The UK has passed a bill that's the country's version of the European Union's Digital Markets Act . Legislators fast-tracked theonce it receives Royal Assent, is to “regulate and increase competition in digital markets.” It will come into force later this year.
The bill is broadly similar to the DMA, which led to the EU designating several large tech companies' services and products as"gatekeepers" and imposing stricter rules on them. The DMCC grants the Digital Markets Unit , a division of the Competition and Markets Authority, the authority to label companies with “substantial and entrenched market power” and “a position of strategic significance” as having Strategic Market Status .
The DMCC also has implications for things like subscriptions, junk fees, fake reviews, ticket resales, mergers, antitrust and consumer protection. For the first time, the CMA will have the power to impose a hefty fine if it determines a company has violated a consumer law — and it won't have to go through courts to do so.