The EU is set to ramp up regulations against Big Tech - companies such as Facebook and Apple - which have become extraordinarily powerful in recent years - with increased regulations to help curb their market power, according to a Financial Times report.
Source: Internet Marketing Secrets
Under these new plans, bigger corporations will have to adhere to far stricter guidelines than their smaller counterparts, including new rules that mean they will have to share data with partners and be more transparent in how they collect information.
To compile the list, the EU took a number of variables into consideration, such as market share and its raw number of users, which also means that other tech giants, such as Google will be included.
Those deemed to be so powerful that competitors cannot trade without using their platform was also considered, however, the matter is still up for debate.
The move comes as a part of a Brussels initiative to entice bigger companies to change their business practices without requiring a full investigation into their actions.
This comes after previous regulations did little to stem the power of many of these mega-corporations, which often stifled smaller competition, meaning the various online industries were dangerously close to forming monopolies within their sectors.
The proposals, which are still being discussed could end up being part of regulation aimed at diminishing the power of the Big Tech companies perceived as the primary gatekeepers in their respective industries.
The EU is seeking to move beyond fines, which many corporations simply consider "the risks of doing business" in favour of forcing companies such as Amazon and Apple to ensure they give market access to competitors as well as full transparency.
There are rumours of the EU looking to break up, or even decentralise the biggest companies, according to an FT investigation into the subject.
The list is said to be heavily skewed against the big corporations in the US, such as those located in the world-famous Silicon Valley, which could add tensions between Washington and Brussels.
There has been a growing trend within the bloc for the EU to regulate the Big Tech firms.
The EU is reportedly drafting plans for an overhaul to internet rules, the first time an exercise like this has been conducted in the last 20 years. Proposals for the new "Digital Services Act" are expected to make airway in early December, with the aim of seeking to hold companies to account when it comes to them not policing illegal practices on their platforms, according to the FT.
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