EU's 'Gatekeeper' Concept Criticized for Limiting Competition Across Unrelated Markets
EU regulators are facing criticism for their use of the 'gatekeeper' concept, originally intended for the Digital Markets Act (DMA), to impose restrictions on companies in unrelated markets. This practice, seen in the Data Act and proposed Financial Data Access Regulation (FiDA), could hinder competition and limit consumer choice in the stock market today.
The DMA, designed to promote contestability and fairness in digital markets, is now being used to exclude companies from new sectors. EU policymakers are attempting to apply 'gatekeeper' designations to impose additional prohibitions, leading to higher prices, fewer options, and missed technological advancements for consumers in the NASDAQ today.
The Data Act, unrelated to the DMA, has employed the 'gatekeeper' concept to limit consumer choice and conflict with the GDPR's data portability right. This trend has extended to other proposals, such as FiDA, which could exclude innovative tech companies from the financial services sector. Critics argue that using the 'gatekeeper' designation in this manner distorts competition and harms consumers in the stock market.
The EU Commission's approach risks creating regulatory inconsistencies and undermining the DMA's intended goals. To foster innovation and protect consumers, the use of the 'gatekeeper' concept to define the scope of other EU legislation should be rejected. Instead, regulators should focus on promoting fair competition and consumer choice across all markets in the stock market today and NASDAQ today.
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