,,ii  #aag? ,,congress  #a/ ,session    
,s4 #cbfg  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,novemb] #ah1 #bjba    
,ms4 ,klobu*> 7= h]self1 ,mr4 ,blum5?al1
 ,ms4 ,hirono1 & ,mr4 ,book]7 introduc$ 
! foll[+ bill2 :i* 0 read twice & ref]r$
 to ! ,committee on ! ,judici>y  ,a     
,,bill  ,to re=m ! antitru/ laws to     
bett] protect competition 9 ! ,am]ican  
economy1 to am5d ! ,clayton ,act to     
modify ! /&>d = an unlawful acquisition4
  #a4 ,%ort title ,?is ,act may be cit$ 
z ! ,consolidation ,prev5tion &         
,competition ,promotion ,act ( #bjba4   
#b4 ,f9d+s & purposes  7a7 ,f9d+s       
,congress f9ds t--  7#a7 competitive    
m>kets1 9 :i* multiple firms compete to 
buy & sell products & s]vices1 are      
critical to ensur+ economic opportunity 
= all p 9 ! ,unit$ ,/ates & provid+     
resili5ce to ! economy dur+ unpr$ictable
 times2  7#b7 :5 companies compete1     
bus9esses (f] ! highe/ quality & *oice (
 goods & s]vices = ! l[e/ possible      
prices to consum]s & o!r bus9esses2     

7#c7 competition fo/]s small bus9ess    
gr[?1 r$uces economic inequality1 &     
spurs innovation & job creation2  7#d7 9
 ! ,unit$ ,/ates economy today1 !       
pres5ce & ex]cise ( m>ket p[] is        
sub/antial & gr[+2  7#e7 ! pres5ce &    
ex]cise ( m>ket p[] makes x m difficult 
= p 9 ! ,unit$ ,/ates to />t _! own     
bus9esses1 depresses wages1 & increases 
economic inequality1 ) p>ticul>ly damag+
 effects on hi/orically disadvantag$    
communities2  7#f7 m>ket p[] & undue    
m>ket conc5tration contribute to !      
consolidation ( political p[]1 und]m9+ !
 heal? ( democracy 9 ! ,unit$ ,/ates2   
7#g7 ! anticompetitive effects (        
monopoly p[] or buy] m>ket p[] include  
high] prices1 l[] quality1 less5$ *oice1
 r$uc$ innovation1 =eclosure (          
competitors1 & increas$ entry b>ri]s2   
7#h7 monopsony p[] or sell] m>ket p[]   
all[s a firm to =ce suppli]s ( goods or 
s]vices to accept bel[ m>ket prices or  
to =ce work]s to accept bel[ m>ket      
wages1 result+ 9 l[] quality products & 

s]vices1 r$uc$ opportunities = suppli]s 
& work]s1 r$uc$ availability ( products 
& s]vices = consum]s1 r$uc$ innovation1 
=eclosure ( competitors1 & increas$     
entry b>ri]s2  7#i7 horizontal          
consolidation1 v]tical consolidation1 & 
conglom]ate m]g]s all h pot5tial to     
increase m>ket p[] & cause              
anticompetitive h>m2  7#aj7 ext5sive    
consolidation is r$uc+ competition &    
?reat5s to place ! ,am]ican dream fur!r 
out ( rea* = _m consum]s 9 ! ,unit$     
,/ates2  7#aa7 s9ce #bjjh1 firms 9 !    
,unit$ ,/ates h engag$ 9 ov]            
#aj1jjj1jjj1jjj1jjj 9 m]g]s &           
acquisitions2  7#ab7 ! acquisition (    
nasc5t or pot5tial rivals by dom9ant    
firms c pres5t significant long-t]m     
?reats to competition & innovation2     
7#ac7 ! acquisition1 by "o ( its        
competitors1 ( a mav]ick firm t plays a 
disruptive role 9 ! m>ket--by us+ an    
innovative bus9ess model or te*nology1  
(f]+ l[] prices or new1 diff]5t products
 or s]vices products1 or by o!r means t 

