U.K. Unveils New Rules to Prevent Tech Giants from Unfairly Dominating Digital Markets
• U.K. Competition and Markets Authority outlines plans for new digital markets competition regime to prevent large tech companies from unfairly dominating • Aims to help tech challengers bring forward innovations, create great new products for consumers • Rules will apply to firms with Strategic Market Status - substantial and entrenched market power in a digital activity linked to the UK • CMA expects to evaluate 3-4 companies for Strategic Market Status within a year of new regime taking effect • If companies found to be abusing position, CMA can impose requirements around supporting competitors' products, providing access to data/functionality, trading fairly, etc.