,i #aag? ,,congress #b;d ,session ,h4 ,r4 #ghci ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,may #ai1 #bjbb,mr4 ,buck 7= himself1 ,ms4 ,jayapal1 ,mr4 ,ow5s1 & ,mr4 ,cicill9e7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ! ,judici>y ,a ,,bill ,to prev5t conflicts ( int]e/ & promote competition 9 ! sale & pur*ase ( digital adv]tis+4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,competition & ,transp>5cy 9 ,digital ,adv]tis+ ,act4 #b4 ,digital adv]tis+ trad+ transp>5cy & competition ,! ,clayton ,act 7#ae ,u4,s4,c4 #ab et seq47 is am5d$ by ins]t+ aft] section #h 7#ae ,u4,s4,c4 #ai7 ! foll[+3 #h;,a4 ,competition & transp>5cy 9 digital adv]tis+ 7a7 ,def9itions ,9 ?is section3 7#a7 ,brok]age cu/om] ,! t]m brok]age cu/om] means a p]son :o has pur*as$ or sold digital adv]tisem5ts1 or directly relat$ goods or s]vices1 ?r\gh a buy-side brok]age or a sell-side brok]age4 7#b7 ,buy-side brok]age ,! t]m buy-side brok]age means a p]son 9 ! bus9ess ( effect+ transactions on digital adv]tis+ ex*anges1 includ+ by (f]+ s(tw>e or s]vices t assi/ 9 s]v+ or display+ digital adv]tisem5ts1 = o!r buy]s4 7#c7 ,digital adv]tisem5t ,! t]m digital adv]tisem5t means an adv]tisem5t t is s]v$ electronically ov] a comput] network1 includ+ ! int]net4 7#d7 ,digital adv]tis+ ex*ange ,! t]m digital adv]tis+ ex*ange means a p]son :o con/itutes1 ma9ta9s1 or provides a m>ketplace = or facilitates br++ toge!r buy]s & #a or m sell]s ( digital adv]tisem5ts1 or = o!rwise p]=m+ ) respect to digital adv]tis+ ! functions commonly p]=m$ by a digital adv]tis+ m>ketplace4 7#e7 ,digital adv]tis+ rev5ue ,! t]m digital adv]tis+ rev5ue means ! great] (-- 7,a7 global rev5ue d]iv$ f or directly relat$ to ! op]ation ( a digital adv]tis+ ex*ange1 a buy-side brok]age1 or a sell-side brok]age2 or 7,b7 ! great] (-- 7i7 ! sum ( ! cle>+ prices ( all digital adv]tisem5ts b\ght or sold f or ?r\gh a digital adv]tis+ ex*ange2 7ii7 ! total value ( ! gross adv]tis+ sp5d+ manag$ by a buy-side brok]age2 or 7iii7 ! total value ( ! gross adv]tis+ sales manag$ by a sell-side brok]age4 7#f7 ,dive/iture deadl9e ,! t]m dive/iture deadl9e means ! lat] (-- 7,a7 #cj days aft] ! date on :i* ! ,attorney ,g5]al approves or d5ies a requir$ dive/iture2 or 7,b7 #cj days aft] ! expiration ( any applicable wait+ p]iod "u section #g;,a4 7#g7 ,effective date ,! t]m effective date means ! date t is #a ye> aft] ! date ( enactm5t ( ?is section4 7#h7 ,own ,! t]m own means to own1 op]ate1 or control1 directly or indirectly1 9 :ole or 9 "p4 7#i7 ,p]son ,! t]m p]son includes-- 7,a7 any subsidi>y ( an entity2 & 7,b7 any corporate p>5t ( an entity4 7#aj7 ,requir$ dive/iture ,! t]m requir$ dive/iture-- 7,a7 means a dive/iture1 sale1 or o!r transaction und]tak5 to comply ) any provision ( ?is ,act2 & 