LI Network
Published on: November 10, 2023 at 11:25 IST
The antitrust regulator in the United Kingdom is set to acquire enhanced legal authority aimed at tailoring regulations specifically for major tech giants, including Meta, Alphabet, and Amazon.
The primary objective of this initiative is to ensure that these tech companies treat both businesses and consumers in a fair and equitable manner, as outlined in the King’s Speech, which delineates the government’s top priorities.
More than two years ago, the Competition and Markets Authority (CMA) established a dedicated Digital Markets Unit, equipped with the necessary expertise to scrutinize rapidly evolving sectors, such as the dynamic realm of social media.
The proposed legislation, titled “Digital Markets, Competition, and Consumers,” originally scheduled for implementation in 2022, is designed to empower this unit with the necessary legal framework to fulfill its mandate effectively.
Under this new regulatory framework, a select group of prominent tech companies with designated status will be obligated to adhere to these regulations.
The government has articulated that these companies could face fines of up to 10% of their global turnover for any violations, as specified in the recently announced bill.
This move signifies a significant step towards ensuring a level playing field in the digital marketplace and fostering fair competition among tech giants.