The UK government has published a series of proposals to shake up the UK's competition law regime.
The proposals relate to the establishment of the Digital Markets Unit (“DMU”), a regulatory body with expertise in digital markets recommended by the CMA following its market study into online platforms and digital advertising.
Under the proposals, the DMU will be able to suspend, block, and reverse decisions by tech giants, and issue fines of up to 10% of an undertaking's turnover for serious breaches.
The DMU will also be able to impose codes of conduct on those entities designated by the DMU to hold “Strategic Market Status”, meaning such businesses will be subject to tailored rules to address potential issues arising from their market position.
The DCMS press release can be found here.
The government is consulting on its proposals, requesting views from stakeholders, with a deadline of 1 October 2021 for response.
The consultation can be found here.
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