Digital markets potentially face new regulation to deliver greater competition and innovation for the use of data, while protecting consumers’ rights. Social networks, search engines and eCommerce sites are just some of the digital platforms that will likely be most affected by these new potential Digital Markets Regulations. However, companies that act as market “gatekeepers” in the life sciences, pharmaceuticals and automotive sectors may also be impacted.
These anticipated new regulations will complement existing antitrust, data protection and electronic communications laws to further protect consumers, and ultimately ensure digital markets players act responsibly and are accountable.
Key issues that regulators around the globe are looking to address with new ex ante regulations include:
- Economic dependency on a few companies who play a “gatekeeper” role in the market, through exclusive use of valuable data
- Interoperability of data systems
- Data mobility and portability
- Transparency and fairness in customer contracts.
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- Defending or bringing actions before regulatory agencies and courts