- By Steve Smith
- December 23, 2021
The UK regulatory authority is gearing up to take on powerful tech giants like Google and Facebook with a new regulatory body the Digital Markets Unit. UK regulator to tackle the dominance of Facebook, Google, and Amazon.
UK regulatory authority: A new UK regulator aiming to curb the dominance of big 3 tech companies/tech giant has started work in the UK.
The Digital Markets Unit (DMU) will first look to create new codes of conduct for big 3 tech companies such as Facebook, Google, Amazon and their relationship with content creators and social advertisers.
The new unit will be based inside the Competition and Markets Authority.
The new regime will be “unashamedly pro-competition”, said the UK business secretary.
UK regulator: The Digital Market Unit (DMU) first job will be to think about codes of conduct to govern the relationships between the tech firms and their users, whether that is small businesses wanting to advertise or news organizations looking to distribute their journalism.
Between them, Facebook, Google, and Amazon control the lion’s share of digital advertising revenue.
Before taking action, the new UK regulatory authority will have to wait for such codes to be put these big 3 tech companies into law.
Digital Secretary Oliver Dowden said: “Today is a major milestone on the path to creating the world’s most competitive online markets, with consumers, entrepreneurs, and content publishers at their heart.”
Business Secretary Kwasi Kwarteng said the pro-competition regime would “help curb the dominance of the tech giants”.
Andrea Coscelli, chief executive of the CMA, added: “People shopping on the internet and sharing information online should be able to enjoy the choice, secure data, and fair prices that come with a dynamic and competitive industry.”
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