracking. That matters because Google has spent y=
ears running circles around regulators with its <strong>Privacy Sandbox</st=
rong>: browser-embedded advertising and measurement APIs (Topics, Protected=
Audiences, Aggregated Reporting) that can effectively entrench Chrome and =
Android into advertising intermediaries.</p>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">Google was unable to convince the UK Competition and Markets Authority=
that these APIs would not result in anticompetitive effects. Google=E2=80=
=99s later decision <em>not</em> to deprecate 3PCs raises an uncomfortable =
question: was this really about maintaining competitiveness of the adtech m=
arket, or about waiting for regulators to ban the old system themselves?</p=
>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">If browsers are now legally required to manage global opt-out signals,=
what exactly prevents Google from re-activating browser-based ad APIs, or =
deploying new AI-driven mechanisms, to entrench its dominance=E2=80=94this =
time with regulatory blessing? Now that Chrome divestiture hasn't been orde=
red as part of Google's search antitrust remedies in the US, and isn't on t=
he table in adtech remedies discussions in either the US or EU, there is li=
ttle comfort that this type of self-preferential data strategy would be cur=
bed.</p>=20
<h2 class=3D"md-end-block md-p md-focus" style=3D"paddin=
g: 0; Margin: 0; word-wrap: normal; margin-bottom: 10px; Margin-bottom: 10p=
x; box-sizing: border-box; --tw-border-spacing-x: 0; --tw-border-spacing-y:=
0; --tw-translate-x: 0; --tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: =
0; --tw-skew-y: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-stric=
tness: proximity; --tw-ring-offset-width: 0px; --tw-ring-offset-color: #fff=
; --tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #000=
0; --tw-ring-shadow: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored=
: 0 0 #0000; line-height: inherit; margin: 0.8em 0px; white-space: pre-wrap=
; position: relative; caret-color: rgb(51, 51, 51); color: rgb(51, 51, 51);=
font-family: Georgia, serif; font-size: 16px; font-style: normal; font-var=
iant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: st=
art; text-indent: 0px; text-transform: none; word-spacing: 0px; -webkit-tex=
t-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration:=
none;"><span class=3D"md-plain md-expand" style=3D"box-sizing: border-box;=
--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-translate-x: 0; -=
-tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: 0; --tw-skew-y: 0; --tw-sc=
ale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-rin=
g-offset-width: 0px; --tw-ring-offset-color: #fff; --tw-ring-color: rgb(59 =
130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-shadow: 0 0 #=
0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored: 0 0 #0000; color: rgb(1,=
59, 92); font-size: 14pt;"><span class=3D"notion-enable-hover" data-token-=
index=3D"0"><span class=3D"discussion-id-238085ab-68c9-8015-b816-001c9194d4=
99 notion-enable-hover" data-token-index=3D"0">Calm before the Google Adtec=
h remedies in Europe </span></span></span></h2>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">All of this unfolds against the backdrop of the expected Commission=E2=
=80=99s decision on the behavioural and structural remedies for Google's ab=
use of its monopoly in the ad tech market. The Commission has <a href=3D"ht=
tps://api.neonemails.com/emails/tracking/click-link/1_--2fQG1chG99pnjt2XGe2=
lE2EUkRKuDG20JIHdld0=3D/RfUOLWd_jXqVviaiDeKfvgLK_fhkBvHrVQRJg0kuaaE=3D" sty=
le=3D"color: #0074d9; text-decoration: none; font-weight: inherit; padding:=
0; text-align: left; line-height: 1.5;">already fined</a>&nbsp;Google =E2=
=82=AC2.95 billion for this, but, like the US court, is considering the <st=
rong>divestiture</strong> of Google=E2=80=99s sell-side bundled ad tech sta=
ck=E2=80=94 publisher ad server <strong>DFP and</strong> ad exchange <stron=
g>AdX,</strong> collectively referred to as Google Ad Manager (GAM). It see=
ms that the Commission is using every trick to postpone its own decision, s=
o that the US can lead any structural remedy for one of the largest US comp=
anies. On November 14, Google&nbsp;<a href=3D"[link removed]
ails/tracking/click-link/1_--2fQG1chG99pnjt2XGe2lE2EUkRKuDG20JIHdld0=3D/RfU=
OLWd_jXqVviaiDeKfvizsvKuBiT0iDLfrBLkRG_M=3D" style=3D"color: #0074d9; text-=
decoration: none; font-weight: inherit; padding: 0; text-align: left; line-=
height: 1.5;">proposed</a> to the Commission the measures it intends to imp=
lement to avoid the break-up.</p>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">In the meantime, and in classic Google fashion, Google has <a href=3D"=
[link removed]
e2lE2EUkRKuDG20JIHdld0=3D/RfUOLWd_jXqVviaiDeKfvj8IOX7QPxOpb8DEExdmRfE=3D" s=
tyle=3D"color: #0074d9; text-decoration: none; font-weight: inherit; paddin=
g: 0; text-align: left; line-height: 1.5;">reportedly</a> already started r=
olling out some changes <a href=3D"[link removed]
ng/click-link/1_--2fQG1chG99pnjt2XGe2lE2EUkRKuDG20JIHdld0=3D/RfUOLWd_jXqVvi=
aiDeKfvhBPwJ1ZB4mzZm8YB1kR6CA=3D" style=3D"color: #0074d9; text-decoration:=
none; font-weight: inherit; padding: 0; text-align: left; line-height: 1.5=
;">to its products,</a> to seemingly stave off less favorable outcomes.</p>=
=20
<figure class style=3D"margin: 0 0 1rem; Margin: 0 0 1re=
m;">
<!--[if mso]><center><![end-if]-->=20
<div class=3D"custom-insert-img align-center break-text=
-around-image" style=3D"margin: 12px auto important; float: none; max-width=
: 550px; text-align: center; margin-bottom: 12px; margin-top: 12px; Margin:=
12px auto;">
<img class=3D"align-center break-text-around-image" sr=
c=3D"[link removed]
ge%20(15).png" alt width=3D"600" align=3D"center" data-wrap-text-margin=3D"=
25" data-wrap-text=3D"Break text around image" style=3D"outline: none; text=
-decoration: none; -ms-interpolation-mode: bicubic; max-width: 100%; clear:=
both; display: block; margin: 0 auto; float: none; text-align: center; wid=
th: 100%; height: auto; Margin: 12px auto;">
</div> <!--[if mso]></center><![end-if]-->
</figure>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">Let=E2=80=99s be honest, though, divesting GAM's components (DFP/AdX) =
is only the beginning of dealing with Google=E2=80=99s power in online adve=
rtising and the online ecosystem in general. Even if GAM is divested, Googl=
e will continue to dominate the ad ecosystem. It=E2=80=99s no secret that G=
oogle increasingly prefers ad spend toward its own properties (Search, YouT=
ube) and downplays the importance of its network business. It is true that =
ad intermediation may be less profitable on paper, but control over interme=
diation means control over data and the market, and Google may use Chrome a=
nd Android in even more "creative" ways to exercise this control - ways tha=
t may be unexpected for adtech.</p>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">After receiving Google=E2=80=99s proposed changes, the Commission has =
sent <strong>Requests for Information (RFIs) to hundreds</strong> of stakeh=
olders to gather evidence on Google=E2=80=99s proposed remedies. While Brus=
sels may be waiting for the US court=E2=80=99s decision, it would not be su=
rprising if the EU pursued structural remedies regardless.</p>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">Early 2026 could bring a genuine showdown.</p>=20
<h2 class=3D"md-end-block md-p md-focus" style=3D"paddin=
g: 0; Margin: 0; word-wrap: normal; margin-bottom: 10px; Margin-bottom: 10p=
x; box-sizing: border-box; --tw-border-spacing-x: 0; --tw-border-spacing-y:=
0; --tw-translate-x: 0; --tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: =
0; --tw-skew-y: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-stric=
tness: proximity; --tw-ring-offset-width: 0px; --tw-ring-offset-color: #fff=
; --tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #000=
0; --tw-ring-shadow: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored=
: 0 0 #0000; line-height: inherit; margin: 0.8em 0px; white-space: pre-wrap=
; position: relative; caret-color: rgb(51, 51, 51); color: rgb(51, 51, 51);=
font-family: Georgia, serif; font-size: 16px; font-style: normal; font-var=
iant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: st=
art; text-indent: 0px; text-transform: none; word-spacing: 0px; -webkit-tex=
t-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration:=
none;"><span class=3D"md-plain md-expand" style=3D"box-sizing: border-box;=
--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-translate-x: 0; -=
-tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: 0; --tw-skew-y: 0; --tw-sc=
ale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-rin=
g-offset-width: 0px; --tw-ring-offset-color: #fff; --tw-ring-color: rgb(59 =
130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-shadow: 0 0 #=
0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored: 0 0 #0000; color: rgb(1,=