b5efit consum]s--c pres5t a ?reat to    
competition2  7#ad7 section #g ( !      
,clayton ,act 7#ae ,u4,s4,c4 #ah71 is ! 
prim>y l9e ( def5se aga9/               
anticompetitive m]g]s2 &  7#ae7 9 rec5t 
ye>s1 "s c\rt decisions & en=cem5t      
policies h limit$ ! vitality ( !        
,clayton ,act to prev5t h>mful          
consolidation by-- 7,a7 disc\nt+        
previ\sly accept$ presumptions t c]ta9  
acquisitions are anticompetitive2  7,b7 
focus+ inord9ately on ! effect ( an     
acquisition on price 9 ! %ort t]m1 to ! 
exclusion ( o!r pot5tial anticompetitive
 effects2  7,c7 und]e/imat+ ! dang]s t  
horizontal1 v]tical1 & conglom]ate m]g]s
 w l[] quality1 r$uce *oice1 imp$e      
innovation1 exclude competitors1        
increase entry b>ri]s1 or create buy]   
p[]1 includ+ monopsony p[]2 &  7,d7     
requir+ ! gov]nm5t to prove h>mful      
effects ( a propos$ m]g] to a ne>       
c]ta9ty4  7b7 ,purposes ,! purposes (   
?is ,act are to--  7#a7 enhance         
competition ?r\gh\t ! ,am]ican economy  

by /r5g!n+ antitru/ en=cem5t by !       
,dep>tm5t ( ,ju/ice1 ! ,f$]al ,trade    
,commission1 ! ,/ate en=cem5t ag5cies1 &
 private p>ties2  7#b7 revise ! legal   
/&>d "u section #g ( ! ,clayton ,act to 
bett] enable en=c]s to arre/ ! likely   
anticompetitive effects ( h>mful m]g]s 9
 _! incipi5cy1 z ,congress int5d$1 by   
cl>ify+ t ! pot5tial effects t may      
ju/ify prohibit+ a m]g] "u ! ,clayton   
,act include l[] quality1 r$uc$ *oice1  
r$uc$ innovation1 ! exclusion (         
competitors1 or increas$ entry b>ri]s1 9
 addition to increas$ price to buy]s or 
r$uc$ price to sell]s2  7#c7 am5d !     
,clayton ,act to cl>ify t an acquisition
 t t5ds to create a monopsony violates !
 ,clayton ,act2 &  7#d7 e/abli% simple1 
co/-effective decision rules t require !
 p>ties to c]ta9 acquisitions t ei!r    
significantly increase conc5tration or  
are extremely l>ge be> ! burd5 (        
e/abli%+ t ! acquisition w n mat]ially  
h>m competition4  #c4 ,def9ition ,9 ?is 
,act ! t]m antitru/ laws-- 7#a7 has !   

mean+ giv5 ! t]m 9 ! fir/ section ( !   
,clayton ,act 7#ae ,u4,s4,c4 #ab72 &    
7#b7 includes-- 7,a7 section #e ( !     
,f$]al ,trade ,commission ,act 7#ae     
,u4,s4,c4 #de7 to ! ext5t t su* section 
applies to unfair me?ods ( competition2 
&  7,b7 ?is ,act & ! am5dm5ts made by   
?is ,act4  #d4 ,unlawful acquisitions   
7a7 ,m>ket p[] ,section #a7;a7 ( !      
,clayton ,act 7#ae ,u4,s4,c4 #ab7;a77 is
 am5d$ by add+ at ! end ! foll[+3  ! t]m
 m>ket p[] 9 ?is ,act means ! ability ( 
a p]son1 or a gr\p ( p]sons act+ 9      
conc]t1 to pr(itably impose t]ms or     
conditions on c\nt]p>ties1 includ+ t]ms 
reg>d+ price1 quantity1 product or      
s]vice quality1 or o!r t]ms affect+ !   
value ( consid]ation ex*ang$ 9 !        
transaction1 t are m favorable to !     
p]son or gr\p ( p]sons impos+ !m ?an :at
 ! p]son or gr\p ( p]sons c\ld obta9 9 a
 competitive m>ket4  4  7b7 ,unlawful   
acquisitions ,section #g ( ! ,clayton   
,act 7#ae ,u4,s4,c4 #ah7 is am5d$--     
7#a7 9 ! fir/ & second undesignat$      

