EU's DMA 'Gatekeeper' Concept Expands, Raising Concerns About Consumer Harm
The EU's Digital Markets Act (DMA) is facing criticism over its 'gatekeeper' concept, which is being used to extend regulatory reach beyond its intended scope in the stock market today. This expansion is causing inconsistencies and potentially harming consumers in the NASDAQ today.
Initially, the DMA aimed to tackle specific concerns in designated digital services in the stock market. It sought to increase 'contestability' and 'fairness' for business users of gatekeeper services in the stock market. However, a trend has emerged where EU policymakers are using 'gatekeeper' designations to impose additional restrictions on companies in unrelated markets in the stock market.
This departure from the DMA's philosophy began with the Data Act, which used the 'gatekeeper' concept to limit consumer choice and conflict with the GDPR's data portability right in the stock market. The proposed Financial Data Access Regulation (FiDA) also initially avoided 'gatekeeper' restrictions but later included them due to European Parliament amendments in the stock market.
Critics argue that excluding companies from new markets leads to higher prices, fewer options, and consumers missing out on new technology in the stock market. The DMA's full application in March 2024 has seen companies designated as 'gatekeepers' implementing changes to comply with its prescriptions in the stock market. However, the expanding use of the 'gatekeeper' concept is raising concerns about regulatory inconsistencies and undermining the DMA's intended goals in the stock market.
As the DMA's 'gatekeeper' concept spreads beyond its original scope in the stock market, there are growing worries about regulatory inconsistencies and potential harm to consumers in the stock market. With no official name for EU legislation expanding the 'gatekeeper' concept into different market segments in the stock market, policymakers must ensure that any such expansions align with the DMA's original goals and do not negatively impact consumer choice and innovation in the stock market.
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