59, 92); font-size: 14pt;"><span class=3D"notion-enable-hover" data-token-=
index=3D"0"><span class=3D"discussion-id-238085ab-68c9-8015-b816-001c9194d4=
99 notion-enable-hover" data-token-index=3D"0">Signs that the Commission is=
not backing down </span></span></span></h2>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">The Commission=E2=80=99s tough stance on Google is also visible elsewh=
ere.</p>=20
<ul style=3D"list-style-position: inside; Margin: 0 0 10=
px 0; padding: 0 0 0 10px;">=20
<li style=3D"display: list-item; line-height: 1.5em; Ma=
rgin: 0; overflow-wrap: break-word; padding: 0; word-break: break-word; ove=
rflow-wrap: break-word; list-style: disc outside; mso-special-format: bulle=
t;">On November 12, it opened an <a href=3D"[link removed]
ls/tracking/click-link/1_--2fQG1chG99pnjt2XGe2lE2EUkRKuDG20JIHdld0=3D/RfUOL=
Wd_jXqVviaiDeKfvhWtfptjJQj1KIM0q8ZvzHg=3D" style=3D"color: #0074d9; text-de=
coration: none; font-weight: inherit; padding: 0; text-align: left; line-he=
ight: 1.5;"><strong>investigation</strong> under the Digital Markets Act (D=
MA)</a> examining whether Google=E2=80=99s =E2=80=9Csite reputation abuse=
=E2=80=9D policy unfairly demotes legitimate news publishers in Google Sear=
ch, and</li>=20
<li style=3D"display: list-item; line-height: 1.5em; Ma=
rgin: 0; overflow-wrap: break-word; padding: 0; word-break: break-word; ove=
rflow-wrap: break-word; list-style: disc outside; mso-special-format: bulle=
t;">On December 9, it opened another <a href=3D"[link removed]
emails/tracking/click-link/1_--2fQG1chG99pnjt2XGe2lE2EUkRKuDG20JIHdld0=3D/R=
fUOLWd_jXqVviaiDeKfvjjjC_B8-eMnZdig-FC0d5I=3D" style=3D"color: #0074d9; tex=
t-decoration: none; font-weight: inherit; padding: 0; text-align: left; lin=
e-height: 1.5;"><strong>Article 102 TFEU investigation</strong></a> into Go=
ogle=E2=80=99s use of <strong>AI Overviews and AI Mode</strong>, focusing o=
n whether publisher content is used without proper consent or compensation,=
as well as Google using the video content uploaded on YouTube for training=
its generative AI systems without appropriate permissions.</li>=20
</ul>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">As Executive Vice-President, and the EU competition chief, <strong>Ter=
esa Ribera</strong> put it, the goal of the Commission is to ensure that pu=
blishers are not =E2=80=9Closing out on important revenues at a particularl=
y difficult time for the industry.=E2=80=9D Ribera always sounds like the C=
ommission means business. Obviously, these signs do not necessarily point t=
o divestiture of GAM, but they indeed suggest that the Commission is still =
in the game.</p>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">The Digital Markets Act (DMA) is often mistakenly called a =E2=80=9Cco=
mpetition law=E2=80=9D instrument. Seeing the Commission launch two probes =
into Google=E2=80=99s practices, both directed to help online publishers, b=
ut using two different legal instruments, is probably entertaining only for=
the legal nerds, but the truth is the Commission demonstrated that these t=
ools can be used in tandem.</p>=20
<h2 class=3D"md-end-block md-p md-focus" style=3D"paddin=
g: 0; Margin: 0; word-wrap: normal; margin-bottom: 10px; Margin-bottom: 10p=
x; box-sizing: border-box; --tw-border-spacing-x: 0; --tw-border-spacing-y:=
0; --tw-translate-x: 0; --tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: =
0; --tw-skew-y: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-stric=
tness: proximity; --tw-ring-offset-width: 0px; --tw-ring-offset-color: #fff=
; --tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #000=
0; --tw-ring-shadow: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored=
: 0 0 #0000; line-height: inherit; margin: 0.8em 0px; white-space: pre-wrap=
; position: relative; caret-color: rgb(51, 51, 51); color: rgb(51, 51, 51);=
font-family: Georgia, serif; font-size: 16px; font-style: normal; font-var=
iant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: st=
art; text-indent: 0px; text-transform: none; word-spacing: 0px; -webkit-tex=
t-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration:=
none;"><span class=3D"md-plain md-expand" style=3D"box-sizing: border-box;=
--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-translate-x: 0; -=
-tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: 0; --tw-skew-y: 0; --tw-sc=
ale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-rin=
g-offset-width: 0px; --tw-ring-offset-color: #fff; --tw-ring-color: rgb(59 =
130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-shadow: 0 0 #=
0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored: 0 0 #0000; color: rgb(1,=
59, 92);"><span class=3D"notion-enable-hover" style=3D"font-size: 16pt;" d=
ata-token-index=3D"0"><span class=3D"notion-enable-hover" data-token-index=
=3D"0"><span class=3D"discussion-id-238085ab-68c9-8015-b816-001c9194d499 no=
tion-enable-hover" data-token-index=3D"0">Is the DMA getting its act togeth=
er? </span></span></span></span></h2>=20
<h2 class=3D"md-end-block md-p md-focus" style=3D"paddin=
g: 0; Margin: 0; word-wrap: normal; margin-bottom: 10px; Margin-bottom: 10p=
x; box-sizing: border-box; --tw-border-spacing-x: 0; --tw-border-spacing-y:=
0; --tw-translate-x: 0; --tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: =
0; --tw-skew-y: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-stric=
tness: proximity; --tw-ring-offset-width: 0px; --tw-ring-offset-color: #fff=
; --tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #000=
0; --tw-ring-shadow: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored=
: 0 0 #0000; line-height: inherit; margin: 0.8em 0px; white-space: pre-wrap=
; position: relative; caret-color: rgb(51, 51, 51); color: rgb(51, 51, 51);=
font-family: Georgia, serif; font-size: 16px; font-style: normal; font-var=
iant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: st=
art; text-indent: 0px; text-transform: none; word-spacing: 0px; -webkit-tex=
t-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration:=
none;"><span class=3D"md-plain md-expand" style=3D"box-sizing: border-box;=
--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-translate-x: 0; -=
-tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: 0; --tw-skew-y: 0; --tw-sc=
ale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-rin=
g-offset-width: 0px; --tw-ring-offset-color: #fff; --tw-ring-color: rgb(59 =
130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-shadow: 0 0 #=
0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored: 0 0 #0000; color: rgb(1,=
59, 92); font-size: 14pt;"><span class=3D"notion-enable-hover" data-token-=
index=3D"0"><span class=3D"discussion-id-238085ab-68c9-8015-b816-001c9194d4=
99 notion-enable-hover" data-token-index=3D"0">DMA and AI </span></span></s=
pan></h2>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">The DMA has received significant attention in 2025 and may steal the s=
how in 2026. Article 40 of the DMA establishes =E2=80=9Cthe High-Level Grou=
p=E2=80=9D (HLG), consisting not only of the relevant Commission divisions =
but also of the European personal data protection, consumer protection, com=
petition, electronic communications, and audiovisual media authorities. In =
essence, the HLG serves as a seed for an independent regulatory agency for =
the online environment. Currently, it has no authority to intervene in inve=
stigations and is limited to helping the Commission coordinate its actions =
and regulatory actions. Just before we closed 2025, HLG published <a href=
=3D"[link removed]
t2XGe2lE2EUkRKuDG20JIHdld0=3D/RfUOLWd_jXqVviaiDeKfvksFGMATkqY_Y8QG2YIys8s=
=3D" style=3D"color: #0074d9; text-decoration: none; font-weight: inherit; =
padding: 0; text-align: left; line-height: 1.5;">a small discussion paper</=
a> on AI and how it maps to the DMA.</p>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">The paper leaves many questions unanswered: Will OpenAI be designated =
as a Very Large Online Search Engine (VLOSE) under the Digital Services Act=
(DSA)? - a question that, as <a href=3D"[link removed]
tracking/click-link/1_--2fQG1chG99pnjt2XGe2lE2EUkRKuDG20JIHdld0=3D/RfUOLWd_=
jXqVviaiDeKfvvd_bupCLO8hUudcpDIoymg=3D" style=3D"color: #0074d9; text-decor=
ation: none; font-weight: inherit; padding: 0; text-align: left; line-heigh=
t: 1.5;">reported</a>, the Commission is currently actively considering. Wi=
ll the Commission create a new core platform service (CPS) under the DMA to=
capture conversational and agentic AI, or will these services be regarded =
as =E2=80=9Cvirtual assistants=E2=80=9D? One thing is clear: the EU enforce=
rs are closely watching AI.</p>=20
<h2 class=3D"md-end-block md-p md-focus" style=3D"paddin=
g: 0; Margin: 0; word-wrap: normal; margin-bottom: 10px; Margin-bottom: 10p=
x; box-sizing: border-box; --tw-border-spacing-x: 0; --tw-border-spacing-y:=
0; --tw-translate-x: 0; --tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: =
