Shopify agrees to beef up client safety amid EU scrutiny (TSX:SHOP:CA)

The European Fee introduced on Friday that Shopify (NYSE:SHOP) has agreed to enhance client protections after being notified of great complaints. EU authorities stated complaints peaked through the pandemic.

The brand new insurance policies embrace clarifying steering to merchants on the relevant EU client legislation, sooner notification of EU authorities in regard to breaches of EU laws, and the design of phrases and situation, GDPR and privateness, and refund coverage templates for internet retailers to make the most of. Moreover, Shopify (SHOP) agreed to take down internet retailers discovered to be in breach of EU legislation by promoting counterfeit items, failing to ship merchandise, strain promoting, and extra. EU authorities will cooperate with the Canadian Competitors Bureau for sellers primarily based outdoors the EU.

“Virtually 75% of web customers within the EU are purchasing on-line. This can be a big marketplace for scammers and rogue merchants to use, and they’ll proceed to take action except we act,” EU Commissioner for Justice, Didier Reynders stated. “We welcome Shopify’s dedication to make sure that merchants working on its platform are conscious of their duties beneath EU legislation, and are taken down in the event that they break the principles.”

Shopify (SHOP) shares slid about 1% in premarket buying and selling on Friday.

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