According to TapTechNews on May 29, the Digital Markets, Competition and Consumers Bill, known as the British version of the Digital Markets Act, was approved by King Charles III of the UK last Friday and is expected to come into effect officially in the second half of this year.
The Digital Markets, Competition and Consumers Bill in the UK will strengthen the supervision of large technology companies at multiple levels, increase competition in the digital market, and protect the rights and interests of consumers.
The bill will define companies that have a strong and deeply entrenched market power in the UK and have a global annual turnover of more than £25 billion (TapTechNews note: currently about 231.5 billion yuan) or an annual turnover in the UK of more than £1 billion (currently about 9.26 billion yuan) as having a strategic market position.
The UK CMA will set tailor-made regulatory provisions for companies that have a strategic market position in the UK to regulate the business behavior of these companies, and these companies also have the obligation to report to the CMA any merger and acquisition transactions that will have a significant impact on the UK market.
The CMA has the right to impose a high fine of up to 10% of the global total revenue on companies that have a strategic market position.
In terms of consumer rights protection, the bill requires companies to provide clearer information before consumers sign subscription contracts, remind consumers in advance that free or low-cost trials are about to end, and simplify the subscription contract exit process.
At the same time, the Digital Markets, Competition and Consumers Bill also prohibits false reviews and gives the CMA the power to closely monitor changes in transportation fuel prices.