0; --tw-skew-y: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-stric=
tness: proximity; --tw-ring-offset-width: 0px; --tw-ring-offset-color: #fff=
; --tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #000=
0; --tw-ring-shadow: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored=
: 0 0 #0000; line-height: inherit; margin: 0.8em 0px; white-space: pre-wrap=
; position: relative; caret-color: rgb(51, 51, 51); color: rgb(51, 51, 51);=
font-family: Georgia, serif; font-size: 16px; font-style: normal; font-var=
iant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: st=
art; text-indent: 0px; text-transform: none; word-spacing: 0px; -webkit-tex=
t-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration:=
none;"><span class=3D"md-plain md-expand" style=3D"box-sizing: border-box;=
--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-translate-x: 0; -=
-tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: 0; --tw-skew-y: 0; --tw-sc=
ale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-rin=
g-offset-width: 0px; --tw-ring-offset-color: #fff; --tw-ring-color: rgb(59 =
130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-shadow: 0 0 #=
0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored: 0 0 #0000; color: rgb(1,=
59, 92); font-size: 14pt;"><span class=3D"notion-enable-hover" data-token-=
index=3D"0"><span class=3D"discussion-id-238085ab-68c9-8015-b816-001c9194d4=
99 notion-enable-hover" data-token-index=3D"0">Meta: Consent-Pay-Leave? </s=
pan></span></span></h2>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">On December 8, the Commission quietly dropped <a href=3D"[link removed]
eonemails.com/emails/tracking/click-link/1_--2fQG1chG99pnjt2XGe2lE2EUkRKuDG=
20JIHdld0=3D/RfUOLWd_jXqVviaiDeKfvqq1EjHlnLdSAdeXp44Xu5g=3D" style=3D"color=
: #0074d9; text-decoration: none; font-weight: inherit; padding: 0; text-al=
ign: left; line-height: 1.5;">another bombshell</a>.</p>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">Recall that in <strong>April 2025</strong>, <a href=3D"[link removed]
nemails.com/emails/tracking/click-link/1_--2fQG1chG99pnjt2XGe2lE2EUkRKuDG20=
JIHdld0=3D/RfUOLWd_jXqVviaiDeKfvh3sVrDqRgWG3NoRRsN5dBQ=3D" style=3D"color: =
#0074d9; text-decoration: none; font-weight: inherit; padding: 0; text-alig=
n: left; line-height: 1.5;">Meta was fined <strong>=E2=82=AC200 million</st=
rong></a> for violating the DMA with its initial consent-or-pay model (Marc=
h 2024=E2=80=93November 2025). The Commission explicitly did <em>not</em> a=
ssess the revised model introduced in November 2025=E2=80=94but said it wou=
ld continue investigating. Buried in the latest press release was a surpris=
e: <strong>Meta will introduce a third model in January 2026</strong>.</p>=
=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">That raises obvious questions:</p>=20
<ul style=3D"list-style-position: inside; Margin: 0 0 10=
px 0; padding: 0 0 0 10px;">=20
<li style=3D"display: list-item; line-height: 1.5em; Ma=
rgin: 0; overflow-wrap: break-word; padding: 0; word-break: break-word; ove=
rflow-wrap: break-word; list-style: disc outside; mso-special-format: bulle=
t;">Was the second model (Nov 2025=E2=80=93Jan 2026) also unlawful?=20
<ul style=3D"list-style-position: inside; Margin: 0 0 =
10px 0; padding: 0 0 0 10px;">=20
<li style=3D"display: list-item; line-height: 1.5em; =
Margin: 0; overflow-wrap: break-word; padding: 0; word-break: break-word; o=
verflow-wrap: break-word; list-style: disc outside; mso-special-format: bul=
let;">If so, where is the decision and a fine?</li>=20
</ul> </li>=20
<li style=3D"display: list-item; line-height: 1.5em; Ma=
rgin: 0; overflow-wrap: break-word; padding: 0; word-break: break-word; ove=
rflow-wrap: break-word; list-style: disc outside; mso-special-format: bulle=
t;">Has the Commission already assessed the legality of the third model?=20
<ul style=3D"list-style-position: inside; Margin: 0 0 =
10px 0; padding: 0 0 0 10px;">=20
<li style=3D"display: list-item; line-height: 1.5em; =
Margin: 0; overflow-wrap: break-word; padding: 0; word-break: break-word; o=
verflow-wrap: break-word; list-style: disc outside; mso-special-format: bul=
let;">Or are we about to repeat the same year-long cycle?</li>=20
</ul> </li>=20
</ul>=20
<h2 class=3D"md-end-block md-p md-focus" style=3D"paddin=
g: 0; Margin: 0; word-wrap: normal; margin-bottom: 10px; Margin-bottom: 10p=
x; box-sizing: border-box; --tw-border-spacing-x: 0; --tw-border-spacing-y:=
0; --tw-translate-x: 0; --tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: =
0; --tw-skew-y: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-stric=
tness: proximity; --tw-ring-offset-width: 0px; --tw-ring-offset-color: #fff=
; --tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #000=
0; --tw-ring-shadow: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored=
: 0 0 #0000; line-height: inherit; margin: 0.8em 0px; white-space: pre-wrap=
; position: relative; caret-color: rgb(51, 51, 51); color: rgb(51, 51, 51);=
font-family: Georgia, serif; font-size: 16px; font-style: normal; font-var=
iant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: st=
art; text-indent: 0px; text-transform: none; word-spacing: 0px; -webkit-tex=
t-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration:=
none;"><span class=3D"md-plain md-expand" style=3D"box-sizing: border-box;=
--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-translate-x: 0; -=
-tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: 0; --tw-skew-y: 0; --tw-sc=
ale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-rin=
g-offset-width: 0px; --tw-ring-offset-color: #fff; --tw-ring-color: rgb(59 =
130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-shadow: 0 0 #=
0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored: 0 0 #0000; color: rgb(1,=
59, 92);"><span class=3D"notion-enable-hover" style=3D"font-size: 16pt;" d=
ata-token-index=3D"0"><span class=3D"notion-enable-hover" data-token-index=
=3D"0"><span class=3D"discussion-id-238085ab-68c9-8015-b816-001c9194d499 no=
tion-enable-hover" data-token-index=3D"0">Due diligence for ads </span></sp=
an></span></span></h2>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">Finally, on December 2, the <strong>Grand Chamber of the Court of Just=
ice of the European Union (CJEU) issued a ruling in</strong> <a href=3D"htt=
ps://api.neonemails.com/emails/tracking/click-link/1_--2fQG1chG99pnjt2XGe2l=
E2EUkRKuDG20JIHdld0=3D/RfUOLWd_jXqVviaiDeKfvsTqtUz2XZpFrQ1GiJpcq_A=3D" styl=
e=3D"color: #0074d9; text-decoration: none; font-weight: inherit; padding: =
0; text-align: left; line-height: 1.5;">X v. Russmedia Digital SRL</a> (C-4=
92/23), signalling a significant shift for online platforms that monetise w=
ith ads. A Romanian company, Russmedia Digital SRL (=E2=80=9CRussmedia=E2=
=80=9D), operates an online marketplace at <a href=3D"[link removed]
s.com/emails/tracking/click-link/1_--2fQG1chG99pnjt2XGe2lE2EUkRKuDG20JIHdld=
0=3D/RfUOLWd_jXqVviaiDeKfvpmmY3ig6GG2NmbGgF8N8UA=3D" style=3D"color: #0074d=
9; text-decoration: none; font-weight: inherit; padding: 0; text-align: lef=
t; line-height: 1.5;">[link removed]</a> that allows users to list t=
heir classified offers for free or for a fee. In 2018, an anonymous user po=
sted an advertisement falsely representing a woman as offering sexual servi=
ces, including her photos and telephone numbers, without her prior consent.=
</p>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">The woman in question initiated proceedings against Russmedia for brea=
ches of her image rights and of her right to data protection. Since the 200=
2 <a href=3D"[link removed]
1chG99pnjt2XGe2lE2EUkRKuDG20JIHdld0=3D/RfUOLWd_jXqVviaiDeKfvhryI_GWAfqAuqXv=
Gt9Vdq4=3D" style=3D"color: #0074d9; text-decoration: none; font-weight: in=
herit; padding: 0; text-align: left; line-height: 1.5;">eCommerce Directive=
</a> (now superseded mainly by the DSA), platforms in the EU, as elsewhere =
in the world, have enjoyed immunity from intermediary liability. The lower =
courts were split between applying this immunity and holding the platform l=
iable under the GDPR. The court of appeal referred the case to the CJEU for=
guidance, which held that an online platform is <strong>a data controller =
for personal data included in an advertisement published on its website</st=
rong>, even if such an ad is designed and placed by a user. In other words,=
even though the marketplace did not <em>create</em> the content, it <em>pu=
blished</em> and <em>monetised</em> it for its own purposes, thereby exerti=
ng decisive influence over the processing.</p>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">The CJEU made clear that in such contexts (and this is important!) mar=
ketplaces <em>cannot</em> avoid their GDPR obligations by relying on the li=
ability exemptions under the eCommerce Directive. This has several implicat=
ions:</p>=20
<ul style=3D"list-style-position: inside; Margin: 0 0 10=
px 0; padding: 0 0 0 10px;">=20
