ISTANBUL

Japan on Wednesday enacted a new law to restrict tech giants Apple Inc. and Google LLC from monoploizing operating applications.

The new law prohibits the tech giants from “limiting third-party companies from selling and operating apps on their platforms,” Tokyo-based Kyodo News reported.

It will promote competition and disallow Apple and Google from “giving priority to their own services in internet search results.”

Any violation by the tech companies will invite them penalties.

The law will take effect by the end of next year and the companies are required to submit compliance reports.​​​​​​​