The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 requires brand-name drug manufacturers and generic drug applicants to file certain agreements with the Federal Trade Commission and the Department of Justice within 10 business days of entering into the agreement and impose penalties for non-compliance. Under the Drug Prices Act for patients` right to know drugs, certain agreements with biosimilars must be filed in the same manner. Information on the types of agreements that must be submitted, registration deadlines and where to submit can be found here. Unlike the merger control process of the Hart-Scott-Rodino Act, there is no prescribed time frame for the FTC`s review. The FTC does not approve or refuse to approve the agreements filed. In the 1990s, the agency conducted a series of investigations into telemarketing scams that offered fictitious business opportunities, beginning with Project Telesweep in 1995, which cracked down on at least 100 business opportunities. The FTC has been active in the healthcare sector, blocking Putney Memorial Hospital`s proposed acquisition of Palmyra Medical Center due to potential harm to consumers. The case went to the Supreme Court, which ruled in favor of the FTC in 2013. Section 5(a) of the FTC Act of the FTC Basic Law empowers the agency to investigate and prevent unfair competition practices and unfair or deceptive acts or practices that affect trade. Hence the Agency`s two main tasks: competition protection and consumer protection.
The law gives the FTC the power to seek consumer remedies, including injunctions and refunds, and, in some cases, seek civil penalties from violators. The FTC is able to enforce trade regulation rules that precisely define unfair or deceptive acts or practices, and the Commission can issue reports and make legislative recommendations to Congress on matters affecting the economy. The Commission administers various antitrust laws under Section 5(a) of the FTC Act and the Clayton Act. The FTC monitors all of its orders to ensure compliance. 2. The existence of an FTC investigation is generally non-public information. However, it is the Commission`s policy that the existence of a non-merger investigation may be made public if the Office of Public Affairs (“OPA”) determines that a target company has disclosed that it is the subject of an investigation, either in a news release or in a public filing with another government entity. 63 Fed.
Reg. 63477 (November 13, 1998). The existence of a merger investigation may be disclosed if the OPA determines that a party to the underlying transaction has disclosed the existence of the transaction in a news release or public document filed with another government agency. 62 Federal Regulation 18630 (16 April 1997). Staff must obtain approval from the OPA for disclosure to be made under this authority. This policy is without prejudice to the Commission`s authority to provide adequate information about the existence of an investigation in camera where it considers it in the public interest to do so. In this case, officers must obtain authorization from the Commission to proceed with the disclosure. Generally, the FTC does not have the ability to directly enforce its decisions, but it can go to court to enforce them.
The Bureau of Economic Analysis helps assess the economic impact of FTC actions by analyzing antitrust and consumer investigations and regulations. This office also analyzes the impact of government regulation on competition and consumers, providing legislators and consumers with economic analysis of market processes related to antitrust violations, consumer protection efforts, and regulations. In 1984, the FTC cracked down on misleading pricing in the funeral industry and implemented the FTC funeral rule, which requires funeral directors to provide anyone requesting a written General Price List (GPL) of all prices for goods and services in the funeral industry. No one can be denied a written copy of the GPL by law, and must be allowed to keep it if they wish. In 1996, the FTC introduced the Funeral Rule Writer Program, which allows offending funeral directors to make a voluntary payment to the U.S. Treasury Department or an appropriate government fund if they do not need to go to court. Protect consumers and competition by preventing anti-competitive, deceptive and unfair business practices through enforcement, advocacy and education, without unduly burdening legitimate business activities. The OIG investigates allegations of misconduct by FTC employees, as well as individuals or entities that have contracts with or benefited from the Commission.
Point (f) of Article 6 also allows the Authority to share confidential information with other competent enforcement authorities, subject to appropriate restrictions and guarantees of confidentiality. This allows the FTC and other law enforcement agencies to cooperate and minimize duplication of investigations. FTC Warns Companies to Fix Log4j Vulnerability Our work to protect consumers and promote competition touches every American`s working life. We are the only federal agency that deals with consumer protection and competition issues in a wide range of industries. In accordance with Commission Rule 2.10, 16 C.F.R. Sec. 2.10 A party may object to a subpoena or a CID by filing a motion for restriction or revocation. These petitions are decided by the Commission as a whole. The Commission may apply to a federal district court to enforce the subpoena or CID in the event of non-compliance, even if the authorized place in an enforcement of the CID is more restricted than in a subpoena enforcement case.
The Commission`s specific investigative powers are set forth in Sections 6, 9, and 20 of the FTC Act, 15 U.S.C.