UK antitrust regulator to take on Big Tech with new legal power
Reuters
Published Nov 07, 2023 07:31AM ET
Updated Nov 07, 2023 04:18PM ET
LONDON (Reuters) - Britain's antitrust regulator will gain legal powers to tailor rules for big tech companies, such as Meta (NASDAQ:META), Alphabet (NASDAQ:GOOGL) and Amazon (NASDAQ:AMZN), to ensure they treat businesses and consumers fairly, according to the King's Speech setting out the government's priorities.
The Competition and Markets Authority (CMA) set up a dedicated Digital Markets Unit more than two years ago, armed with the expertise to examine rapidly evolving markets like social media.
The proposed "Digital Markets, Competition and Consumers" law, whose powers were originally intended to come into force in 2022, will give the unit the "teeth" to underpin its remit.
A small group of big tech companies with designated status will have to comply with the rules, the government said.
They could be fined up to 10% of global turnover for breaches under the proposed bill announced on Tuesday.
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Written By: Reuters
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