<li style=3D"display: list-item; line-height: 1.5em; Ma=
rgin: 0; overflow-wrap: break-word; padding: 0; word-break: break-word; ove=
rflow-wrap: break-word; list-style: disc outside; mso-special-format: bulle=
t;">A platform and an advertiser qualify as <strong>joint controllers</stro=
ng> when an ad is published, thus responsible to have legal basis for proce=
ssing any personal data in the ad.</li>=20
<li style=3D"display: list-item; line-height: 1.5em; Ma=
rgin: 0; overflow-wrap: break-word; padding: 0; word-break: break-word; ove=
rflow-wrap: break-word; list-style: disc outside; mso-special-format: bulle=
t;">A platform as a controller must adopt <strong>appropriate measures</str=
ong> to make sure sensitive data is not published without compliance with t=
he GDPR (which is likely to mean scanning the ads).</li>=20
<li style=3D"display: list-item; line-height: 1.5em; Ma=
rgin: 0; overflow-wrap: break-word; padding: 0; word-break: break-word; ove=
rflow-wrap: break-word; list-style: disc outside; mso-special-format: bulle=
t;">A platform must <strong>verify the identity</strong> of an advertiser b=
efore publishing an ad (e.g. because joint controllers must know each other=
=E2=80=99s identities, controller must disclose identity to data subject, e=
tc.)</li>=20
<li style=3D"display: list-item; line-height: 1.5em; Ma=
rgin: 0; overflow-wrap: break-word; padding: 0; word-break: break-word; ove=
rflow-wrap: break-word; list-style: disc outside; mso-special-format: bulle=
t;">A platform must implement <strong>security measures</strong>, to ensure=
that ads containing personal data are not copied and unlawfully published =
on other websites. Before Russmedia took down the ad from its platform, the=
content had been scraped and proliferated across the internet. The court d=
oes not prescribe exactly what security measures are necessary to prevent s=
uch scraping, but it certainly raises the bar for online platforms.</li>=20
</ul>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">This judgment signals a significant shift from <em>passive hosting</em=
> toward <em>active responsibility</em> for platforms that publish or monet=
ise user-generated ads containing personal data, especially sensitive data.=
One very important caveat here is that the CJEU discusses a specific conte=
xt: an online platform placing and delivering ads on its website for its ow=
n benefit, thereby increasing the platform=E2=80=99s responsibility. There =
is no ground for interpreting the CJEU as requiring a general monitoring ob=
ligation for content shared by <strong>end-users</strong> in other contexts=
, as this was never discussed in the case.</p>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">To some extent, the decision encourages a common-sense approach: when =
a platform delivers ads, it must verify the advertiser's identity. While in=
this case the CJEU mandates such verification to ensure that any personal =
data contained in the ad relates to the end-user who chose to advertise, si=
milar measures can be applied to all ad placements, whether the ad includes=
personal data or not, and include any adtech intermediary involved.</p>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">Indeed, Check My Ads has <a href=3D"[link removed]
tracking/click-link/1_--2fQG1chG99pnjt2XGe2lE2EUkRKuDG20JIHdld0=3D/RfUOLWd_=
jXqVviaiDeKfvj4aHh8tgjK_PYEHByZ2Q4M=3D" style=3D"color: #0074d9; text-decor=
ation: none; font-weight: inherit; padding: 0; text-align: left; line-heigh=
t: 1.5;">long advocated</a> for Know-Your-Customer rules that would require=
adtech firms to perform baseline due diligence on the business users that =
buy <em>and</em> sell ads using their platforms. This would reduce the risk=
of unlawful dissemination of personal data, reduce the ad dollars flowing =
to spam and scams, redistribute value to publishers and advertisers, , and =
ultimately proactively create a safer, more fair online world for users. wh=
ich To that end, by requiring proactive authentication of identity before p=
urchase of ads, and creating a joint responsibility for advertisers and pla=
tforms over the content of their ads, this decision is an encouraging step =
in the right direction.</p>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">&nbsp;</p>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">Cheers!</p>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;"><a title=3D"Dr. Lex Zard" href=3D"[link removed]
acking/click-link/1_--2fQG1chG99pnjt2XGe2lE2EUkRKuDG20JIHdld0=3D/RfUOLWd_jX=
qVviaiDeKfvlD7cJ3X6_fkdEsR8g9jmNA=3D" target=3D"_blank" rel=3D"noopener" st=
yle=3D"color: #0074d9; text-decoration: none; font-weight: inherit; padding=
: 0; text-align: left; line-height: 1.5;">Dr. Lex Zard</a>, Director of Pol=
icy<img class=3D"break-text-around-image" src=3D"[link removed]
ncrm.com/neon/resource/checkmyads/images/Lex-Zard-signature.png" alt=3D"Lex=
-Zard-signature.png" width=3D"202" height=3D"150" align=3D"center" data-wra=
p-text-margin=3D"25" data-wrap-text=3D"Break text around image" style=3D"ou=
tline: none; text-decoration: none; -ms-interpolation-mode: bicubic; max-wi=
dth: 100%; clear: both; display: block; float: none; text-align: center; he=
ight: auto;"></p>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;"><span class=3D"EOP SCXW211069502 BCX0" data-ccp-props=3D"{&quot;134233=
117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot=
;335559739&quot;:240}"><!-- notionvc: ee29e85e-221c-4937-8d38-c8e5dc12430f =
--></span></p>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;">&nbsp;</p>=20
<p style=3D"color: #3c4144; font-family: Open Sans,sans-=
serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left=
; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10=
px;"><span class=3D"EOP SCXW211069502 BCX0" data-ccp-props=3D"{&quot;134233=
117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot=
;335559739&quot;:240}"><!-- notionvc: eeadfe92-8415-4273-9a06-f590b8e9c597 =
--></span></p>=20
</div>=20
</div>=20
</div>=20
</div> <p style=3D"color: #3c4144; font-family: Open Sans,sa=
ns-serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: l=
eft; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom:=
10px;"><!-- notionvc: 0c21e5fa-a1bd-4e00-81b4-12219797ca8e --></p> <p clas=
s=3D"md-end-block md-p md-focus" style=3D"padding: 0; Margin: 0; margin-bot=
tom: 10px; Margin-bottom: 10px; box-sizing: border-box; --tw-border-spacing=
-x: 0; --tw-border-spacing-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; =
--tw-rotate: 0; --tw-skew-x: 0; --tw-skew-y: 0; --tw-scale-x: 1; --tw-scale=
-y: 1; --tw-scroll-snap-strictness: proximity; --tw-ring-offset-width: 0px;=
--tw-ring-offset-color: #fff; --tw-ring-color: rgb(59 130 246 / 0.5); --tw=
-ring-offset-shadow: 0 0 #0000; --tw-ring-shadow: 0 0 #0000; --tw-shadow: 0=
0 #0000; --tw-shadow-colored: 0 0 #0000; line-height: inherit; orphans: 4;=
margin: 0.8em 0px; white-space: pre-wrap; position: relative; caret-color:=
rgb(51, 51, 51); color: rgb(51, 51, 51); font-family: 'Open Sans', 'Clear =
Sans', 'Helvetica Neue', Helvetica, Arial, 'Segoe UI Emoji', sans-serif; fo=
nt-size: 16px; font-style: normal; font-variant-caps: normal; font-weight: =
400; letter-spacing: normal; text-align: start; text-indent: 0px; text-tran=
sform: none; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-=
color: rgb(255, 255, 255); text-decoration: none;"><!-- notionvc: b7d0aa3c-=
a5b2-4fb1-b9c2-dd45476f9c31 --></p></th>=20
</tr>=20
</tbody>
</table>=20
<table class=3D"row content-row-blockpadding" style=3D"border-sp=
acing: 0; border-collapse: collapse; vertical-align: top; text-align: left;=
padding: 0; position: relative; width: 100%; display: table; margin: 0; Ma=
rgin: 0; background-color: #ffffff; font-family: Open Sans,sans-serif;">=20
<tbody>
<tr style=3D"padding: 0; vertical-align: top; text-align: left=
; background-color: #ffffff;">=20
<th class=3D"columns small-12 large-12 first last divider" st=
yle=3D"vertical-align: top; color: #3c4144; font-family: Open Sans,sans-ser=
if; font-weight: 400; padding: 0; text-align: left; font-size: 12pt; line-h=
eight: 1.5; margin: 0 auto; Margin: 0 auto; word-break: break-word; overflo=
w-wrap: break-word; width: 564px; padding-left: 24px; padding-right: 24px; =
border-collapse: collapse; padding-bottom: 0; padding-top: 0;">
<div>
<!--[if mso]><center><![end-if]-->=20
<div class=3D"titan__email-divider" style=3D"mso-line-heigh=
t-rule: exactly; line-height: 1pt; height: 1px; border-top-width: 1px; bord=
er-top-style: solid; border-top-color: #013B5C; margin-top: 18px; margin-bo=
ttom: 18px;" data-color=3D"#013B5C" data-thicknessnum=3D"1" data-dividersty=
le=3D"solid" data-topnum=3D"18" data-bottomnum=3D"18" data-height=3D"1" dat=
a-lineheight=3D"1">
&nbsp;
</div> <!--[if mso]></center><![end-if]-->
</div></th>=20
</tr>=20
</tbody>
</table>=20
<table class=3D"row content-row-blockpadding" style=3D"border-sp=
acing: 0; border-collapse: collapse; vertical-align: top; text-align: left;=
