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European Financial Services Round Table

Friday, April 13, 2018
EFR Position Paper on Level Playing Field & Future of Competition in a Platform Economy

The European Financial Services Round Table (EFR) published its position paper on "Digital Platforms".

In the Paper the EFR stresses the need of a balanced and trusted regulatory environment for digital platforms. The EFR asks attention for various key points, which should be addressed in a road-map to define a new regulatory environment for the Platform Economy, including:

  • the overarching need to adhere to strict data protection and privacy standards, given the fact that platforms base their business model on gathering vast amounts of data;
  • the need for a regulatory framework that provides for the governance of platforms specific rules for neutrality, transparency, data accessibility, interoperability and liability, to ensure fair choice both for customers and service providers;
  • the need for consumer awareness towards the fact that search engines, social networks, comparison sites on the internet or digital assistants do not always produce objective or neutral results;
  • the need that competition law enforcement should be focusing on innovation barriers, technological lock-in effects and considering the implications of multi-sided markets.