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106th CONGRESS
2d Session
H. R. 5620
To require operators of electronic marketplaces to disclose the
ownership and management of such marketplaces to market participants,
and for other purposes.
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IN THE HOUSE OF REPRESENTATIVES
November 1, 2000
Mrs. Maloney of New York introduced the following bill; which was
referred to the Committee on Commerce
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A BILL
To require operators of electronic marketplaces to disclose the
ownership and management of such marketplaces to market participants,
and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Electronic Marketplace Ownership
Disclosure Act''.
SEC. 2. FEDERAL TRADE COMMISSION REGULATIONS.
(a) Disclosure Required.--The Commission shall prescribe rules in
accordance with this section to prohibit unfair and deceptive acts and
practices in the operation of an electronic marketplace by requiring
the operator of such market to disclose--
(1) the identity of--
(A) the entities that have a controlling equity
stake in such marketplaces;
(B) the corporate parents of any subsidiaries or
affiliates with a controlling equity stake in such
marketplaces; and
(C) the names of the directors and officers of each
such entity, parent, subsidiary, or affiliate;
(2) the extent to which the controlling equity holders, or
any subsidiary or affiliate, is or intends to become a trading
participant in such a marketplace; and
(3) the percentage of the marketplace's operating expenses
and overhead that are paid by the controlling equity
stakeholder.
(b) Rulemaking.--
(1) In general.--The Commission shall prescribe the rules
under subsection (a) within 270 days after the date of
enactment of this Act. Such rules shall be prescribed in
accordance with section 553 of title 5, United States Code.
(2) Access via the internet.--The rules prescribed by the
Commission under subsection (a) shall require that the
information required to be disclosed under such subsection be
readily accessible to the public through the Internet.
(c) Enforcement.--Any violation of any rule prescribed under
subsection (a) shall be treated as a violation of a rule respecting
unfair or deceptive acts or practices under section 5 of the Federal
Trade Commission Act (15 U.S.C. 45). Notwithstanding section 5(a)(2) of
such Act (15 U.S.C. 45(a)(2)), communications common carriers shall be
subject to the jurisdiction of the Commission for purposes of this Act.
(d) Actions by the Commission.--The Commission shall prevent any
person from violating a rule of the Commission under this section in
the same manner, by the same means, and with the same jurisdiction,
powers, and duties as though all applicable terms and provisions of the
Federal Trade Commission Act (15 U.S.C. 41 et seq.) were incorporated
into and made a part of this Act. Any person who violates such rule
shall be subject to the penalties and entitled to the privileges and
immunities provided in the Federal Trade Commission Act in the same
manner, by the same means, and with the same jurisdiction, power, and
duties as though all applicable terms and provisions of the Federal
Trade Commission Act were incorporated into and made a part of this
Act.
SEC. 3. DEFINITIONS.
As used in this Act:
(1) Commission.--The term ``Commission'' means the Federal
Trade Commission.
(2) Electronic marketplace.--The term ``electronic
marketplace'' means an entity or group of entities using
electronic means to trade goods or services, including online
Internet exchanges and electronic communications networks
(``ECN's'').
(3) Internet exchange.--The term ``Internet exchange''
means an electronic marketplace conducted over the combination
of computer facilities and electromagnetic transmission media,
and related equipment and software, comprising the
interconnected worldwide network of computer networks that
employ the Transmission Control Protocol/Internet Protocol or
any successor protocol to transmit information, commonly known
as the ``Internet''.
(4) Electronic communications networks.--The term
``electronic communications networks (``ECN's'') means
computerized systems that automatically match orders between
buyers and sellers.
(5) Subsidiary or affiliate.--The term ``subsidiary or
affiliate'' means any company that controls, is controlled by,
or is under common control with another company.
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