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Big Tech could be regulated like banks

20.03.2021
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Business unit separation, data sharing and stress tests could work for platforms

The idea that technology platforms could be regulated in ways similar to those imposed on banks after the 2008 financial crash is explored in the Economist. Large tech companies are held in similar disrepute to the way banks were then, argues the magazine. Approaches such as the ‘best interest’ rule, which requires that retail customers’ interests come first, create an obligation of disclosure and care. Meanwhile, algorithms could be subject to stress tests and unverified, as well as verified content, flagged. As ‘common carriers’, platforms would be required to give fair and symmetric access to the products and services of rivals.

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The idea that technology platforms could be regulated in ways similar to those imposed on banks after the 2008 financial crash is explored in the Economist.

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