The UK could subject big tech companies to hefty fines if they don’t comply with new rules meant to promote competition in digital markets. On Thursday, lawmakers passed the Digital Markets, Competition and Consumer Bill through Parliament, which will let regulators enforce rules without the help of the courts.
The CMA can fine companies up to 10 percent of the total value of a business’s global revenue for violating the new rules. If all this sounds familiar, it’s because the European Union enacted a similar law, called the Digital Markets Act . The legislation issues sweeping requirements for companies deemed digital “gatekeepers,” such as Apple, Google, Meta, and Amazon. However, unlike the DMA, the DMCC offers a more tailored approach to the requirements that each SMS firm will have to meet.