Antitrust laws - last section below - for those interested, start campaigning for Australia to implement a similar framework/ideology. The laws did actually prevent Microsoft from achieving a megalomaniac monopoly.
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Those you can contact re this and any other fintech/regtech/super or ASX, ASIC or APRA matters:
The FinTech-RegTech Senate Inquiry https://www.aph.gov.au/Parliamentar...inancial_Technology_and_Regulatory_Technology
Their published brief/scope is in part:
On 11 September 2019, the Senate resolved to establish a Select Committee on Financial Technology and Regulatory Technology. The committee will inquire and report on the following matters:
the size and scope of the opportunity for Australian consumers and business arising from financial technology (FinTech) and regulatory technology (RegTech);
barriers to the uptake of new technologies in the financial sector;
the progress of FinTech facilitation reform and the benchmarking of comparable global regimes;
current RegTech practices and the opportunities for the RegTech industry to strengthen compliance but also reduce costs;
the effectiveness of current initiatives in promoting a positive environment for FinTech and RegTech start-ups; and
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Do view antitrust law information below. Australia needs robust legislation enacted and enabled quickly. It is unlikely shareholders/supporters/investors in/of Australian companies can await Royal Commission inquiry outcomes into the ASX. Many investors and supporters and also critics of the unethical modus operandi of the major 4 banks have been dismayed by the lack of timely prosecution resulting from the RC findings to date. It has been noted that the ASX have not penalised any of the major 4 banks during the RC inquiry outcomes by suspending any of the banks' SP trading [or equity raising] activity during the RC inquiry or post outcome.
Many countries have broad laws that protect consumers and regulate how companies operate their businesses. The goal of these laws is to provide an equal playing field for similar businesses that operate in a specific industry while preventing them from gaining too much power over their competition. Simply put, they stop businesses from playing dirty in order to make a profit. These are called antitrust laws.
mce-anchor What Are Antitrust Laws?
Antitrust laws also referred to as competition laws, are statutes developed by the U.S. government to protect consumers from predatory business practices. They ensure that fair competition exists in an open-market economy. These laws have evolved along with the market, vigilantly guarding against would-be monopolies and disruptions to the productive ebb and flow of competition.
Antitrust laws are applied to a wide range of questionable business activities, including but not limited to market allocation, bid rigging, price fixing, and monopolies. Below, we take a look at the activities these laws protect against.
If these laws didn't exist, consumers would not benefit from different options or competition in the marketplace. Furthermore, consumers would be forced to pay higher prices and would have access to a limited supply of products and services.
The Sherman Anti-Trust Act intended to prevent unreasonable "contract, combination or conspiracy in restraint of trade," and "monopolization attempted monopolization or conspiracy or combination to monopolize." Violations against the Sherman Anti-Trust Act can have severe consequences, with fines of up to $100 million for corporations and $1 million for individuals, as well as prison terms up to 10 years.
The Federal Trade Commission Act bans "unfair methods of competition" and "unfair or deceptive acts or practices." According to the Supreme Court, violations of the Sherman Anti-Trust Act also violate the Federal Trade Commission Act. Therefore, even though the FTC cannot technically enforce the Sherman Anti-Trust Act, it can bring cases under the FTC Act against violations of the Sherman Anti-Trust Act.
The Clayton Antitrust Act addresses specific practices that the Sherman Anti-Trust Act may not address. According to the FTC, these include preventing mergers and acquisitions that may "substantially lessen competition or tend to create a monopoly," preventing discriminatory prices, services and allowances in dealings between merchants, requiring large firms to notify the government of possible mergers and acquisitions, and imbuing private parties with the right to sue for triple damages when they have been harmed by conduct that violates the Sherman and Clayton acts, as well as allowing the victims to obtain court orders to prohibit further future transgressions.
mce-anchor The Bottom Line
At their core, antitrust provisions are designed to maximize consumer welfare. Supporters of the Sherman Act, the Federal Trade Commission Act and the Clayton Antitrust Act argue that since their inception, these antitrust laws have protected the consumer and competitors against market manipulation stemming from corporate greed. Through both civil and criminal enforcement, antitrust laws seek to stop price and bid rigging, monopolization, and anti-competitive mergers and acquisitions.
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