The European Commission has begun drafting a “hit list” of big tech companies is wishes to impose tougher restrictions on.
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. According to a new report from Financial Times, this new hit list would target the 20 largest tech companies in a bid to curb the power of these platforms.
Under this new list, the companies in question would be subject to a number of new restrictions. For example, they would have to share data with their rivals and be much more transparent about how they collect user data.
The list will be made based on parameters like market share and number of users, the newspaper said, adding that the exact number of companies and the precise criteria for the list was still being discussed.
However, the aim is to force big tech companies to change the way they behave. These new restrictions would also allow the EU much more regulatory power without having to trigger a full investigation.
The Commission has been planning for some time to reform its antitrust rules, which look set to finally appear next year. There are many reasons for this, including a desire to allow the creation of “European champions” where competition rules currently make this difficult. But one of the biggest drivers is the growing mismatch between the lightning pace of technological development and the slow pace of European antitrust enforcement.