February 26, 2024
UK to Set Huge Fines for Tech Companies That Violate Antitrust Regulations

UK to Set Huge Fines for Tech Companies That Violate Antitrust Regulations

Posted May 6, 2022 at 2:35pm by iClarified · 3023 views
The UK is planning to provide its new Digital Markets Unit (DMU) with powers to levy huge fines on companies that do not abide by new competition rules, reports the BBC. The Digital Markets Unit was been established within the UK's Competition & Markets Authority to "begin work to operationalise the future pro-competition regime for digital markets".

In order to clamp down on "predatory practices," the DMU will be able to fine companies up to 10% of global turnover. Additionally, the Department for Digital, Culture, Media and Sport (DCMS) says tech firms could face penalties of 5% of daily global turnover for each day an offence continues.

The UK's new regulator has decided to focus the minds of these firms with eye-watering fines for not allowing fair competition - 10% global turnover and an extra 5% per day if the offence continues. That is mega money - even for companies worth trillions of dollars. It's enough to get their attention.

"Senior managers will face civil penalties if their firms fail to engage properly with requests for information," the government said.

However, the power to levy these penalties will need to come from legislation. The government has not provided a specific date when that legislation will arrive, only saying that it will be introduced "in due course".

“Technology has revolutionised the way thousands of UK firms do business - helping them reach new customers and putting a range of instant online services at people’s fingertips,” said digital minister, Chris Philp. “But the dominance of a few tech giants is crowding out competition and stifling innovation.

“We want to level the playing field and we are arming this new tech regulator with a range of powers to generate lower prices, better choice and more control for consumers while backing content creators, innovators and publishers, including in our vital news industry.”

Apple is facing antitrust legislation from around the world. Most notable is the Digital Markets Act which the EU says will enter into force next spring. Please download the iClarified app or follow iClarified on Twitter, Facebook, YouTube, and RSS for updates.

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UK to Set Huge Fines for Tech Companies That Violate Antitrust Regulations
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