UK To Set Up Tech Firm Regulator After Leaving EU

The UK government will set up a technology regulator next year to control companies like Facebook and Google after leaving the EU, BTA reported.

The regulatory body will have the power to introduce a number of new rules, including a mandatory code of conduct for the largest companies in the sector and broader access to users for data.

The decision, according to the publication, is based on an international analytical study, initiated by Jason Furman, chief economic adviser to former US President Barack Obama.

According to a member of the Furman team, the regulator should be able to impose fines in excess of the UK Competition and Markets ceiling.

In a report released yesterday, the service outlined a new regulatory regime for the digital sector. Authorities are concerned that both companies are already so large and have such massive access to data that potential competitors cannot compete with them on an equal footing.

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