On March 11, 2019, the Director of the Federal Trade Commission’s (“FTC’s”) Bureau of Competition and the Assistant Director of the Bureau’s Compliance Division coauthored a blog post to announce the revision of “standard order language to make clear what constitutes a complete compliance report.” The FTC noted that recent submissions suggested that entities required to file compliance reports were not taking their obligations seriously and were failing to provide timely and sufficiently detailed reports.
As revised, the following language will specify the FTC’s expectations for the content of compliance reports:
The FTC expects that, in many cases, “copies of relevant documents or other evidence” will need to be provided. Specifically, the FTC noted that in the case of a divestiture, the filing party would need to provide a “timeline and detailed description” of efforts taken to divest of assets, including potential buyers, the status of negotiations, and an anticipated timeline for completion. Finally, the FTC notes that the staff will “play an active role in ensuring that parties comply with their reporting obligations.”
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