On the evening of March 31, Beijing time, according to reports, European Union Antitrust Commissioner Margrethe Vestager said today that EU regulatorsAntitrust laws will be updatedto improve its efficiency.
The antitrust law Vestager is referring to, Regulation 1/2003, came into effect in 2004 and targets companies that abuse their market position. Under the regulation, the European Commission has already fined companies such as Google, Apple, Amazon, Meta, Microsoft and Intel billions of euros.
Regulation 1/2003 also allows the European Commission to crack down on auto parts manufacturers’ antitrust practices, bank manipulation of financial benchmarks, and other illegal price manipulation, putting the European Commission at the forefront of antitrust enforcement.
Vestager said today that the European Commission wants to continue to maintain its leading position in this regard. “I am announcing today that over the next few months we will be reassessing Regulation 1/2003,” she said.
“It’s important that we listen to stakeholders about what works well and where there is room for more effective procedures and enforcement tools,” Vestager said.Making Regulation 1/2003 truly fit for the digital age. “
Vestager said the updated rules would be more actionable and useful to businesses. Changes to the rules are understood to involve requests to send information to companies, raids on offices, oral hearings where companies seek to defend their cases, and a 10 percent cap on fines for violations.
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