The UK government has introduced the Digital Markets, Competition and Consumers (DMCC) Bill to promote competition and innovation in digital markets. The bill aims to ensure fair treatment of consumers and businesses by the largest tech firms and establish new tools to address competition issues in digital markets. Take a look at the new legislation's text here.
The DMCC Bill will empower the Competition and Markets Authority (CMA) within the Digital Markets Unit (DMU) to designate a number of firms with significant control over strategically important activities as having "strategic market status." Designated firms will be will be given strict rules to operate under and could face fines of up to 10% of their global turnover if they breach the regime. Additionally, the legislation will enhance the competition regime, enabling the CMA to focus on areas of greatest potential harm and deliver a level playing field for businesses.According to the UK Government, the new legislation is expected to drive innovation, grow the economy, and deliver better outcomes for consumers in digital markets. With the DMCC Bill, the UK government is taking steps to ensure that competition remains fair and effective and that tech firms are held accountable for their actions in the digital marketplace. The bill is expected to become law next year.