padding: 0; position: relative; width: 100%; display: table; margin: 0; Ma=
rgin: 0; background-color: #ffffff; font-family: Open Sans,sans-serif;">=20
<tbody>
<tr style=3D"padding: 0; vertical-align: top; text-align: left=
; background-color: #ffffff;">=20
<th class=3D"columns small-12 large-12 first last default" st=
yle=3D"vertical-align: top; color: #3c4144; font-family: Open Sans,sans-ser=
if; font-weight: 400; padding: 0; text-align: left; font-size: 12pt; line-h=
eight: 1.5; margin: 0 auto; Margin: 0 auto; word-break: break-word; overflo=
w-wrap: break-word; width: 564px; padding-left: 24px; padding-right: 24px; =
border-collapse: collapse; padding-top: 9px; padding-bottom: 9px;"><p class=
=3D"align-center" style=3D"font-weight: 400; Margin: 0; margin-bottom: 10px=
; Margin-bottom: 10px; background: #ffffff; padding: 10px 10px 20px; font-f=
amily: Georgia, serif; font-size: 22pt; line-height: 24pt; color: #fe483a; =
max-width: 480px; text-align: center; margin: auto;">Fund the work</p>=20
<table class=3D"button expanded email-button mceNonEditable"=
style=3D"border-spacing: 0; border-collapse: collapse; padding: 0; vertica=
l-align: top; text-align: left; Margin: 0; width: 100%; max-width: 480px; m=
argin: 0px auto;">=20
<tbody>=20
<tr style=3D"padding: 0; vertical-align: top; text-align: =
left;">=20
<td style=3D"word-break: normal; overflow-wrap: break-wor=
d; vertical-align: top; color: #3c4144; font-family: Open Sans,sans-serif; =
font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left; font-=
size: 12pt; line-height: 1.5; border-collapse: collapse;">=20
<table class=3D"mceNonEditable" style=3D"border-spacing:=
0; border-collapse: collapse; padding: 0; vertical-align: top; text-align:=
left; max-width: 100%; width: 100%;">=20
<tbody>=20
<tr style=3D"padding: 0; vertical-align: top; text-ali=
gn: left;">=20
<td style=3D"word-break: normal; overflow-wrap: break=
-word; vertical-align: top; font-family: Open Sans,sans-serif; padding: 0; =
margin: 0; Margin: 0; background-color: #fe483a; color: #ffffff; border-col=
lapse: collapse; font-size: 18px; font-weight: 400; line-height: 28px; text=
-align: center; border: 0 solid #fe483a;">
<center style=3D"width: 100%; min-width: 100%;">
<a class=3D"titan__email-button mceEditable" style=
=3D"box-sizing: border-box; font-family: Open Sans,sans-serif; text-decorat=
ion: none; display: inline-block; width: 100%; padding-left: 0; padding-rig=
ht: 0; border-radius: 0; color: #ffffff; line-height: 28px; text-align: cen=
ter; border: 0 solid #fe483a; font-weight: bold; padding: 20px 0px 20px; fo=
nt-size: 16pt;" title=3D"DONATE" draggable=3D"false" href=3D"[link removed]
onemails.com/emails/tracking/click-link/1_--2fQG1chG99pnjt2XGe2lE2EUkRKuDG2=
0JIHdld0=3D/RfUOLWd_jXqVviaiDeKfvsMZ2TRNn3FSPuPQgnToFh0=3D" target=3D"_blan=
k" rel=3D"noopener" data-bgcolor=3D"#fe483a" data-bordercolor=3D"#282968" d=
ata-textcolor=3D"#FFFFFF" data-url=3D"[link removed]" da=
ta-text=3D"DONATE" data-borderradius=3D"0">DONATE</a>
</center></td>=20
</tr>=20
</tbody>=20
</table> </td>=20
</tr>=20
</tbody>=20
</table> <p style=3D"color: #3c4144; font-family: Open Sans,=
sans-serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align:=
left; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-botto=
m: 10px;">&nbsp;</p></th>=20
</tr>=20
</tbody>
</table>=20
<table class=3D"row content-row-blockpadding" style=3D"border-sp=
acing: 0; border-collapse: collapse; vertical-align: top; text-align: left;=
padding: 0; position: relative; width: 100%; display: table; margin: 0; Ma=
rgin: 0; background-color: #ffffff; font-family: Open Sans,sans-serif;">=20
<tbody>
<tr style=3D"padding: 0; vertical-align: top; text-align: left=
; background-color: #ffffff;">=20
<th class=3D"columns small-12 large-12 first last divider" st=
yle=3D"vertical-align: top; color: #3c4144; font-family: Open Sans,sans-ser=
if; font-weight: 400; padding: 0; text-align: left; font-size: 12pt; line-h=
eight: 1.5; margin: 0 auto; Margin: 0 auto; word-break: break-word; overflo=
w-wrap: break-word; width: 564px; padding-left: 24px; padding-right: 24px; =
border-collapse: collapse; padding-bottom: 0; padding-top: 0;">
<div>
<!--[if mso]><center><![end-if]-->=20
<div class=3D"titan__email-divider" style=3D"mso-line-heigh=
t-rule: exactly; line-height: 1pt; height: 1px; border-top-width: 1px; bord=
er-top-style: solid; border-top-color: #013B5C; margin-top: 18px; margin-bo=
ttom: 18px;" data-color=3D"#013B5C" data-thicknessnum=3D"1" data-dividersty=
le=3D"solid" data-topnum=3D"18" data-bottomnum=3D"18" data-height=3D"1" dat=
a-lineheight=3D"1">
&nbsp;
</div> <!--[if mso]></center><![end-if]-->
</div></th>=20
</tr>=20
</tbody>
</table>=20
<table class=3D"row content-row-blockpadding" style=3D"border-sp=
acing: 0; border-collapse: collapse; vertical-align: top; text-align: left;=
padding: 0; position: relative; width: 100%; display: table; margin: 0; Ma=
rgin: 0; background-color: #ffffff; font-family: Open Sans,sans-serif;">=20
<tbody>
<tr style=3D"padding: 0; vertical-align: top; text-align: left=
; background-color: #FFFFFF;">=20
<th class=3D"columns large-6 small-12 first " style=3D"vertic=
al-align: top; color: #3c4144; font-family: Open Sans,sans-serif; font-weig=
ht: 400; padding: 0; text-align: left; font-size: 12pt; line-height: 1.5; m=
argin: 0 auto; Margin: 0 auto; word-break: break-word; overflow-wrap: break=
-word; width: 274px; padding-left: 24px; padding-right: 8px; border-collaps=
e: collapse; padding-top: 9px; padding-bottom: 9px;"><p style=3D"color: #3c=
4144; font-family: Open Sans,sans-serif; font-weight: 400; padding: 0; marg=
in: 0; Margin: 0; text-align: left; font-size: 12pt; line-height: 1.5; marg=
in-bottom: 10px; Margin-bottom: 10px;"><span style=3D"font-family: arial, h=
elvetica, sans-serif; color: rgb(1, 59, 92); font-size: 10pt; line-height: =
14pt !important;">Check My Ads Institute is a non-profit 501(c)3 organizati=
on. <br>=E2=80=A8Tax ID/EIN: 87-1895699</span></p></th>=20
<th class=3D"columns large-6 small-12 last default" style=3D"=
vertical-align: top; color: #3c4144; font-family: Open Sans,sans-serif; fon=
t-weight: 400; padding: 0; text-align: left; font-size: 12pt; line-height: =
1.5; margin: 0 auto; Margin: 0 auto; word-break: break-word; overflow-wrap:=
break-word; width: 274px; padding-right: 24px; padding-left: 8px; border-c=
ollapse: collapse; padding-top: 9px; padding-bottom: 9px;"><p style=3D"colo=
r: #3c4144; font-family: Open Sans,sans-serif; font-weight: 400; padding: 0=
; margin: 0; Margin: 0; text-align: left; font-size: 12pt; line-height: 1.5=
; margin-bottom: 10px; Margin-bottom: 10px;"><span style=3D"font-family: ar=
ial, helvetica, sans-serif; color: rgb(1, 59, 92); font-size: 10pt; line-he=
ight: 14pt !important;">Have any questions or comments? =E2=80=A8Reach out =
to us at [email protected]</span></p></th>=20
</tr>=20
</tbody>
</table>=20
<table class=3D"row end-row-footer" style=3D"border-spacing: 0; =
border-collapse: collapse; vertical-align: top; text-align: left; padding: =
0; position: relative; width: 100%; display: table; margin: 0; Margin: 0; b=
ackground-color: #FFFFFF; font-family: Open Sans,sans-serif;">=20
<tbody>
<tr style=3D"padding: 0; vertical-align: top; text-align: left=
;">=20
<th class=3D"columns large-6 small-12 first right" style=3D"v=
ertical-align: top; color: #3c4144; font-family: Open Sans,sans-serif; font=
-weight: 400; padding: 0; text-align: left; font-size: 12pt; line-height: 1=
.5; margin: 0 auto; Margin: 0 auto; word-break: break-word; overflow-wrap: =
break-word; width: 274px; padding-left: 24px; padding-right: 8px; border-co=
llapse: collapse; padding-top: 9px; padding-bottom: 24px;">
<table class=3D"editor-table align-left" style=3D"border-spa=
cing: 0; border-collapse: collapse; padding: 0; vertical-align: top; max-wi=
dth: 100%; margin-left: 0; margin-right: auto; width: 100%; border: 0px rgb=
(255, 255, 255); text-align: left;" border=3D"1">
<colgroup>
<col style=3D"width: 16.791%;">
<col style=3D"width: 16.791%;">
<col style=3D"width: 16.791%;">
<col style=3D"width: 16.791%;">
<col style=3D"width: 16.791%;">
<col style=3D"width: 16.791%;">
</colgroup>=20
<tbody>=20
<tr style=3D"padding: 0; vertical-align: top; text-align: =
left;">=20
<td style=3D"word-break: normal; overflow-wrap: break-wor=
d; vertical-align: top; color: #3c4144; font-family: Open Sans,sans-serif; =
font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left; font-=
size: 12pt; line-height: 1.5; border-width: 0px; border-color: rgb(255, 255=
, 255); border-collapse: collapse;">=20
<figure class style=3D"margin: 0 0 1rem; Margin: 0 0 1re=
m;">=20
<div class=3D"custom-insert-img align-left break-text-a=
round-image" style=3D"float: none; max-width: 35px; text-align: left; margi=
n-bottom: 12px; margin-top: 12px; margin: 12px auto 12px 0;">
<a href=3D"[link removed]
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If you're having trouble viewing this email, you can see it online, [link removed].
Hi friends,



