Britain’s top antitrust regulator proposed Friday (Oct. 9) that the country contemplate creating a new regulatory unit whose approval would be required before any dominant technology company could make an acquisition in the country.
Andrea Coscelli, chief executive of the Competition and Markets Authority (CMA), noted in a 3,000-word speech delivered digitally from London to a virtual Fordham University event that a year-long examination already established that Google and Facebook have enormous advertising-market power in England.
But even proposed remedies already being considered, such as increasing government watchdog powers over the companies, may not be enough, he said in his virtual keynote speech to the Fordham Competition Law Institute conference. “We are also considering a third pillar which would form part of the new (pro-competition) regime — a parallel merger regime for acquisitions by companies with Strategic Market Status. We are considering whether