EU Commissioner of Competition Margrethe Vestager speaks during an interview to AFP at the European Commission in Brussels on May 3, 2019.
EMMANUEL DUNAND | AFP | Getty Images
The likes of Apple, Google and Facebook could soon find themselves on a new EU “hit list” that’s designed to curb their market power and increase competition.
Regulators in the European Union are drawing up a list of around 20 large internet companies they want to comply with tougher rules than smaller firms, according to a report published in The Financial Times on Monday.
Firms on the list will reportedly have to share data with rivals and be more transparent on how they gather information.
Lawmakers in Brussels want to force big tech firms to change their business practices without a lengthy investigation or the need to provide proof that they have broken laws already in place.
Many of the tech giants that the EU is reportedly set to target argue that their platforms help small businesses to thrive and provide billions of people worldwide with useful tools and services.
The European Commission was not immediately available for comment when contacted by CNBC.
Read the full story on The Financial Times here.
A Global Asset Management Seoul Korea Magazine