META Meta Platforms Inc

By WSJ City 

A UK parliamentary committee rebuked Facebook in a new report that calls for regulation and intensified scrutiny of social-media companies.

KEY FACTS

   -- The report urged a compulsory code of ethics for tech companies... 
 
   -- ...to deal with harmful or illegal content on their sites. 
 
   -- It called for an independent regulator that can launch legal action. 
 
   -- Large sections of the report were devoted to criticism of Facebook. 
 
   -- It said the firm intentionally violated privacy and anticompetition laws. 

THE BACKSTORY

The report follows a monthslong inquiry into tech companies and issues of privacy, misinformation and the power of their platforms in the wake of the scandal involving the data-analytics firm Cambridge Analytica's access to Facebook users' information.

WHAT THEY SAID

Damian Collins, committee chairman, said:

"The big tech companies are failing in the duty of care they owe to their users to act against harmful content, and to respect their data-privacy rights."

Facebook didn't immediately respond to a request for comment.

WHY THIS MATTERS

It isn't clear how many of the panel's recommendations will be taken up by the British government, but some are likely to be incorporated in UK government policy proposals to be put forward in coming months. The UK is scheduled to leave the EU on March 29, losing its voice in a more influential market covering 500m people.

A fuller story is available on WSJ.com

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(END) Dow Jones Newswires

February 18, 2019 03:16 ET (08:16 GMT)

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