Andrea Coscelli calls for new digital markets regulatory regime
Andrea Coscelli, CEO of the CMA, has spoken today at New York鈥檚 Fordham University about the need for digital reform and the latest thinking on a new regulatory regime.
In a keynote speech at the university鈥檚 Competition Law Institute, Dr Coscelli focuses on:
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皇冠体育app vital role competition must play in all markets, including digital ones, as part of the global economic recovery from the coronavirus (COVID-19) pandemic.
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Developments since the Competition and Market Authority鈥檚 (CMA) market study into online platforms and digital advertising, including its current thinking on how a new regulatory regime could be pro-competitive. Dr Coscelli describes the need for a regime that is faster than traditional economic regulation and more open and collaborative in working with industry to find solutions that foster innovation, while meeting regulatory objectives. He also outlines current thinking on a possible parallel merger regime for acquisitions by companies with substantial market power.
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A call to competition authorities across the world to work with each other to share knowledge and expertise, intelligence and, where possible, to tackle challenges in digital markets together. He explains that it is in everyone鈥檚 interest to try and achieve some coherence and consistency in approaches to prevent a fragmented regulatory landscape.
This speech follows the final report from the CMA鈥檚 digital advertising market study in which it found that the significant market power of some online platforms poses an existential threat to competition in digital markets.
皇冠体育app key recommendation was that a new regulatory regime is required to聽ensure聽digital markets continue to deliver benefits to consumers, businesses and the聽economy as a whole and that聽within the new regime a 鈥楧igital Markets Unit鈥� should be established with the ability to enforce a code of conduct. This is to ensure that the likes of Google and Facebook do not engage in exploitative or exclusionary practices, or practices likely to reduce trust and transparency.
Dr Coscelli鈥檚 speech can be read in full here.
皇冠体育app CMA-led Digital Markets Taskforce is due to deliver its advice to Government on the new regulatory regime in December.