The European Commission is revamping the rules that combat cartels and monopolism.
In the coming months, the European Commission (EC) will present a new version of Regulation 1/2003. Commissioner Margrethe Vestager shared the news at the CRA Conference.
Regulation 1/2003 is an important set of antitrust rules. The European Commission and national market authorities use the rules to limit organizations, ultimately enforcing a fair market.
Regulation 1/2003 costs billions
The rules went into force in 2004. The introduction came at a cost to big tech. Apple, Google, Amazon, Meta, Microsoft and Intel paid billions in fines as a result of Regulation 1/2003.
Meanwhile, the rules are roughly twenty years old. High time for renewal, says Margrethe Vestager. The European Commission is adjusting the rules to ensure they’re “ready for the digital century.”
What will change?
Details are scarce at this point. Organizations are expected to face new obligations when dealing with information requests from market authorities. Furthermore, there’s talk of changes to the regulation of dawn raids, which involve unannounced raids by market authorities.
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