National Association of Residential Property Managers, Inc.; Analysis To Aid Public Comment, 52006-52008 [2014-20776]

Download as PDF mstockstill on DSK4VPTVN1PROD with NOTICES 52006 Federal Register / Vol. 79, No. 169 / Tuesday, September 2, 2014 / Notices and C Streets NW., Washington, DC 20551. STATUS: Open. On the day of the meeting, you will be able to view the meeting via webcast from a link available on the Board’s public Web site. You do not need to register to view the webcast of the meeting. A link to the meeting documentation will also be available approximately 20 minutes before the start of the meeting. Both links may be accessed from the Board’s public Web site at www.federalreserve.gov. If you plan to attend the open meeting in person, we ask that you notify us in advance and provide your name, date of birth, and social security number (SSN) or passport number. You may provide this information by calling 202–452– 2474 or you may register online. You may pre-register until close of business on September 2, 2014. You also will be asked to provide identifying information, including a photo ID, before being admitted to the Board meeting. The Public Affairs Office must approve the use of cameras; please call 202–452–2955 for further information. If you need an accommodation for a disability, please contact Penelope Beattie on 202–452–3982. For the hearing impaired only, please use the Telecommunication Device for the Deaf (TDD) on 202–263–4869. PRIVACY ACT NOTICE: The information you provide will be used to assist us in prescreening you to ensure the security of the Board’s premises and personnel. In order to do this, we may disclose your information consistent with the routine uses listed in the Privacy Act Notice for BGFRS–32, including to appropriate federal, state, local, or foreign agencies where disclosure is reasonably necessary to determine whether you pose a security risk or where the security or confidentiality of your information has been compromised. We are authorized to collect your information by 12 U.S.C 243 and 248, and Executive Order 9397. In accordance with Executive Order 9397, we collect your SSN so that we can keep accurate records, because other people may have the same name and birth date. In addition, we use your SSN when we make requests for information about you from law enforcement and other regulatory agency databases. Furnishing the information requested is voluntary; however, your failure to provide any of the information requested may result in disapproval of your request for access to the Board’s premises. You may be subject to a fine or imprisonment under 18 U.S.C 1001 for any false statements you make in VerDate Mar<15>2010 16:57 Aug 29, 2014 Jkt 232001 your request to enter the Board’s premises. Matters To Be Considered DISCUSSION AGENDA: 1. Final Rulemaking: U.S. Liquidity Coverage Ratio. 2. Proposed Rulemaking: Margin Requirements on Non-Cleared Swaps. Notes: 1. The staff memo to the Board will be made available to the public on the day of the meeting in paper and the background material will be made available on a compact disc (CD). If you require a paper copy of the entire document, please call Penelope Beattie on 202–452–3982. The documentation will not be available until about 20 minutes before the start of the meeting. 2. This meeting will be recorded for the benefit of those unable to attend. The webcast recording and a transcript of the meeting will be available after the meeting on the Board’s public Web site http:// www.federalreserve.gov/aboutthefed/ boardmeetings/ or if you prefer, a CD recording of the meeting will be available for listening in the Board’s Freedom of Information Office, and copies can be ordered for $4 per disc by calling 202–452– 3684 or by writing to: Freedom of Information Office, Board of Governors of the Federal Reserve System, Washington, DC 20551. For more information please contact: Michelle Smith, Director, Office of Board Members at 202–452–2955. SUPPLEMENTARY INFORMATION: You may access the Board’s public Web site at www.federalreserve.gov for an electronic announcement. (The Web site also includes procedural and other information about the open meeting.) Dated: August 27, 2014. Robert deV. Frierson, Secretary of the Board. [FR Doc. 2014–20878 Filed 8–28–14; 11:15 am] BILLING CODE 6210–01–P FEDERAL TRADE COMMISSION [File No. 141 0031] National Association of Residential Property Managers, Inc.; Analysis To Aid Public Comment Federal Trade Commission. Proposed consent agreement. AGENCY: ACTION: The consent agreement in this matter settles alleged violations of federal law prohibiting unfair methods of competition. The attached Analysis to Aid Public Comment describes both the allegations in the draft complaint and the terms of the consent order— embodied in the consent agreement— that would settle these allegations. DATES: Comments must be received on or before September 22, 2014. SUMMARY: PO 00000 Frm 00064 Fmt 4703 Sfmt 4703 Interested parties may file a comment at https:// ftcpublic.commentworks.com/ftc/ narpmconsent online or on paper, by following the instructions in the Request for Comment part of the SUPPLEMENTARY INFORMATION section below. Write ‘‘National Association of Residential Property Managers, Inc.