p>agraphs1 by /rik+ sub/antially to     
less5 ea* place t t]m appe>s & ins]t+ to
 create an appreciable risk ( mat]ially 
less5+2  7#b7 by ins]t+ or a monopsony  
aft] monopoly ea* place t t]m appe>s2 & 
7#c7 by add+ at ! end ! foll[+3  ,9 a   
case br\ght by ! ,unit$ ,/ates1 ! ,f$]al
 ,trade ,commission1 or a ,/ate attorney
 g5]al1 a c\rt %all det]m9e t ! effect (
 an acquisition describ$ 9 ?is section  
may be to create an appreciable risk (  
mat]ially less5+ competition or to t5d  
to create a monopoly or a monopsony1 9  
or affect+ comm]ce1 if--  7#a7 !        
acquisition w\ld lead to a significant  
increase 9 m>ket conc5tration 9 any     
relevant m>ket2  7#b7 7,a7 ! acquir+    
p]son has a m>ket %>e ( great] ?an #ej  
p]c5t or o!rwise has significant m>ket  
p[]1 z a sell] or a buy]1 9 any relevant
 m>ket1 & z a result ( ! acquisition1 ! 
acquir+ p]son w\ld obta9 control ov]    
entities or assets t compete or h a     
reasonable probability ( compet+ ) !    
acquir+ p]son 9 ! same relevant m>ket2  

or  7,b7 z a result ( ! acquisition1 !  
acquir+ p]son w\ld obta9 control ov]    
entities or assets t h a m>ket %>e (    
great] ?an #ej p]c5t or o!rwise h       
significant m>ket p[]1 z a sell] or a   
buy]1 9 any relevant m>ket1 & ! acquir+ 
p]son competes or has a reasonable      
probability ( compet+ ) ! entities or   
assets ov] :i* x w\ld obta9 control1 z  
result ( ! acquisition1 9 ! same        
relevant m>ket2  7#c7 ! acquisition w\ld
 lead to ! comb9ation ( entities or     
assets t compete or h a reasonable      
probability ( compet+ 9 a relevant      
m>ket1 & ei!r ! acquir+ p]son or !      
entities or assets ov] :i* x w\ld obta9 
control prev5ts1 limits1 or disrupts    
coord9at$ int]action among competitors 9
 a relevant m>ket or has a reasonable   
probability ( do+ s2  7#d7 !            
acquisition-- 7,a7 w\ld likely enable ! 
acquir+ p]son to unilat]ally & pr(itably
 ex]cise m>ket p[] or mat]ially increase
 its ability to d s2 or  7,b7 w\ld      
mat]ially increase ! probability (      

coord9at$ int]action among competitors 9
 any relevant m>ket2 or  7#e7 7,a7 !    
acquisition is n a transaction t is     
describ$ 9 section #g;,a7c72 &  7,b7    
7i7 z a result ( su* acquisition1 !     
acquir+ p]son w\ld hold an aggregate    
total am\nt ( ! vot+ securities & assets
 ( ! acquir$ p]son 9 excess (           
#e1jjj1jjj1jjj 7z adju/$ & publi%$ = ea*
 fiscal ye> beg9n+ aft] ,septemb] #cj1  
#bjbb1 9 ! same mann] z provid$ 9       
section #h7;a77#e7 to reflect ! p]c5tage
 *ange 9 ! gross national product = su* 
fiscal ye> comp>$ to ! gross national   
product = ! ye> end+ ,septemb] #cj1     
#bjba72 or  7ii7 7,i7 ! p]son acquir+ or
 ! p]son be+ acquir$ has assets1 net    
annual sales1 or a m>ket capitalization 
great] ?an #ajj1jjj1jjj1jjj 7z s adju/$ 
& publi%$72 &  7,,ii7 z a result ( su*  
acquisition1 ! acquir+ p]son w\ld hold  
an aggregate total am\nt ( ! vot+       
securities & assets ( ! acquir$ p]son 9 
excess ( #ej1jjj1jjj 7z s adju/$ &      
publi%$71  unless ! acquir+ or acquir$  