As 2025 comes to an end, fundamental changes are underway in the European online advertising landscape. In the US, while the likelihood of divestiture in the US v. Google (adtech) remedies trial is uncertain, the industry scrambles to make the most of the AI "revolution" (aka AI bubble). The market sees both opportunity and fear, especially as OpenAI moves closer to the advertising market and clamours to steal the throne held by Google for years.

Meanwhile, the European policy landscape is experiencing its own tectonic shifts. Whether Europe ends up with a transparent, fair, and accountable online advertising ecosystem, or doubles down on surveillance-driven, opaque, and unaccountable markets, remains an open question. There are too many moving parts.

To help make sense of it all, we’re sending out our first policy newsletter to round up the most important developments in Europe, and what they may mean for the future of adtech.
The Digital Omnibus: how not to walk on the tightrope

The most debated development this autumn has been the Digital Omnibus Regulation (”Omnibus”), proposed by the European Commission on 19 November 2025. The Omnibus is a direct outgrowth of the Draghi report on European competitiveness, which bluntly argued that the EU must reduce regulatory friction if it wants to remain economically relevant—without abandoning its values or fundamental rights. That balance was always going to be difficult. The Omnibus is the Commission’s attempt to walk that tightrope in the context of digital regulation and online advertising.
The Digital Omnibus: Nothing personal - adtech business as usual

