Britain to set tougher rules for Facebook and Google
A new watchdog is scheduled to launch in April
Stocks impacted: Alphabet (GOOGL), Facebook (FB)
Britain will impose a new competition regime next year to prevent Google and Facebook using their dominance to push out smaller firms and disadvantage consumers. The U.K. government plans to create a new watchdog to police Big Tech companies to counter their market dominance. The authorities are setting up a “Digital Markets Unit" to enforce a new code of conduct governing the behavior of tech giants that dominate the online advertising market. A new watchdog is scheduled to launch in April. Under the new code, tech companies would have to be more transparent about how they use consumers’ data. Earlier this week, the European Union unveiled proposals to wrest control of data from tech companies. The EU is set to release details next month of a sweeping overhaul of digital regulations aimed at preventing online gatekeepers from stifling competition.
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