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Digital Markets, Competition and Consumers Act 2024 consultation on turnover and control regulations
30 July 2024
Type
Written Ministerial Statement
Department
Department for Business and Trade
TAGS
At a Glance
Issue Summary
The Department for Business and Trade has published a consultation on determining turnover and control regulations under the Digital Markets, Competition and Consumers Act 2024.
Action Requested
The Government invites views on technical provisions to be made in secondary legislation over six weeks. The response will address how turnover is calculated for designated firms and penalties under various regimes.
Key Facts
- Department for Business and Trade published a consultation entitled ‘DMCCA 2024: consultation on turnover and control regulations’.
- Consultation period is six weeks long.
- Competition and Markets Authority (CMA) will designate firms with Strategic Market Status based on turnover.
- CMA can issue monetary penalties up to 10% of global turnover for non-compliance under DMCC Act regimes.
- Details include activities included in turnover calculation, relevant period, trigger event, and financial institutions' turnover.
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Assessment & feedback
Summary accuracy