— Consent Agreement; File No. 141 0031’’ on your comment and file your comment online at https:// ftcpublic.commentworks.com/ftc/ narpmconsent by following the instructions on the web-based form. If you prefer to file your comment on paper, mail your comment to the following address: Federal Trade Commission, Office of the Secretary, 600 Pennsylvania Avenue NW., Suite CC–5610 (Annex D), Washington, DC 20580, or deliver your comment to the following address: Federal Trade Commission, Office of the Secretary, Constitution Center, 400 7th Street SW., 5th Floor, Suite 5610 (Annex D), Washington, DC 20024. FOR FURTHER INFORMATION CONTACT: Armando Irizarry, Bureau of Competition, (202–326–2964), 600 Pennsylvania Avenue NW., Washington, DC 20580. SUPPLEMENTARY INFORMATION: Pursuant to Section 6(f) of the Federal Trade Commission Act, 15 U.S.C. 46(f), and FTC Rule 2.34, 16 CFR 2.34, notice is hereby given that the above-captioned consent agreement containing consent order to cease and desist, having been filed with and accepted, subject to final approval, by the Commission, has been placed on the public record for a period of thirty (30) days. The following Analysis to Aid Public Comment describes the terms of the consent agreement, and the allegations in the complaint. An electronic copy of the full text of the consent agreement package can be obtained from the FTC Home Page (for August 22, 2014), on the World Wide Web, at http://www.ftc.gov/ os/actions.shtm. You can file a comment online or on paper. For the Commission to consider your comment, we must receive it on or before September 22, 2014. Write ‘‘National Association of Residential Property Managers, Inc.—Consent Agreement; File No. 141 0031’’ on your comment. Your comment—including your name and your state—will be placed on the public record of this proceeding, including, to the extent practicable, on the public Commission Web site, at http://www.ftc.gov/os/ publiccomments.shtm. As a matter of discretion, the Commission tries to remove individuals’ home contact ADDRESSES: E:\FR\FM\02SEN1.SGM 02SEN1 mstockstill on DSK4VPTVN1PROD with NOTICES Federal Register / Vol. 79, No. 169 / Tuesday, September 2, 2014 / Notices information from comments before placing them on the Commission Web site. Because your comment will be made public, you are solely responsible for making sure that your comment does not include any sensitive personal information, like anyone’s Social Security number, date of birth, driver’s license number or other state identification number or foreign country equivalent, passport number, financial account number, or credit or debit card number. You are also solely responsible for making sure that your comment does not include any sensitive health information, like medical records or other individually identifiable health information. In addition, do not include any ‘‘[t]rade secret or any commercial or financial information which . . . is privileged or confidential,’’ as discussed in Section 6(f) of the FTC Act, 15 U.S.C. 46(f), and FTC Rule 4.10(a)(2), 16 CFR 4.10(a)(2). In particular, do not include competitively sensitive information such as costs, sales statistics, inventories, formulas, patterns, devices, manufacturing processes, or customer names. If you want the Commission to give your comment confidential treatment, you must file it in paper form, with a request for confidential treatment, and you have to follow the procedure explained in FTC Rule 4.9(c), 16 CFR 4.9(c).1 Your comment will be kept confidential only if the FTC General Counsel, in his or her sole discretion, grants your request in accordance with the law and the public interest. Postal mail addressed to the Commission is subject to delay due to heightened security screening. As a result, we encourage you to submit your comments online. To make sure that the Commission considers your online comment, you must file it at https:// ftcpublic.commentworks.com/ftc/ narpmconsent by following the instructions on the web-based form. If this Notice appears at http:// www.regulations.gov/#!home, you also may file a comment through that Web site. If you file your comment on paper, write ‘‘National Association of Residential Property Managers, Inc.