The FTC´s Prior Approval Mischief

Sometimes, the appropriate remedy in a merger case will involve a requirement for prior agency approval of later transactions by the buyer in the market in issue. From 1995 through 2022, the Federal Trade Commission’s policy was to assess on a case-by-case basis whether prior approval was actually needed. That changed in 2022, when the FTC adopted a requirement for prior approval in all cases and extended the requirement to adjacent markets. This paper explains why the new policy is misg