Authorities in the European Union are putting together a list of 20 large international IT companies, for stricter regulation in an effort to limit their market dominance.
Financial Times reported on Monday, citing sources with knowledge of the matter.
The legislation is ultimately aimed at limiting the market dominance of IT giants, the paper, citing source saying that EU sees such dominance as an obstacle to fair competition.
According to the report, the new legislation will include tougher regulations on content and data management, obliging large companies to behave more transparently in the way they collect user data and also requiring them to share the data with smaller competitors.
While the report released no particular brand names, it listed certain criteria for including a given company on the list, such as the number of users of its services and its market share of revenues.
This means that tougher regulations will likely be applied to giant companies like Apple, Amazon and Facebook.
The EU appears to be determined to modernize its digital regulations to keep up with its ambitious plan to achieve a greener and more just economy.
Europe’s latest tech industry regulation, the Digital Services Act (DSA), was adopted back in 2000, when most of contemporary tech giants were either start-ups or did not exist at all.
Under the new EU Commission’s work programme, the bloc will update its DSA before December as part of its goal to make Europe’s economy “fit for the digital age.’’