Brazil Suggests Reform to Tighten Antitrust Regulation for Big Techs 5v616o Technology News

The government mentions practices such as exclusivity agreements, "killer acquisitions," and self-preferencing. 4n3r5t

By Reuters | Updated: 11 October 2024 13:21 IST

Brazil Suggests Reform to Tighten Antitrust Regulation for Big Techs

Photo Credit: Unsplash/ Ramon Buçard 3b2xq

Brazil's Economic Reforms Secretary predicts action on the matter to be taken by 2024 end

Highlights

Brazil's Finance Ministry is mulling these policy reforms
New requirements would include pre-merger notifications
Our goal is not to hinder innovation, the government has said

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Brazil's government on Thursday recommended a reform to its competition law that would allow antitrust authority CADE to designate certain digital platforms as systemically relevant, subjecting them to new obligations if necessary.

Why Its Important a5n2s

Brazil's Finance Ministry says that local legislation needs to be equipped with more tools to address a new reality where big tech firms, due to their size and market power, inhibit competition.

The government mentions practices such as exclusivity agreements, "killer acquisitions," and self-preferencing, where a company's own products, or services, appear first in internet searches.

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Details 35n4e

New requirements would include pre-merger notifications, transparency rules for end-s and businesses regarding commercially relevant information on service and product usage and offerings, and a mandate to disclose changes in of service or conditions.

Additional Backgrounds 2743k

The government said that the proposed legislative change is a middle ground between the US and the European Union (EU) models for regulating large tech platforms, drawing inspiration from practices adopted in Japan, the United Kingdom and .

What's Next 3n1pd

For the changes to take effect, the government must decide whether to submit the recommendations as a new bill to Congress or introduce a substitute text that could be incorporated into an existing legislative proposal already under consideration.

Elon Musk's X Gets Approval to Resume Service in Brazil

Key Quotes 6r1w53

"What we are proposing here is very reasonable and balanced," Economic Reforms Secretary Marcos Pinto told a press conference, adding he predicts action on the matter to be taken by the end of this year.

"Our goal is not to hinder innovation, impose unnecessary costs or create bureaucracy where it's not needed. What we want is to uphold a fundamental value in the economy, which is competition."

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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