One particularly sensitive proposal concerns the definition of personal data—specifically, whether it should be understood as relative rather than absolute. The Commission appears to rely on the reasoning of the Court of Justice of the European Union (CJEU) in SRB v EDPS (T-557/20), where the Court clarified that information may qualify as personal data for some actors but not for others, depending on the realistic means of identification available to them. This ruling was long anticipated in adtech circles. Large platforms and smaller adtech intermediaries alike, especially those embracing Privacy-Enhancing Technologies (PETs), have increasingly lobbied that pseudonymised data in many adtech contexts should fall outside the GDPR altogether. If the EU embraces this argument without a detailed technical analysis and impact assessment, it will be giving the green light to large-scale commercial surveillance, as described by Cracked Labs, which is impossible for European consumers to comprehend but would never formally “trigger” data protection law.

To be clear: we are not arguing that personal data must always be interpreted absolutely. But changing how the GDPR’s core concepts operate—especially those on which entire business models depend—cannot responsibly be done without a serious impact assessment. There are real questions about the extent to which pseudonymization is fundamentally compatible with adtech use cases, particularly where a central promise (and architecture) of programmatic advertising is to enable one-to-one “addressability” across third-party websites. The EDPB’s draft guidance on pseudonymisation already shows how subtle these distinctions are. The EDPB has collected the public consultation in March 2025, and the final version of pseudonimisation guidance is expected early next year. Shortcutting that debate risks legal uncertainty and real harm to individuals and healthy advertising markets.
Quick fix to "cookie fatigue"

Everyone in Europe—except perhaps Consent Management Platforms (CMPs)—is tired of cookie banners: consumers, publishers, adtech, civil society, and regulators. While many in the industry frame this as a regulatory failure, in essence, the current proliferation of consent banners is nothing short of malicious compliance. The Commission seems keen to fix the cookie fatigue, but whether Omnibus is the right fix is another question. To simplify this complex attempt at simplification, the Omnibus addresses cookie fatigue by:

Mandating browser-level central opt-out signals, inspired by “Global Privacy Control (GPC).

Carving out an exemption from the Article 5(3) ePrivacy Directive requirements, and not requiring consent for certain personal data processing activities, such as for first-party analytics.

While the frustration is understandable, execution is not. The proposal was fast-tracked: four weeks of consultation, no impact assessment, and sweeping changes to the foundations of online monetisation. This is precisely how not to walk the tightrope. A Taoist saying, “Those who rush ahead, do not go far,” fits perfectly here. The civil society backlash was swift and compelling enough that the Commission has now opened post-proposal consultations until February 9 (for now, the deadline is crawling). This will feed into the legislative processes in Parliament and the Council, which are currently ongoing. The position of Check My Ads is clear: unless this iteration is substantively revised and certain provisions are blocked, it risks becoming an act of regulatory self-sabotage: complicating the legal environment while undermining the very values it claims to protect.

We support the initiative to end consent fatigue once and for all and to establish fair online monetisation practices, but we acknowledge that no quick fix can achieve this. Instead, this requires an impact assessment and stakeholder consultations. Interestingly, the Commission also announced the Digital Fitness Check or Part II of Simplification, seeking feedback until March 11, on how to better streamline the digital rulebook. The discussions about adapting core rules of the GDPR and ePrivacy Directive should be postponed until then. When it comes to certain exceptions for data processing activities, such as for first-party analytics, it is critical that purpose limitation is strictly applied, and ideally tracking and processing for such purposes are standardised, and their monitoring is mandated, but this requires moonshot thinking, not a quick fix.
Google versus Europe

When it comes to online advertising, Google is almost always the elephant in every room. While Google is waging war for dominance on many fronts, pressure on the company is increasing in Europe, specifically in the EU. As Alan Chapell rightly argues, Google is the master of spinning regulators on the flywheel, and a reasonable bet is that it will emerge victorious in the EU too. Still, some signals, discussed below, suggest that Google may actually be in trouble in Europe.
Privacy Sandbox: Will Google awaken Zombies?

Speaking of Google's proclivity for unilateral preemptive changes, one striking omission in the Omnibus debate is Google’s strategic position.

As currently framed in Article 88b(6) GDPR, a legally mandated global opt-out signal is likely to be interpreted—de facto—as a user choice to disable cross-context, third-party cookie (3PC)-based tracking. This is likely to have a similar effect to the adtech industry as Apple App Tracking Transparency (ATT), when a majority of end-users see the prompt refused tracking. That matters because Google has spent years running circles around regulators with its Privacy Sandbox: browser-embedded advertising and measurement APIs (Topics, Protected Audiences, Aggregated Reporting) that can effectively entrench Chrome and Android into advertising intermediaries.

Google was unable to convince the UK Competition and Markets Authority that these APIs would not result in anticompetitive effects. Google’s later decision not to deprecate 3PCs raises an uncomfortable question: was this really about maintaining competitiveness of the adtech market, or about waiting for regulators to ban the old system themselves?

