Apple, Google and Facebook could reportedly be put on EU 'hit list'

Key Points
  • U.S. tech giants could be added to a new EU "hit list," according to a report published by the Financial Times.
  • Those on the list may find themselves subject to stricter rules than smaller companies.
  • Brussels has become increasingly concerned that some tech companies hold too much power.

In this article

EU Commissioner of Competition Margrethe Vestager speaks during an interview to AFP at the European Commission in Brussels on May 3, 2019.

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.

Companies on the list will reportedly have to share data with rivals and be more transparent on how they gather information.

FT: The EU is taking aim at Big Tech with a "hit list" of tougher regulations

Lawmakers in Brussels want to force big tech companies 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 contend 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 from the Financial Times here.