UK’s Competition & Markets Authority Outlines Upcoming Big Tech Regulation; UK Gov to Publish AI Regulation Criteria; Microsoft Introduces New AI Capabilities

by Aimee Newell Tarín on 15th Jan 2024 in News

On today’s ExchangeWire digest: UK’s Competition & Markets Authority Outlines Upcoming Big Tech Regulation; UK Gov to Publish AI Regulation Criteria; Microsoft Introduces New AI Capabilities…

Big tech will soon be facing tougher regulation in the UK, with government plans to enforce stricter governance on competition. Following a request earlier this month from British ministers, the Competition and Markets Authority (CMA) has published a policy paper which outlines the approach it will soon adopt in regulating large tech companies through the Digital Markets, Competition and Consumers Bill. The bill will apply to just a small number of companies; the legislation’s objective is to prevent the largest tech companies from using their status to gain unfair competitive advantage. The CMA states that it expects the Parliamentary process to conclude in spring 2024, with its new responsibilities commencing in autumn 2024.

Further regulations don’t appear to be on the horizon just yet for the UK’s AI industry however, as the government remains cautious about inhibiting growth and stifling innovation in the sector. This is a sharp contrast to many other regions, such as the US, where Biden has issued an executive order for AI companies to reveal they are tackling threats to national security and consumer privacy.

The UK government now prepares to publish specific criteria which will need to be met in order for new regulatory laws to be passed. In the coming weeks, British ministers are set to publish this criteria which would see them enacting curbs on powerful AI models. Circumstances which would trigger an intervention, for example, would be if the UK’s government-run AI Safety Institute failed to identify risks around the technology, or if AI companies failed to uphold voluntary commitments to avoid harm.

Zooming further into the world of AI, Microsoft has introduced new generative AI capabilities designed to help retailers bring AI to the shopper journey and enhance store associate experiences. Using the Retail Media tool, users will be able to create new ads in new formats via conversational AI prompts, or based on a product URL, which can then be further customised for different channels. The tech giant reports that the AI generated ads will automatically align with each retailer’s style guide.