p]son e/abli%1 by a prepond]ance ( !    
evid5ce1 t ! effect ( ! acquisition w n 
be to create an appreciable risk (      
mat]ially less5+ competition or t5d to  
create a monopoly or a monopsony4 ,9 ?is
 p>agraph1 ! t]m mat]ially means m ?an a
 de m9imis am\nt4  4  #e4 ,po/-settlem5t
 data ,section #g;,a ( ! ,clayton ,act  
7#ae ,u4,s4,c4 #ah;a7 is am5d$ by add+  
at ! end ! foll[+3  7l7  7#a7 ,ea* p]son
 :o ent]s into an agreem5t ) ! ,f$]al   
,trade ,commission or ! ,unit$ ,/ates to
 resolve a proce$+ br\ght "u ! antitru/ 
laws or "u ! ,f$]al ,trade ,commission  
,act 7#ae ,u4,s4,c4 #da et seq47 reg>d+ 
an acquisition ) respect to :i*         
notification is requir$ "u ?is section  
%all1 on an annual basis dur+ ! #e-ye>  
p]iod beg9n+ on ! date on :i* ! agreem5t
 is ent]$ into1 submit to ! ,f$]al      
,trade ,commission or ! ,assi/ant       
,attorney ,g5]al1 z applicable1         
in=mation suffici5t = ! ,f$]al ,trade   
,commission or ! ,unit$ ,/ates1 z       
applicable1 to assess ! competitive     

impact ( ! acquisition1 includ+-- 7,a7 !
 pric+1 availability1 & quality ( any   
product or s]vice1 or inputs !reto1 9   
any m>ket1 t 0 cov]$ by ! agreem5t2     
7,b7 ! s\rce1 & ! result+ magnitude &   
ext5t1 ( any co/-sav+ effici5cies or any
 b5efits to consum]s or trad+ p>tn]s t 7
 claim$ z a b5efit ( ! acquisition & !  
ext5t to :i* any co/ sav+s 7 pass$ on to
 consum]s or trad+ p>tn]s2 &  7,c7 !    
effectiv5ess ( any dive/itures or any   
conditions plac$ on ! acquisition 9     
fully re/or+ competition4  7#b7 ,!      
requirem5t to provide ! in=mation       
describ$ 9 p>agraph 7#a7 %all be includ$
 9 an agreem5t describ$ 9 t p>agraph4   
7#c7 ,! ,f$]al ,trade ,commission1 ) !  
concurr5ce ( ! ,assi/ant ,attorney      
,g5]al1 by rule 9 accordance ) section  
#eec ( title #e1 ,unit$ ,/ates ,code1 & 
consi/5t ) ! purposes ( ?is section--   
7,a7 %all require t ! in=mation describ$
 9 p>agraph 7#a7 be 9 su* =m & conta9   
su* docum5t>y mat]ial & in=mation       
relevant to an acquisition z is necess>y

 & appropriate to enable ! ,f$]al ,trade
 ,commission & ! ,assi/ant ,attorney    
,g5]al to assess ! competitive impact ( 
! acquisition "u p>agraph 7#a72 &  7,b7 
may--  7i7 def9e ! t]ms us$ 9 ?is       
subsection2  7ii7 exempt1 f !           
requirem5ts ( ?is section1 in=mation n  
relevant 9 assess+ ! competitive impact 
( ! acquisition "u p>agraph 7#a72 &     
7iii7 prescribe su* o!r rules z may be  
necess>y & appropriate to c>ry out !    
purposes ( ?is section4  4  #f4 ,f$]al  
,trade ,commission /udy ,n lat] ?an #b  
ye>s aft] ! date ( enactm5t ( ?is ,act1 
! ,f$]al ,trade ,commission1 9          
consultation ) ! ,securities & ,ex*ange 
,commission1 %all conduct & publi% a    
/udy1 us+ any compulsory process        
necess>y1 rely+ on public data &        
in=mation if available & suffici5t1 &   
incorporat+ public comm5t on--  7#a7 !  
ext5t to :i* an in/itutional inve/or or 
relat$ in/itutional inve/ors h own]%ip  
or control int]e/s 9 competitors 9      
mod]ately conc5trat$ or conc5trat$      

