A N T I T R U S T M O D E R N I Z A T I O ... - ncbfaa

R E P O R T A N D R E C O M M E N D A T I O N S 9Chapter I: Substantive Standards of Antitrust LawA. Antitrust Law and the “New Economy”1. There is no need to revise the antitrust laws to apply different rules to industriesin which innovation, intellectual property, and technological change are centralfeatures.2. In industries in which innovation, intellectual property, and technological changeare central features, just as in other industries, antitrust enforcers should carefullyconsider market dynamics in assessing competitive effects and should ensureproper attention to economic and other characteristics of particular industriesthat may, depending on the facts at issue, have an important bearing on a validantitrust analysis.B. Substantive Merger Law3. No statutory change is recommended with respect to Section 7 of theClayton Act.3a. There is a general consensus that, while there may be disagreement overspecific merger decisions, and U.S. merger policy would benefit fromcontinued empirical research and examination, the basic framework foranalyzing mergers followed by the U.S. enforcement agencies andcourts is sound.3b. The Commission was not presented with substantial evidence that currentU.S. merger policy is materially hampering the ability of companies tooperate efficiently or to compete in global markets.4. No substantial changes to merger enforcement policy are necessary to accountfor industries in which innovation, intellectual property, and technologicalchange are central features.4a. Current law, including the Merger Guidelines, as well as merger policydeveloped by the agencies and courts, is sufficiently flexible to addressfeatures in such industries.