Britain proposes tailored competition rules for Google and Facebook

LONDON: Britain’s competition watchdog said tailored rules should be used to regulate tech giants Google, Facebook and others on Tuesday, giving it new powers to harness the potential of digital markets and drive innovation.

The Competition and Markets Authority (CMA) said a legally binding code of conduct backed up by penalties that could extend to fines of up to 10% of turnover, as well as enhanced merger rules, should be set up in legislation.

The code will be enforced by a new Digital Markets Unit announced last month.