UK regulators have new powers to regulate big tech companies, reports



Britain’s antitrust watchdog, the Competition and Markets Authority (CMA), will be given new legal powers to set specific rules for big tech companies. The move is aimed at ensuring businesses and consumers are treated fairly, as set out in the Government’s key objectives set out in the King’s Speech.

The CMA established a dedicated digital markets unit more than two years ago, equipped with the necessary expertise to scrutinize fast-growing industries such as social media. The proposed new Digital Markets, Competition and Consumer Act will provide the unit with the powers it needs to carry out its responsibilities. The law was initially expected to be implemented in 2022.

The law would apply to a group of large tech companies that have been designated a specific status. As the government has stated, these companies will be required to comply with the new rules. Companies that violate these regulations could face penalties of up to 10% of their global turnover.

Prominent tech companies such as Meta (NASDAQ: META ), Alphabet (NASDAQ: GOOGL ) and Amazon (NASDAQ: ) could be affected by these new regulations. The proposed legislation will enable regulators to develop rules based on the unique nature and challenges of digital markets, ensuring a level playing field for all stakeholders.

The move is part of a wider effort by the British government to regulate digital markets and curb the dominance of big tech companies. The initiative will ensure these companies operate within the law and respect the rights of consumers and businesses. The proposed legislation would provide the CMA with the regulatory “teeth” it needs to maintain its mandate and ensure fair competition in digital markets.

Reuters contributed to this article.

This article was created and translated with the help of artificial intelligence and reviewed by an editor. For more information, please see our terms and conditions.


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