UK to bring forward new law to implement digital market reforms

LONDON – The British government said on Friday it plans to bring forward legislation to implement reforms on competition in digital markets when parliamentary time allows.

Among other proposals, the government said it would introduce new requirements for firms with ‘Strategic Market Status’ (SMS) in digital markets to report merger transactions to the competition watchdog, the CMA, before the deal goes through.

According to the government, the digital markets unit within the CMA will have to conclude that a firm has substantial market power in at least one activity to designate it with the Strategic Market Status.