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Can big tech be regulated like big banks?

30.03.2021

With the recent developments around the Australian government's news media bargaining code, Google, Amazon, Facebook, and Apple are on the watch list of regulators across the globe.

According the the UK's competition regulator Andrea Coscelli, the power of the technology giants could be controlled similar to the way financial institutions are kept in check.

“The largest international banks are supervised according to different requirements in different jurisdictions but with a strong shared objective (in this case, financial stability) and close regulatory co-operation, this can be made to work. Likewise, so too can our approach to the largest digital firms.”1

Apart from the regulatory benefit, this kind of supervision can also drive competition. “We now know enough, for instance, to make a compelling case that a new regulatory framework for the most powerful platforms is required to promote competition in a number of digital markets.”2

The Sydney Morning Herald reports more extensively on the Coscelli's speech delivered at the annual Bannerman Competition lecture in a recent technology article. Read it here.

Regulate
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(c) 2021, Sydney Morning Herald