If browsers are now legally required to manage global opt-out signals, what exactly prevents Google from re-activating browser-based ad APIs, or deploying new AI-driven mechanisms, to entrench its dominance—this time with regulatory blessing? Now that Chrome divestiture hasn't been ordered as part of Google's search antitrust remedies in the US, and isn't on the table in adtech remedies discussions in either the US or EU, there is little comfort that this type of self-preferential data strategy would be curbed.
Calm before the Google Adtech remedies in Europe

All of this unfolds against the backdrop of the expected Commission’s decision on the behavioural and structural remedies for Google's abuse of its monopoly in the ad tech market. The Commission has already fined Google €2.95 billion for this, but, like the US court, is considering the divestiture of Google’s sell-side bundled ad tech stack— publisher ad server DFP and ad exchange AdX, collectively referred to as Google Ad Manager (GAM). It seems that the Commission is using every trick to postpone its own decision, so that the US can lead any structural remedy for one of the largest US companies. On November 14, Google proposed to the Commission the measures it intends to implement to avoid the break-up.

In the meantime, and in classic Google fashion, Google has reportedly already started rolling out some changes to its products, to seemingly stave off less favorable outcomes.







Let’s be honest, though, divesting GAM's components (DFP/AdX) is only the beginning of dealing with Google’s power in online advertising and the online ecosystem in general. Even if GAM is divested, Google will continue to dominate the ad ecosystem. It’s no secret that Google increasingly prefers ad spend toward its own properties (Search, YouTube) and downplays the importance of its network business. It is true that ad intermediation may be less profitable on paper, but control over intermediation means control over data and the market, and Google may use Chrome and Android in even more "creative" ways to exercise this control - ways that may be unexpected for adtech.

After receiving Google’s proposed changes, the Commission has sent Requests for Information (RFIs) to hundreds of stakeholders to gather evidence on Google’s proposed remedies. While Brussels may be waiting for the US court’s decision, it would not be surprising if the EU pursued structural remedies regardless.

Early 2026 could bring a genuine showdown.
Signs that the Commission is not backing down

The Commission’s tough stance on Google is also visible elsewhere.

On November 12, it opened an investigation under the Digital Markets Act (DMA) examining whether Google’s “site reputation abuse” policy unfairly demotes legitimate news publishers in Google Search, and

On December 9, it opened another Article 102 TFEU investigation into Google’s use of AI Overviews and AI Mode, focusing on whether publisher content is used without proper consent or compensation, as well as Google using the video content uploaded on YouTube for training its generative AI systems without appropriate permissions.

As Executive Vice-President, and the EU competition chief, Teresa Ribera put it, the goal of the Commission is to ensure that publishers are not “losing out on important revenues at a particularly difficult time for the industry.” Ribera always sounds like the Commission means business. Obviously, these signs do not necessarily point to divestiture of GAM, but they indeed suggest that the Commission is still in the game.

The Digital Markets Act (DMA) is often mistakenly called a “competition law” instrument. Seeing the Commission launch two probes into Google’s practices, both directed to help online publishers, but using two different legal instruments, is probably entertaining only for the legal nerds, but the truth is the Commission demonstrated that these tools can be used in tandem.
Is the DMA getting its act together?
DMA and AI

The DMA has received significant attention in 2025 and may steal the show in 2026. Article 40 of the DMA establishes “the High-Level Group” (HLG), consisting not only of the relevant Commission divisions but also of the European personal data protection, consumer protection, competition, electronic communications, and audiovisual media authorities. In essence, the HLG serves as a seed for an independent regulatory agency for the online environment. Currently, it has no authority to intervene in investigations and is limited to helping the Commission coordinate its actions and regulatory actions. Just before we closed 2025, HLG published a small discussion paper on AI and how it maps to the DMA.

The paper leaves many questions unanswered: Will OpenAI be designated as a Very Large Online Search Engine (VLOSE) under the Digital Services Act (DSA)? - a question that, as reported, the Commission is currently actively considering. Will the Commission create a new core platform service (CPS) under the DMA to capture conversational and agentic AI, or will these services be regarded as “virtual assistants”? One thing is clear: the EU enforcers are closely watching AI.
Meta: Consent-Pay-Leave?

On December 8, the Commission quietly dropped another bombshell.

Recall that in April 2025, Meta was fined €200 million for violating the DMA with its initial consent-or-pay model (March 2024–November 2025). The Commission explicitly did not assess the revised model introduced in November 2025—but said it would continue investigating. Buried in the latest press release was a surprise: Meta will introduce a third model in January 2026.

That raises obvious questions:

Was the second model (Nov 2025–Jan 2026) also unlawful?

If so, where is the decision and a fine?

Has the Commission already assessed the legality of the third model?

Or are we about to repeat the same year-long cycle?
Due diligence for ads

Finally, on December 2, the Grand Chamber of the Court of Justice of the European Union (CJEU) issued a ruling in X v. Russmedia Digital SRL (C-492/23), signalling a significant shift for online platforms that monetise with ads. A Romanian company, Russmedia Digital SRL (“Russmedia”), operates an online marketplace at [link removed] that allows users to list their classified offers for free or for a fee. In 2018, an anonymous user posted an advertisement falsely representing a woman as offering sexual services, including her photos and telephone numbers, without her prior consent.

The woman in question initiated proceedings against Russmedia for breaches of her image rights and of her right to data protection. Since the 2002 eCommerce Directive (now superseded mainly by the DSA), platforms in the EU, as elsewhere in the world, have enjoyed immunity from intermediary liability. The lower courts were split between applying this immunity and holding the platform liable under the GDPR. The court of appeal referred the case to the CJEU for guidance, which held that an online platform is a data controller for personal data included in an advertisement published on its website, even if such an ad is designed and placed by a user. In other words, even though the marketplace did not create the content, it published and monetised it for its own purposes, thereby exerting decisive influence over the processing.

The CJEU made clear that in such contexts (and this is important!) marketplaces cannot avoid their GDPR obligations by relying on the liability exemptions under the eCommerce Directive. This has several implications:

A platform and an advertiser qualify as joint controllers when an ad is published, thus responsible to have legal basis for processing any personal data in the ad.

A platform as a controller must adopt appropriate measures to make sure sensitive data is not published without compliance with the GDPR (which is likely to mean scanning the ads).

A platform must verify the identity of an advertiser before publishing an ad (e.g. because joint controllers must know each other’s identities, controller must disclose identity to data subject, etc.)

A platform must implement security measures, to ensure that ads containing personal data are not copied and unlawfully published on other websites. Before Russmedia took down the ad from its platform, the content had been scraped and proliferated across the internet. The court does not prescribe exactly what security measures are necessary to prevent such scraping, but it certainly raises the bar for online platforms.

This judgment signals a significant shift from passive hosting toward active responsibility for platforms that publish or monetise user-generated ads containing personal data, especially sensitive data. One very important caveat here is that the CJEU discusses a specific context: an online platform placing and delivering ads on its website for its own benefit, thereby increasing the platform’s responsibility. There is no ground for interpreting the CJEU as requiring a general monitoring obligation for content shared by end-users in other contexts, as this was never discussed in the case.

To some extent, the decision encourages a common-sense approach: when a platform delivers ads, it must verify the advertiser's identity. While in this case the CJEU mandates such verification to ensure that any personal data contained in the ad relates to the end-user who chose to advertise, similar measures can be applied to all ad placements, whether the ad includes personal data or not, and include any adtech intermediary involved.

Indeed, Check My Ads has long advocated for Know-Your-Customer rules that would require adtech firms to perform baseline due diligence on the business users that buy and sell ads using their platforms. This would reduce the risk of unlawful dissemination of personal data, reduce the ad dollars flowing to spam and scams, redistribute value to publishers and advertisers, , and ultimately proactively create a safer, more fair online world for users. which To that end, by requiring proactive authentication of identity before purchase of ads, and creating a joint responsibility for advertisers and platforms over the content of their ads, this decision is an encouraging step in the right direction.



Cheers!

Dr. Lex Zard, Director of Policy

















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