Competition watchdogs from the Five Eyes’ nations have signed a new agreement to cooperate across international borders, just as the Australian Competition and Consumer Commission (ACCC) pursues a more stringent regulatory stance on global tech giants Google and Facebook.
The Multilateral Mutual Assistance and Cooperation Framework for Competition Authorities (MMAC), was signed between the ACCC and its United States, Canada, New Zealand, and the United Kingdom counterparts.
Agencies will share intelligence, case studies, and investigative techniques to better coordinate investigations across international borders.
According to ACCC Chairperson Rod Sims, “The global economy is increasingly interconnected and many large companies, especially in the digital economy, now operate internationally.”
“Competition regulators have to work together to ensure the companies comply with competition and consumer laws,” he said in a media release.
“We expect this cooperation will particularly benefit our existing and future investigations of digital platforms, which are being closely watched by many agencies globally,” Sims said.
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