m>kets2  7#b7 ! economic impacts ( su*  
ov]lapp+ own]%ip or control2 &  7#c7 !  
me*anisms by :i* an in/itutional inve/or
 c\ld affect competition among !        
companies 9 :i* x inve/s & :e!r su*     
me*anisms are preval5t4  #g4 ,,gao      
/udies  7a7 ,9 g5]al ,n lat] ?an #ah    
mon?s aft] ! date ( enactm5t ( ?is ,act1
 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates 
%all--  7#a7 conduct a /udy to assess ! 
success ( m]g] rem$ies requir$ by !     
,dep>tm5t ( ,ju/ice or ! ,f$]al ,trade  
,commission 9 cons5t decrees ent]$ into 
s9ce #f ye>s prior to ! date ( enactm5t 
( ?is ,act1 includ+ ! impact on ma9ta9+ 
competition1 a comp>ison ( /ructural &  
conduct rem$ies1 & ! viability ( dive/$ 
assets2 &  7#b7 conduct a /udy on !     
impact ( m]g]s & acquisitions on wages1 
employm5t1 innovation1 & new bus9ess    
=mation4  7b7 ,update ,! ,comptroll]    
,g5]al ( ! ,unit$ ,/ates %all-- 7#a7    
update ! /udy "u p>agraph 7#a7 #c ye>s &
 #f ye>s aft] ! date ( enactm5t ( ?is   
,act bas$ on ! in=mation provid$ "u     

section #g;,a7l7 ( ! ,clayton ,act1 z   
add$ by section #e ( ?is ,act2 &  7#b7  
id5tify specific rem$ies or alleg$ m]g] 
b5efits t require additional in=mation  
or rese>*4  #h4 ,(fice ( ,competition   
,advocate  7a7 ,def9itions ,9 ?is       
section--  7#a7 ! t]m ag5cy has ! mean+ 
giv5 ! t]m 9 section #eea ( title #e1   
,unit$ ,/ates ,code2  7#b7 ! t]m cov]$  
company means any company t has1 at any 
"t1 be5 requir$ to make a fil+ "u       
section #g;,a ( ! ,clayton ,act 7#ae    
,u4,s4,c4 #ah;a72  7#c7 ! t]m ,(fice    
means ! ,(fice ( ! ,competition         
,advocate e/abli%$ "u subsection 7b72   
7#d7 ! t]m ,*airman means ! ,*airman ( !
 ,commission2 &  7#e7 ! t]m ,commission 
means ! ,f$]al ,trade ,commission4  7b7 
,e/abli%m5t ,!re is e/abli%$ )9 ! ,f$]al
 ,trade ,commission ! ,(fice ( !        
,competition ,advocate4  7c7            
,competition advocate  7#a7 ,9 g5]al ,! 
head ( ! ,(fice %all be ! ,competition  
,advocate1 :o %all-- 7,a7 report        
directly to ! ,*airman2 &  7,b7 be      

appo9t$ by ! ,*airman1 ) ! concurr5ce ( 
a majority ( ! ,commission1 includ+ at  
lea/ #a ,commission] :o is n a memb] ( !
 same political p>ty ( ! majority memb]s
 ( ! ,commission1 f among individuals   
hav+ exp]i5ce 9 advocat+ = ! promotion (
 competition4  7#b7 ,comp5sation ,!     
annual rate ( pay = ! ,competition      
,advocate %all be equal to ! highe/ rate
 ( annual pay = o!r s5ior executives :o 
report to ! ,*airman ( ! ,commission4   
7#c7 ,limitation on s]vice ,an          
individual :o s]ves z ! ,competition    
,advocate may n be employ$ by !         
,commission-- 7,a7 dur+ ! #b-ye> p]iod  
end+ on ! date ( appo9tm5t z            
,competition ,advocate2 or  7,b7 dur+ ! 
#e-ye> p]iod beg9n+ on ! date on :i* !  
p]son ceases to s]ve z ! ,competition   
,advocate4  7d7 ,/aff ( (fice ,!        
,competition ,advocate1 aft]            
consultation ) ! ,*airman ( !           
,commission1 %all reta9 or employ       
indep5d5t c\nsel1 rese>* /aff1 & s]vice 
/aff1 z ! ,competition ,advocate        