7,b7 does n include any action requir$ by a c\rt ( ! ,unit$ ,/ates4 7#aa7 ,sell-side brok]age ,! t]m sell-side brok]age means a p]son 9 ! bus9ess ( effect+ transactions on digital adv]tis+ ex*anges1 includ+ by (f]+ s(tw>e or s]vices t assi/ 9 s]v+ or display+ digital adv]tisem5ts1 = o!r sell]s4 7#ab7 ,?ird-p>ty ,! t]m ?ird-p>ty means1 = ea* p]son subject to ?is ,act1 an entity t-- 7,a7 nei!r owns nor is own$ by t p]son2 & 7,b7 is n affiliat$ ) ! p]son ?r\gh direct or indirect own]%ip or control4 7b7 ,prohibitions ,no p]son ) m ?an #bj1jjj1jjj1jjj 7z adju/$ ea* ye> on ,janu>y #a by an am\nt equal to ! p]c5tage increase1 if any1 9 ! ,consum] ,price ,index1 z det]m9$ by ! ,dep>tm5t ( ,labor or its successor7 9 digital adv]tis+ rev5ue dur+ ! previ\s cal5d> ye> may1 aft] ! effective date-- 7#a7 own a digital adv]tis+ ex*ange if t p]son owns ei!r a sell-side brok]age or a buy-side brok]age1 or is a sell] ( digital adv]tis+ space2 7#b7 own a sell-side brok]age if t p]son owns a buy-side brok]age2 or 7#c7 own a buy-side brok]age or a sell-side brok]age if t p]son is also a buy] or sell] ( digital adv]tis+ space4 7c7 ,requirem5ts ,any p]son ) m ?an #e1jjj1jjj1jjj 7z adju/$ ea* ye> on ,janu>y #a by an am\nt equal to ! p]c5tage increase1 if any1 9 ! ,consum] ,price ,index1 z det]m9$ by ! ,dep>tm5t ( ,labor or its successor7 9 digital adv]tis+ rev5ue dur+ ! previ\s cal5d> ye> %all be subject to1 z ( ! effective date1 ! foll[+ requirem5ts3 7#a7 ,be/ int]e/ duty ,a buy-side brok]age or sell-side brok]age %all1 9 ! c\rse ( provid+ s]vices z a brok]age1 use reasonable dilig5ce1 c>e1 & skill to act 9 ! be/ int]e/s ( _! brok]age cu/om]s1 & may n put _! own int]e/s ahead ( ^? ( _! brok]age cu/om]s4 7#b7 ,be/ execution duty ,a buy-side brok]age or sell-side brok]age %all seek ! mo/ favorable t]ms reasonably available "u ! circum/ances = ea* ord] transaction ( ! brok]age cu/om]4 7#c7 ,transp>5cy requirem5ts 7,a7 ,9 g5]al ,^u writt5 reque/ f a brok]age cu/om]1 a buy-side brok]age or sell-side brok]age %all supply to t brok]age cu/om]1 )9 a reasonable "t1 in=mation suffici5t to p]mit ! brok]age cu/om] to v]ify compliance ( ! brok]age ) its obligations "u p>agraphs 7#a7 & 7#b74 7,b7 ,cont5ts ,! in=mation describ$ 9 subp>agraph 7,a7 %all include1 if reque/$ & to ! ext5t su* in=mation is collect$ by ! brok]age 9 ! ord9>y c\rse ( bus9ess-- 7i7 9 ! case ( a sell-side brok]age provid+ in=mation to a sell-side brok]age cu/om]-- 7,i7 a unique & p]si/5t id5tifi] t id5tifies ea* unique digital adv]tis+ space = sale2 7,,ii7 = ea* id5tifi] describ$ 9 subclause 7,i71 all bids receiv$1 &1 = ea* bid receiv$1 ! bid submitt$ to ! digital adv]tis+ ex*ange on behalf ( ! buy-side brok]age cu/om]1 ! w9n+ price1 ! uni=m res\rce locator or o!r prop]ty id5tifi] at ! l[e/ level ( granul>ity1 ! id5tity ( ! digital adv]tis+ ex*ange or o!r digital adv]tis+ v5ue return+ ! bid1 date1 "t t ! bid response 0 receiv$ 9 microseconds or a l[] level ( granul>ity1 web doma9 associat$ ) ! adv]tis+ creative1 ! adv]tis+ creative size & =mat1 & :e!r ! bid won ! sell]'s impression2 7,,iii7 ! nature ( any data collect$ or d]iv$ f ! brok]age cu/om] or any us] or cu/om] ( ! brok]age cu/om]1 & ! ways 9 :i* t data is us$ by ! sell-side brok]age2 7,,iv7 ! ord] or bid r\t+ practices or processes1 includ+ any mat]ial exceptions to ! /&>d practice ( ! brok]age2 & 7,v7 ! s\rce & nature ( any comp5sation paid or receiv$ 9 connection ) transactions2 & 7ii7 9 ! case ( a buy-side brok]age provid+ in=mation to a buy-side brok]age cu/om]-- 7,i7 all bids won by ! buy-side brok]age cu/om]1 & = ea* bid won1 ! maximum all[$ bid ( ! adv]tis]1 if any1 ! uni=m res\rce locator or o!r prop]ty id5tifi] at ! l[e/ level ( granul>ity1 date1 ! digital adv]tis+ ex*ange1 ! web doma9 associat$ ) ! adv]tis+ creative1 ! adv]tis+ creative size & =mat1 ! w9n+ price1 ! bid submitt$ to ! digital adv]tis+ ex*ange on behalf ( ! buy-side brok]age cu/om]1 &1 if possible1 :e!r ! ad s]v$ & :e!r ! ad r5d]$2 7,,ii7 ! ord] or bid r\t+ practices or processes2 & 7,,iii7 ! s\rce & nature ( any comp5sation paid or receiv$ 9 connection ) transactions4 7,c7 ,ret5tion ( records ,brok]ages %all reta9 ! records specifi$ 9 subp>agraph 7,b71 :]e applicable & :5 collect$ 9 ! ord9>y c\rse ( bus9ess1 until provid$ to a reque/+ brok]age cu/om] b n long] ?an #ij days4 ,brok]ages %all reta9 bill+ in=mation = _! brok]age cu/om]s = n few] ?an #ab mon?s4 7,d7 ,us] privacy 7i7 ,9 g5]al ,:5 provid+ in=mation to a brok]age cu/om] 9 response to a reque/ au?oriz$ by subp>agraph 7,a71 ! brok]age %all1 to ! greate/ ext5t possible consi/5t ) ! purpose ( subp>agraph 7,a71 anonymize1 ha%1 or o!rwise r5d] ! in=mation incapable ( be+ ti$ to an individual web us]4 7ii7 ,prohibit+ track+ ,a brok]age cu/om] may n use data or in=mation receiv$ 9 response to a reque/ made "u subp>agraph 7,a7 = any purpose o!r ?an-- 7,i7 v]ify+ compliance ( a brok]age ) its obligations "u p>agraphs 7#a7 & 7#b72 or 7,,ii7 br++ an action "u subsection 7d77#c74 7#d7 ,firewalls 7,a7 ,buy-side & sell-side brok]ages ,buy-side brok]ages & sell-side brok]ages %all e/abli%1 ma9ta91 & en=ce writt5 policies & proc$ures reasonably design$ to ensure compliance ) ! obligations "u ?is subsection4 7,b7 ,o!r p]sons ,p]sons n subject to prohibitions "u subsection 7b7 %all e/abli%1 ma9ta91 & en=ce writt5 policies & proc$ures reasonably design$ to ensure t _! buy-side brok]age1 sell-side brok]age1 digital adv]tis+ ex*ange1 & role z a buy] or sell] ( digital adv]tis+1 :]e applicable1 op]ate sep>ate & indep5d5t f "o ano!r & transact bus9ess at arm's l5g?4 7#e7 ,fair access duty ,a digital adv]tis+ ex*ange %all provide e buy] & sell] 9 ! ex*ange fair access1 includ+ ) respect to op]ations ( ! ex*ange1 co-location1 any te*nology sy/ems or data1 in=mation relat$ to transactions1 s]vice1 or products (f]$1 ex*ange processes1 & functionality4 7#f7 ,"t syn*ronization ,a digital adv]tis+ ex*ange1 buy-side brok]age1 or sell-side brok]age %all-- 7,a7 syn*ronize its bus9ess clocks at a m9imum to )9 a #b milliseconds tol]ance ( ! "t ma9ta9$ by ! atomic clock ( ! ,national ,in/itute ( ,/&>ds & ,te*nology2 & 7,b7 ma9ta9 ! syn*ronization describ$ 9 subp>agraph 7,a74 7#g7 ,data own]%ip ,all records p]ta9+ to an ord] solicit$ or submitt$ by a brok]age cu/om]1 & ! subsequ5t result ( t ord]1 %all rema9 ! prop]ty ( t cu/om]1 includ+ any bids solicit$ f or submitt$ to any digital adv]tis+ ex*ange1 unless ! in=mation is o!rwise publicly available4 7#h7 ,r\t+ practices disclosure 7,a7 ,9 g5]al ,e sell-side brok]age & buy-side brok]age %all-- 7i7 make publicly available = ea* cal5d> qu>t] a report on ! ord] r\t+ practices ( ! sell-side brok]age or buy-side brok]age1 z applicable1 = digital adv]tisem5ts dur+ t qu>t] brok5 d[n by cal5d> mon?2 & 7ii7 reta9 ! report describ$ 9 clause 7i7 po/$ on an int]net website t is free & readily accessible to ! public = #c-ye> p]iod beg9n+ on ! date on :i* ! report is po/$4 7,b7 ,=mat ,reports made available pursuant to subp>agraph 7,a7 %all-- 7i7 be r5d]$ 9 a =mat t makes ! reports readily in=mative to ! av]age brok]age cu/om]2 & 7ii7 include = ! #aj v5ues to :i* ! l>ge/ numb] ( total bid reque/s or bid responses 7 r\t$ = execution & = any v5ue to :i* #e p]c5t or m ( bid reque/s or bid responses 7 r\t$ = execution-- 7,i7 ! total numb] ( bids r\t$2 7,,ii7 ! total numb] ( bids execut$2 7,,iii7 ! fill rate ( bids2 7,,iv7 ! av]age net execution fee or rebate p] #a1jjj impressions2 7,v7 ! av]age "t 9 milliseconds betwe5 :5 a bid reque/ is s5t & :5 a bid response is receiv$2 & 7,,vi7 ! value & =m ( any comp5sation giv5 9 ex*ange = r\t+ or execution4 7#i7 ,c]tification ,a digital adv]tis+ ex*ange1 buy-side brok]age1 or sell-side brok]age %all c]tify to ! ,attorney ,g5]al on an annual basis t ! digital adv]tis+ ex*ange has compli$ ) ! requirem5ts "u ?is subsection4 7d7 ,en=cem5t 7#a7 ,attorney g5]al & /ate attorneys g5]al 7,a7 ,9 g5]al ,! ,attorney ,g5]al & ,/ate attorneys g5]al may br+ an action on behalf ( p]sons 9 ! ,unit$ ,/ates injur$ 9 _! bus9ess or prop]ty by reason ( any violation ( ?is ,act 9 any di/rict c\rt ( ! ,unit$ ,/ates 9 ! di/rict 9 :i* ! def5dant resides or is f\nd or has an ag5t1 )\t respect to ! am\nt 9 controv]sy1 & %all-- 7i7 9 a case br\ght by ! ,attorney ,g5]al or a ,/ate attorney g5]al1 be entitl$ to injunctive relief2 & 7ii7 9 a case br\ght by ! ,attorney ,g5]al1 recov] damages su/a9$ by su* p]sons4 7,b7 ,damages 7i7 ,9 g5]al ,! c\rt may aw>d "u ?is subsection1 pursuant to a motion by ! ,attorney ,g5]al promptly made1 simple int]e/ on actual damages 9 accordance ) ! requirem5ts "u subp>agraph 7,a74 7ii7 ,no duplicative aw>d ,a c\rt may n aw>d any damages "u ?is subp>agraph t are duplicative ( damages aw>d$ be=e ! date ( ! aw>d "u ?is subp>agraph 9 a sep>ate civil action p]ta9+ to ! same conduct & injur$ p>ty4 7iii7 ,paym5ts ,a c\rt aw>d+ damages to a p]son 9 a civil action aft] ! date ( an aw>d ( damages "u ?is subsection t w\ld be duplicative ( damages aw>d$ to ! ,attorney ,g5]al on behalf ( ! p]son %all direct t su* damages %all fir/ be paid by ! ,attorney ,g5]al f am\nts 9 ! ,fund &1 to ! ext5t su* damages are n fully paid f am\nts 9 ! ,fund1 %all be paid by ! def5dant4 7,c7 ,antitru/ consum] damages fund 7i7 ,9 g5]al ,!re is e/abli%$ 9 ! ,treasury ( ! ,unit$ ,/ates a fund to be kn[n z ! ,antitru/ ,consum] ,damages ,fund 79 ?is subsection ref]r$ to z ! ,fund71 :i* %all consi/ ( am\nts deposit$ "u clause 7ii74 7ii7 ,deposits & availability ,not)/&+ section #ccjb ( title #ca1 ,unit$ ,/ates ,code1 any am\nts receiv$ by ! ,attorney ,g5]al "u an aw>d "u ?is subsection-- 7,i7 %all be deposit$ 9 ! ,fund2 & 7,,ii7 %all be available to ! ,attorney ,g5]al1 )\t fur!r appropriation1 = di/ribution to p]sons 9 ! ,unit$ ,/ates h>m$ by ! applicable violation ( ! ,%]man ,act 7#ae ,u4,s4,c4 #a et seq474 7iii7 ,deposits into g5]al fund ,effective on ! day aft] ! date t is #aj ye>s aft] ! date on :i* an aw>d is receiv$ "u ?is p>agraph1 ! unobligat$ balances 9 ! ,fund ( am\nts t 7 receiv$ "u ! aw>d are resc9d$ & %all be deposit$ 9 ! g5]al fund ( ! ,treasury4 7#b7 ,dive/iture en=cem5t ,! ,attorney ,g5]al may br+ an action on behalf ( ! ,unit$ ,/ates 9 any di/rict c\rt ( ! ,unit$ ,/ates 9 ! di/rict 9 :i* ! def5dant resides or is f\nd or has an ag5t1 & may obta9 injunctive relief ^u %[+ by a prepond]ance ( ! evid5ce t ! def5dant has-- 7,a7 violat$ a requirem5t ( subsection 7e72 or 7,b7 und]tak5 a requir$ dive/iture t unnecess>ily h>ms or ?reat5s competition 9 any m>ket4 7#c7 ,private "r ( action 7,a7 ,9 g5]al ,a brok]age cu/om] h>m$ by a kn[+ violation ( subsection 7c7 by a p]son ) m ?an #bj1jjj1jjj1jjj 7z adju/$ ea* ye> on ,janu>y #a by an am\nt equal to ! p]c5tage increase1 if any1 9 ! ,consum] ,price ,index1 z det]m9$ by ! ,dep>tm5t ( ,labor or its successor7 9 digital adv]tis+ rev5ue dur+ ! previ\s cal5d> ye> may br+ a civil action 9 an appropriate c\rt to obta9 injunctive relief1 :]e appropriate1 & recov] damages 9 ! am\nt ( ! great] (-- 7i7 #a1jjj1jjj = ea* mon? 9 :i* a violation ( ?is ,act occurr$ & reasonable attorney's fees2 or 7ii7 actual damages & reasonable attorney's fees4 7,b7 ,no class action waiv] ,no p]son cov]$ by ?is ,act may require a class action waiv] = claims "u ?is ,act1 includ+ = arbitration4 7,c7 ,tim+ ,a civil action = a violation ( subsection 7b7 may be br\ght at any "t aft] ! lat] (-- 7i7 ! expiration ( any applicable dive/iture deadl9e2 or 7ii7 ! expiration ( ! deadl9e 9 subsection 7e77#a7 if no fil+ has be5 made4 7e7 ,dive/iture 7#a7 ,fil+ ,any agreem5t or o!r docum5t sett+ out ! t]ms ( a requir$ dive/iture %all be fil$ ) ! ,attorney ,g5]al n lat] ?an ! lat] (-- 7,a7 ! effective date2 or 7,b7 ! e>li] (-- 7i7 #cj days aft] ! date on :i* an agreem5t mak+ a requir$ dive/iture "u ?is ,act is execut$2 or 7ii7 #ahj days aft] meet+ ! crit]ia specifi$ 9 any p>agraph ( subsection 7b74 7#b7 ,attorney g5]al review ,! ,attorney ,g5]al %all approve a requir$ dive/iture ^u a %[+ by ! p]son mak+ ! dive/iture t ! t]ms ( ! dive/iture1 includ+ ! qualifications ( any c\nt] p>ties !reto1 w n unnecess>ily h>m or ?reat5 competition 9 any m>ket4 7#c7 ,tim+ 7,a7 ,9 g5]al ,! ,attorney ,g5]al %all grant or d5y approval ( a requir$ dive/iture1 unless agre$ to by ! p>ties1 no lat] ?an ! lat] (-- 7i7 #fj days aft] receipt ( all in=mation obta9$ pursuant to subp>agraph 7#e72 or 7ii7 #fj days aft] receipt ( ! fil+ made "u subp>agraph 7#a74 7,b7 ,completion ,a dive/iture %all be complet$ n lat] ?an ! dive/iture deadl9e4 7#d7 ,guidance ,! ,attorney ,g5]al %all-- 7,a7 n lat] ?an #abj days aft] ! date ( enactm5t ( ?is section1 issue guidance on ! dive/iture process "u ?is subsection & ! c]tification requirem5t "u subsection 7c77#f72 & 7,b7 update ! guidance describ$ 9 subp>agraph 7,a7 z ! ,attorney ,g5]al det]m9es is appropriate4 7#e7 ,compulsory process ,! ,attorney ,g5]al may reque/ or issue a civil inve/igative dem& "u section #c ( ! ,antitru/ ,civil ,process ,act 7#ae ,u4,s4,c4 #acab7 = docum5ts f any p]son involv$ 9 a requir$ dive/iture to det]m9e ! competitive effects ( ! dive/iture4 7f7 ,rules ( con/ruction ,no?+ 9 ?is section %all-- 7#a7 prohibit a p]son f-- 7,a7 sell+ _! own inv5tory ( adv]tis+ space if-- 7i7 ! inv5tory 0 n acquir$ solely = ! purposes ( resale1 except to monetize ! p]son's own cont5t or intellectual prop]ty2 & 7ii7 ! p]son does n also assi/ a ?ird-p>ty 9 ! sale or pur*ase ( adv]tis+ space1 o!r ?an pur*as+ adv]tis+ space f t p]son2 or 7,b7 buy+ inv5tory to m>ket ! products or s]vices ( ! p]son2 7#b7 abridge or sup]s$e any provision ( or rules issu$ pursuant to section #g;,a2 7#c7 prohibit a p]son f1 consi/5t ) ! antitru/ laws1 ent]+ into a jo9t v5ture or o!r collaboration to prev5t h>m f spam1 fraud1 or o!r =ms ( abuse 9 digital adv]tis+2 or 7#d7 require ! disclosure ( in=mation if su* disclosure w\ld violate a law ( ! ,unit$ ,/ates or a =eign c\ntry4 4