United States
Antitrust laws mainly include the Sherman Antitrust Act (1890), the Federal Trade Commission Act (1914) and the Clayton Act (1914). At the federal level, antitrust laws are implemented by the Antitrust Division of the Department of Justice and the Bureau of Competition of the Federal Trade Commission.
The Antitrust Division prosecutes serious and willful violations of antitrust laws by filing criminal suits that can lead to large fines and jail sentences. Where criminal prosecution is not appropriate, the Division institutes a civil action seeking a court order forbidding future violations of the law and requiring steps to remedy the anti-competition effects of past violations.
The Federal Trade Commission is an independent agency that reports to Congress on its actions. Its Bureau of Competition reviews proposed mergers and other business practices for possible anti-competition effects, and, when appropriate, recommends that the commission takes formal law enforcement actions to protect consumers.
European Union
The Competition Law of the European Union is the main law to deal with monopolistic practices. It comprises three main policy areas: antitrust, mergers and state aid. Primary competence for applying the Competition Law rests with the European Commission and its directorate general for competition, although state aid in some sectors, such as transportation, is handled by other directorates general. On May 1, 2004, a decentralized regime for antitrust came into force which is intended to increase the application of the Competition Law by the national competition authorities and national courts.
Japan
The Anti-monopoly Act (1947) is the main legislative tool and the basis on which the Fair Trade Commission was established. Placed under the prime minister, it is independent of the cabinet in dealing with anti-monopoly matters and has judicial and quasi-legislative powers.
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