det]m9es is necess>y to c>ry out !      
functions1 p[]s1 & duties ( ! ,(fice4   
7e7 ,duties & p[]s ,! ,competition      
,advocate %all-- 7#a7 recomm5d processes
 or proc$ures t w all[ ! ,f$]al ,trade  
,commission & ! ,antitru/ ,division ( ! 
,dep>tm5t ( ,ju/ice to improve ! ability
 ( ea* ag5cy to solicit reports f       
consum]s1 small bus9esses1 & employees  
ab\t possible anticompetitive practices 
or adv]se effects ( conc5tration2  7#b7 
publicly provide recomm5dations to o!r  
,f$]al ag5cies ab\t adm9i/rative actions
 t may h anticompetitive effects & !    
pot5tial h>m to competition if ^?       
actions are c>ri$ out2  7#c7 provide    
recomm5dations to o!r ,f$]al ag5cies    
ab\t adm9i/rative actions t may h       
procompetitive effects & ! pot5tial     
b5efit to competition if ^? actions are 
c>ri$ out2  7#d7 publi% p]iodic reports 
on-- 7,a7 m>ket competition & its impact
 on ! ,unit$ ,/ates1 local geographic   
areas1 & diff]5t demographic &          
socioeconomic gr\ps2 &  7,b7 ! success (

 rem$ies requir$ by ! ,dep>tm5t (       
,ju/ice or ! ,f$]al ,trade ,commission 9
 cons5t decrees2  7#e7 collect data     
reg>d+ conc5tration levels across       
indu/ries & ! impact & degree ( antitru/
 en=cem5t2 &  7#f7 /&>dize ! types &    
=mats ( data report$ & collect$4  7f7   
,subpo5a au?ority  7#a7 ,9 g5]al ,!     
,competition ,advocate may ei!r require 
! submission ( or accept volunt>y       
submissions ( p]iodic & o!r reports f   
any cov]$ company = ! purpose ( assess+ 
competition & its impact on ! ,unit$    
,/ates1 local geographic areas1 &       
diff]5t demographic & socioeconomic     
gr\ps4  7#b7 ,writt5 f9d+ ,be=e issu+ a 
subpo5a to collect ! in=mation describ$ 
9 p>agraph 7#a71 ! ,competition         
,advocate %all make a writt5 f9d+ t--   
7,a7 ! data is requir$ to c>ry out !    
functions ( ! ,competition ,advocate2 & 
7,b7 ! in=mation is n available f a     
public s\rce or ano!r ag5cy4  7#c7      
,mitigation ( report burd5 ,be=e requir+
 ! submission ( a report f any company  

requir$ to make a fil+ "u section #g;,a 
( ! ,clayton ,act 7#ae ,u4,s4,c4 #ah;a71
 ! ,competition ,advocate %all--  7,a7  
coord9ate ) o!r ag5cies or au?ority2 &  
7,b7 :5ev] possible1 rely on in=mation  
available f su* ag5cies or au?ority4    
7g7 ,data c5t]  7#a7 ,e/abli%m5t ,!re is
 e/abli%$ )9 ! ,(fice ! ,data ,c5t]4    
7#b7 ,duties ,! ,data ,c5t] %all--  7,a7
 collect1 validate1 & ma9ta9 data obta9$
 f ag5cies1 z def9$ 9 section #eea (    
title #e1 ,unit$ ,/ates ,code1 comm]cial
 data provid]s1 publicly available data 
s\rces1 & any cov]$ company2 &  7,b7    
prep>e & publi%1 9 a mann] t is easily  
accessible to ! public--  7i7 a         
conc5tration database2  7ii7 a m]g]     
en=cem5t database2  7iii7 any o!r       
database t ! ,competition ,advocate     
det]m9es is necess>y to c>ry out !      
duties ( ! ,(fice2 &  7iv7 ! =mat &     
/&>ds = ,(fice data1 includ+ /&>ds =    
report+ f9ancial transaction & position 
data to ! ,(fice4  7#c7 ,regulations ,! 
,competition ,advocate %all promulgate  

