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The Fintech Times
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CMA Outlines Digital Markets Competition Regime Plans, Aims and Challenges
- Introduced to protect consumers, promote competition, and regulate digital markets, the DMCC Bill gives the CMA tools to stop technology businesses with strategic power from misusing their position to disadvantage competitors and consumers.
- Only the largest firms (such as Google and Apple) are subject to the Act.
- The CMA revealed plans to launch Strategic Market Status (SMS) designation investigations in relation to two separate areas of digital activities in January – with a third to begin in around six months.
- These investigations will not only establish whether a firm should be designated with SMS but also help the CMA consider and consult on potential conduct requirements to help introduce an initial set of requirements.
- The CMA's announcement rounded out its expectations for activity throughout the first six months of the regime.
- The regulator's representatives also explained how it was reconsidering its approach to mergers and acquisitions.
- Hayter also explained that the CMA is looking to maximise economic growth, competition and innovation by ensuring that it listens to smaller organisations during enquiries and cater to different types of audiences.
- The CMA also faces challenges in recruiting tech expertise.
- However, while recognising this fact, the CMA remains confident that its own offer is compelling.
- Hayter admitted that it is not impervious to approaches from the private sector.
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