New rulebook required for all tech companies, not just Facebook, Google, Amazon, Apple and Microsoft; says EU’s antitrust chief

BRUSSELS: Draft rules aimed at reining in the power of companies such as Facebook Inc and Alphabet Inc unit Google should cover more than just the top five tech giants, Europe’s antitrust chief said .

Known as the Digital Markets Act (DMA), the proposed rules are Europe’s way of ensuring that U.S. tech companies treat rivals and users fairly after a number of antitrust investigations failed to ensure a level playing field.

European Commission Executive Vice President Margrethe Vestager’s proposal targets companies with more than 6.5 billion euros ($7.7 billion) in annual European turnover in the last three years or 65 billion euros in market value in the last financial year, and which provide a core platform service in at least three EU countries. That would be likely to impact about 10 dominant companies.