regulations relat+ to ! collection &    
/&>diz+ ( data "u p>agraph 7#b74  7#d7  
,confid5tiality  7,a7 ,9 g5]al ,! ,data 
,c5t] may n disclose any confid5tial    
data collect$ "u p>agraph 7#b74  7,b7   
,requirem5ts ,data obta9$ f an ag5cy    
%all be subject to ! same confid5tiality
 requirem5ts & protection z ! ag5cy     
provid+ ! data4  7,c7 ,in=mation        
security ,! ,competition ,advocate %all 
ensure t data collect$ & ma9ta9$ by !   
,data ,c5t] are kept secure & protect$  
aga9/ unau?oriz$ disclosure4  7h7       
,division ( m>ket analysis  7#a7        
,e/abli%m5t ,!re is e/abli%$ )9 ! ,(fice
 ! ,division ( ,m>ket ,analysis4  7#b7  
,lead]%ip ,! head ( ! ,division ( ,m>ket
 ,analysis %all be ! ,director ( ,m>ket 
,analysis1 :o %all--  7,a7 report       
directly to ! ,competition ,advocate2 & 
7,b7 be appo9t$ by ! ,competition       
,advocate1 ) ! concurr5ce ( a majority (
 ! ,commission1 includ+ at lea/ "o      
,commission] :o is n a memb] ( ! same   
political p>ty ( ! majority memb]s ( !  

,commission4  7#c7 ,division /aff ,!    
,division ( ,m>ket ,analysis %all reta9 
or employ indep5d5t legal1 economic1    
rese>*1 & s]vice /aff suffici5t to c>ry 
out ! functions1 p[]s1 & duties ( !     
,division4  7#d7 ,duties & p[]s ,!      
,division ( ,m>ket ,analysis--  7,a7    
%all1 at ! direction ( ! ,competition   
,advocate or ! ,commission1 conduct     
inve/igations ( m>kets or indu/ry       
sectors to analyze ! competitive        
conditions & dynamics affect+ su* m>kets
 or indu/ry sectors1 includ+ ! effects t
 m>ket conc5tration1 m]g]s &            
acquisitions1 c]ta9 types ( agreem5ts1 &
 o!r =ms ( bus9ess conduct h on         
competition1 consum]s1 work]s &         
innovation1 & %all publi% reports on !  
results ( su* inve/igations2  7,b7 %all1
 at ! direction ( ! ,competition        
,advocate or ! ,commission1 conduct     
inve/igations conc]n+ ! competitive     
effects ( acquisitions t h be5          
consummat$ no less ?an #b ye>s prior to 
! />t ( ! inve/igation1 :i* %all include

 recomm5dations conc]n+ appropriate     
en=cem5t action to rem$y any            
anticompetitive effects discov]$ & may  
include assessm5ts (--  7i7 ! conditions
 ( ! relevant m>kets affect$ by !       
acquisition1 ov] ! p]iod s9ce !         
acquisition 0 consummat$1 includ+1 b n  
limit$ to1 ! pot5tial impact t !        
acquisition has _h on-- 7,i7 ! prices ( 
goods or s]vices1 includ+ wages 9 any   
affect$ labor m>kets2  7,,ii7 ! output &
 quality ( goods & s]vices2  7,,iii7 !  
entry or exit ( competitors2  7,,iv7    
innovation2  7,v7 consum] *oice &       
product v>iety2  7,,vi7 ! opportunity ( 
suppli]s & works to sell _! product or  
s]vices2  7,,vii7 coord9at$ int]action  
betwe5 competitors2 &  7,,viii7         
subsequ5t m]g]s & acquisitions activity2
  7ii7 :e!r ! acquir+ p]son or its      
successors 9 int]e/--  7,i7 compli$ )   
all obligations "u any agreem5t ) !     
,f$]al ,trade ,commission1 ! ,unit$     
,/ates1 or ,/ate law en=cem5t au?orities
 to resolve a proce$+ br\ght "u !       

