Australia said it would establish the world’s first dedicated office to police Facebook Inc and Google as part of reforms designed to rein in the U.S. technology giants, potentially setting a precedent for global lawmakers.

The Australian Competition and Consumer Commission has found, after an 18-month investigation, that Google and Facebook hold enormous power in the country’s online advertising and news distribution markets, and that antitrust and privacy laws have not caught up to the real world.

The U.S. Department of Justice is investigating whether big technology companies are engaged in anticompetitive behavior, addressing a rising tide of criticism they have become too powerful to the detriment of consumers.

Facebook Inc said on Wednesday that new rules and product changes aimed at protecting users’ privacy would slow its revenue growth into next year and significantly raise expenses, taking the shine off quarterly revenue results that beat expectations.

Facebook Inc will pay a record-breaking $5 billion fine to resolve a government probe into its privacy practices and the social media giant will restructure its approach to privacy, the U.S. Federal Trade Commission said on Wednesday.

The Federal Trade Commission is set to announce on Wednesday that Facebook Inc has agreed to a sweeping settlement of significant allegations it mishandled user privacy and pay $5 billion, two people briefed on the matter said.

Facebook recently revealed more details about planned changes to its employment advertising system that are designed to prevent discrimination.