Heads of major competition authorities worldwide emphasized the need for ex-ante regulation to govern the monopolistic practices of big tech platforms.
On the 5th, the Korea Fair Trade Commission held the "12th Seoul International Competition Forum" at the Mayfield Hotel in Seoul.
At this meeting, a wide range of topics were discussed, including ▲ competition law regulation measures in digital markets (ex-ante/ex-post regulation), ▲ effective corporate merger review methods in the modern economy, and ▲ regulation measures for platforms' self-preferencing practices.
Olivier Gerstenmeyer, Director-General of the EU Competition Directorate, explained that existing competition laws have limitations in regulating economic concentration and information asymmetry on platforms, so the Digital Markets Act (DMA) was enacted to designate regulated entities in advance and impose specific conduct and prohibition obligations.
Konrad Oest, Deputy President of the German Federal Cartel Office, explained that Germany also amended existing competition laws by designating operators with dominance in multi-sided markets and applying tailored prohibitions such as banning self-preferencing, in order to enhance the efficiency of competition law enforcement on digital platforms. Gina Cass-Gottlieb, Chair of the Australian Competition and Consumer Commission, stated that Australia is also pursuing similar legislative measures.
Han Ki-jung, Chairman of the Korea Fair Trade Commission, said in his opening remarks, "Whether it is appropriate to introduce ex-ante regulation as a preventive measure in response to the tremendous influence of online platforms today, or to improve enforcement methods by detecting violations and regulating them ex-post, remains an ongoing issue that requires the attention and discussion of all of us."
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