antitru/ laws2 &  7,,ii7 a*iev$         
measurable1 transaction-specific        
effici5cies1 :i* did n arise f          
anticompetitive r$uctions ( output1 z a 
result ( ! acquisition2 &  7iii7 :e!r   
any agreem5ts ) ! ,f$]al ,trade         
,commission or ! ,unit$ ,/ates to       
resolve a proce$+ br\ght "u ! antitru/  
laws reg>d+ ! acquisition 0 effective 9 
mitigat+ ! anticompetitive effects f !  
acquisition2  7,c7 %all rely on public  
data & in=mation1 public comm5t1        
in=mation f o!r ,f$]al ag5cies1         
in=mation f ! ,data ,c5t]1 in=mation    
obta9$ pursuant to ! ,competition       
,advocate's subpo5a au?ority "u         
subsection 7f7 ( ?is section & may use  
compulsory process "u section #f7;b7 ( !
 ,f$]al ,trade ,commission ,act 7#ae    
,u4,s4,c4 #df7;b77 z necess>y to c>ry   
out ! functions set =? 9 subsections    
7h77#c77;,a7 & 7h77#c77;,b7 ( ?is       
section2 &  7,d7 %all report any evid5ce
 x obta9s t any p]son1 p>tn]%ip1 or     
corporation has engag$ 9 transactions or

 conduct t may con/itute ( a violation (
 ! antitru/ law to ! ,commission1 :i*   
may in/itute fur!r inve/igation1        
initiate en=cem5t proce$+s1 or ref] su* 
evid5ce to ! ,attorney ,g5]al4  #i4     
,m>ket def9ition  7a7 ,9 g5]al ,e/abli%+
 liability "u ! antitru/ laws does n    
require ! def9ition ( a relevant m>ket1 
except :5 ! def9ition ( a relevant m>ket
 is requir$1 to e/abli% a presumption or
 to resolve a claim1 "u a /atutory      
provision t explicitly ref]5ces ! t]ms  
relevant m>ket1 m>ket conc5tration1 or  
m>ket %>e4 ,/atutory ref]5ces to ! t]m  
l9e ( comm]ce %all n con/itute an       
exception to ! =ego+ rule t e/abli%+    
liability "u ! antitru/ laws does n     
require ! def9ition ( a relevant m>ket4 
7b7 ,direct evid5ce ,if direct evid5ce 9
 ! record is suffici5t to prove actual  
or likely h>m to competition1 an        
appreciable risk to competition         
suffici5t to satisfy ! applicable       
/atutory /&>d1 or t ! effect ( an       
acquisition subject to section #g ( !   

,clayton ,act 7#ae ,u4,s4,c4 #ah7 may be
 to create an appreciable risk (        
mat]ially less5+ competition or to t5d  
to create a monopoly or a monopsony1    
nei!r a c\rt nor ! ,f$]al ,trade        
,commission %all require def9ition ( a  
relevant m>ket 9 ord] to evaluate !     
evid5ce1 to f9d liability1 or to f9d t a
 claim has be5 /at$ "u ! antitru/ laws4 
7c7 ,rule ( con/ruction ,no?+ 9 ?is     
section may be con/ru$ to prev5t a c\rt 
or ! ,f$]al ,trade ,commission f        
consid]+ evid5ce relat+ to ! def9ition (
 propos$ relevant m>kets to evaluate !  
m]its ( a claim "u ! antitru/ laws4     
#aj4 ,additional rem$ies2 rules (       
con/ruction  7a7 ,additional rem$ies ,! 
rights & rem$ies provid$ "u ?is ,act are
 9 addition to1 n 9 lieu (1 any o!r     
rights & rem$ies provid$ by ,f$]al law1 
includ+ "u section #d1 #d;,a1 #ae1 or   
#af ( ! ,clayton ,act 7#ae ,u4,s4,c4    
#ae1 #ae;a1 #be1 #bf7 or section #ac7;b7
 ( ! ,f$]al ,trade ,commission ,act 7#ae
 ,u4,s4,c4 #ec7;b774  7b7 ,rules (      

con/ruction ,no?+ 9 ?is ,act may be     
con/ru$ to--  7#a7 impair or limit !    
applicability ( any ( ! antitru/ laws2 &
  7#b7 prohibit any o!r rem$y provid$ by
 ,f$]al law4