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Read more informationUK: CMAs new advice for implementation of pro- competition regime in digital markets
The Digital Markets Taskforce has issued an advice led by the Competition and Markets Authority for the implementation of a new pro-competition regime for digital markets. It aims to proactively ensure that businesses and consumers are treated in a fair manner further making sure that the activities of tech giants are regulated.
The basic aim is to regulate tech giants that have a strategic market status, which basically includes those companies that have a significant status in the market with the ability to effect market behavior. A Digital Markets Unit (DMU) is proposed to be set up to ensure that these tech giants comply with the provisions of the regulations.
The main objectives of the regulatory regime as proposed by the CMA are as follows;
This new regime shall be integrated into a wide framework of rules for digital markets, this includes regulations related to data protection, online content etc. The UK Government shall conduct a consultation of the proposals of the CMA by early 2021 and further pass legislations regarding the integration of the DMU in accordance with the statute. The CMA has further urged the government to expedite the process of implementing said legislation in order to create a pro-competition and pro-innovation regime for the benefit of all.