United Kingdom's Competition and Markets Authority (CMA) announced on Wednesday that it fined Facebook Inc. £50 million over an enforcement order breach related to the Facebook-Giphy merger investigation, APA reports citing Teletrader.
The CMA issued an initial enforcement order (IEO) at the start of its probe. The order "ensures that companies continue to compete with each other as they would have without the merger, and prevents the companies involved from integrating further while a merger investigation is ongoing."
The UK market regulator found that Facebook intentionally refused to properly report on the compliance with the order and was thus penalized. "Separately, the CMA has fined Facebook £500,000 for changing its Chief Compliance Officer on two separate occasions without seeking consent first," the regulator also specified.
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