The Competition and Markets Authority (CMA) said that Facebook deliberately failed to comply with its order, and the penalty was a warning that no company is above the law, while Facebook came under increasing criticism from regulators and lawmakers over its business practices, and said it strongly disagrees with the Capital Markets Authority.
The regulator said that Facebook failed to provide full updates on its compliance with the requirements to continue competing with Giphy and not to merge its operations with Giphy during the investigation.
“We warned Facebook that its refusal to provide us with critical information was a breach of the order, but even after losing its appeal in two separate courts, Facebook continued to ignore its legal obligations,” said Joel Bamford, senior director of mergers at Joel Bamford. CMA, “This should serve as a warning to any company that believes they are above the law.”
Bamford’s words echoed those of US labor attorney Sima Nanda on Tuesday after Facebook agreed to pay up to $14.25 million to settle civil claims over its compliance with employment rules.
A media report on Wednesday said Facebook was planning to rebrand, a change that would likely see a parent company overseeing its brands. In response to the CMA fine, Facebook said: “We strongly disagree with the CMA’s unfair decision to punish Facebook for the best An approach to compliance, which was eventually approved by the CMA itself, which said, “We will review the CMA’s decision and consider our options.”