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New tech regulation mustn t be allowed to stifle innovation
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Tom WickerMonday 29 March 2021
Journalism has been reshaped and – in the eyes of some – imperilled by the power of the tech giants in today’s world.
Global Insight assesses how journalism can continue to perform its vital role in society as publishers, lawmakers, tech companies and regulators seek to mould its future. When Facebook blocked all news links for Australian users in mid-February, it was a key standoff in an increasingly fierce dispute between factions in the news industry globally and the world’s digital tech giants. Facebook’s action was a response to the Australian government’s proposed News Media Bargaining Code, which was introduced to compel the likes of Google and Facebook to negotiate payment with Australian media companies for their content.
Surveys and Reports
Regulatory Developments
United Kingdom: FCA publishes feedback statement on Open Finance
Some of the key findings that the FCA draws out in its feedback statement are:
A legislative framework would be needed for open finance to develop fully, both to provide any statutory right to data access and to support a regulatory framework.
In addition to the regulatory framework, the following building blocks would be needed for a sustainable open finance ecosystem to develop – either in support of voluntary adoption or to support future legislation:
consumer protections informed by an ethical framework;
a liability model;
an implementation entity that is funded and governed equitably; and