The FTC's mandate also limits the CEO's oversight Mark Zuckerberg on privacy and privacy issues security, with Facebook's demand to set up a new personal data protection committee with its independent members Board of Directors which can not be released without a resolution of two thirds of the shareholders. Zuckerberg and designated compliance officers must submit to the FTC compliance reports.
In addition, a third-party tester will monitor Facebook's course.
The committee approved the settlement with votes 3-2, with disagreeing commissioners pursuing tougher action against Zuckerberg.
The settlement succeeded more than the FTC could achieve by going to court.
It is worth noting that Facebook admitted that it broke a previous agreement on privacy.
Zuckerberg, through a post on Facebook, said the settlement would lead to "Some major structural changes in the way this company manufactures products and manages them."
Of course, the changes may take longer to bring new features to Facebook, Instagram and WhatApp.
He stressed that it is the responsibility of the company to protect the privacy of citizens. "We are already working hard to meet this responsibility, but now we are going to set a whole new standard for our industry", he said.
This settlement completes a two-year investigation by the FTC, which triggered its scandal Cambridge Analytica of 2018.
Earlier this week, FTC, the Consumer Financial Protection Bureau and 50 states reached an agreement with the reporting company Equifax on complaints that he did not apply adequate security measures to prevent mass infringing data. Equifax has to pay at least 575 million dollars.
Previously, the highest FTC fines were in Google, which paid 22,5 million dollars to 2012 and Upromise, which paid 500.000 dollars 2017.