Mega-Tech companies like Facebook, Amazon, Google, etc., operate all across the globe just like in the UK. Since these companies are headquartered in the US, it becomes difficult to penalize these tech companies for misbehavior.
The UK’s CMA (Competition and Market Authority) is looking forward to creating new specific and new rules that cater to individual firms and it wants to penalize companies that disobey. We think it is safe to assume that the UK is still not over its superiority complex.
According to Andrea Coscelli, CMA chief, the county needs a new approach and powers. He said that the country needs an advanced administrative system that can empower developers to flourish while making a quick move to forestall issues.
Some portion of the arrangement includes making a Digital Markets Unit that will make the new standards – just as going about as a guard dog to watch over the Mega-Tech companies.
Also, the expectation is that this unit will have the option to fine the Mega-Tech firms to 10% of their worldwide turnover for neglecting to consent. Rules would be identified with anti-competitive behavior, which is a typical charge against the greatest US Mega-Tech firms.
These biggest US tech firms turn more than a huge number of dollars a year, so a 10% fine would be a hefty obstacle. It’s assumed and expected that this new unit will begin working in April.
In any case, it will be generally innocuous except if MPs vote to excellent the body powers, which could require years.
Facebook boss and founder Mark Zuckerberg has extended alerts and warnings to the UK related to this matter.
The Bureau of Investigative Journalism as of late got Freedom of Information demand minutes for a 2018 gathering between Mark Zuckerberg and Secretary of State Matt Hancock who was the secretary at that time.
He additionally took steps to pull some Facebook investment from the UK.
Zuckerberg cautioned that Britain was a “self-evident” decision for the venture, yet that Facebook was “considering looking somewhere else”.
After the gathering, Facebook proceeded to rent a huge office space in London’s King’s Cross.
In an assertion this week, Facebook stated: “Facebook has since quite a while ago said we need new guidelines to set elevated expectations across the web.
Indeed a year ago Mark Zuckerberg approached governments to build up new standards around harmful substance, protection, information compactness, and political decision honesty.
The UK is Facebook’s biggest designing center point outside of the US and simply this year they made 1,000 new jobs in the nation.