EU planning tougher regulation for 'hit list' of big tech firms

European Union flags flutter outside the European Commission headquarters in Brussels, Belgium August 21, 2020. [Reuters]

European Union regulators are making a 'hit list' of up to 20 large internet companies, potentially including Facebook, Apple, Amazon and Alphabet's Google, that will be facing new and tougher rules aimed at curbing their market power, the Financial Times reported.

The big technology platforms will have to comply with tougher regulation than smaller competitors, the newspaper reported on Sunday, citing people familiar with the discussions.

New rules will force the companies to share data with rivals and be more transparent on how they gather information, the report said.

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.