Friday, May 6, 2022

UK New Law For Digital Market Reforms

The British Government said it plans to bring forward Legislation, to implement Reforms, on Competition in Digital Markets, when Parliamentary time allows.

Among other Proposals, the Government said it would introduce New requirements for firms with 'Strategic Market Status' (SMS), in Digital Markets to report Merger transactions to the Competition watchdog, the CMA, before the Deal goes through.

According to the Government, the Digital Markets unit within the CMA, will have to conclude that a Firm has substantial Market Power in at least One Activity to designate it with the Strategic Market Status.

The British Government's newly created Digital Markets Unit (DMU) will be given Powers to designate Tech firms that hold "substantial and entrenched market power" with SMS, which will require them to follow a New Code of Conduct aimed at boosting Competition in the sector.

The DMU, which sits within the CMA, was launched back in April, and has been set up to tackle the Dominance of Online platforms that hold considerable Market power.

The New Regime, will become part of a wider Regulatory Framework for Digital Markets, including the New regime for Harmful Online content, and Data Protection Laws.

NYC Wins When Everyone Can Vote! Michael H. Drucker

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