— Consent Agreement; File No. 141 0031’’ on your comment and on the envelope, and mail your comment to the following address: Federal Trade Commission, Office of the Secretary, 600 1 In particular, the written request for confidential treatment that accompanies the comment must include the factual and legal basis for the request, and must identify the specific portions of the comment to be withheld from the public record. See FTC Rule 4.9(c), 16 CFR 4.9(c). VerDate Mar<15>2010 16:57 Aug 29, 2014 Jkt 232001 52007 Pennsylvania Avenue NW., Suite CC– 5610 (Annex D), Washington, DC 20580, or deliver your comment to the following address: Federal Trade Commission, Office of the Secretary, Constitution Center, 400 7th Street SW., 5th Floor, Suite 5610 (Annex D), Washington, DC 20024. If possible, submit your paper comment to the Commission by courier or overnight service. Visit the Commission Web site at http://www.ftc.gov to read this Notice and the news release describing it. The FTC Act and other laws that the Commission administers permit the collection of public comments to consider and use in this proceeding as appropriate. The Commission will consider all timely and responsive public comments that it receives on or before September 22, 2014. You can find more information, including routine uses permitted by the Privacy Act, in the Commission’s privacy policy, at http://www.ftc.gov/ftc/privacy.htm. comments from interested members of the public. Comments received during this period will become part of the public record. After 30 days, the Commission will review the Consent Agreement again and the comments received, and will decide whether it should withdraw from the Consent Agreement or make final the accompanying Decision and Order (‘‘the Proposed Order’’). The purpose of this Analysis to Aid Public Comment is to invite and facilitate public comment. It is not intended to constitute an official interpretation of the proposed Consent Agreement and the accompanying Proposed Order or in any way to modify their terms. The Consent Agreement is for settlement purposes only and does not constitute an admission by NARPM that the law has been violated as alleged in the Complaint or that the facts alleged in the Complaint, other than jurisdictional facts, are true. Analysis of Agreement Containing Consent Order To Aid Public Comment The Federal Trade Commission (‘‘Commission’’) has accepted, subject to final approval, an Agreement Containing Consent Order (‘‘Consent Agreement’’) from the National Association of Residential Property Managers, Inc. (hereinafter ‘‘NARPM’’). The Commission’s complaint (‘‘Complaint’’) alleges that NARPM, acting as a combination of its members and in agreement with at least some of its members, restrained competition among its members and others in violation of Section 5 of the Federal Trade Commission Act, as amended, 15 U.S.C. 45. NARPM restrained competition by adopting and maintaining provisions in its Code of Ethics that restrain its members from (1) soliciting the customers of competing property managers, and (2) making statements about competing property managers that are neither false nor deceptive. Under the terms of the proposed Consent Agreement, NARPM is required to cease and desist from restricting its members from soliciting customers or from making statements about competitors’ products, services, or business or commercial practices that are not false or deceptive. The Commission anticipates that the competitive issues described in the Complaint will be resolved by accepting the proposed order, subject to final approval, contained in the Consent Agreement. The proposed Consent Agreement has been placed on the public record for 30 days for receipt of I. The Complaint PO 00000 Frm 00065 Fmt 4703 Sfmt 4703 The Complaint makes the following allegations. A. The Respondent NARPM is a non-profit professional corporation of real estate agents, brokers, managers and their employees, with over 4,000 members. NARPM’s members are in the business of managing single-family and multifamily residential properties, condominiums, townhouses, and shortterm rentals. Some members also manage commercial and industrial properties and homeowners associations. B. The Anticompetitive Conduct NARPM maintains a Code of Ethics applicable to the commercial activities of its members. NARPM’s members agree to abide by the Code of Ethics as a condition of membership. NARPM maintains the following provisions in its Code of Ethics: • ‘‘The Property Manager shall not knowingly solicit competitor’s clients.’’ • ‘‘NARPM Professional Members shall refrain from criticizing other property managers or their business practices.’’ NARPM also established a process for receiving complaints about and resolving alleged violations of the Code of Ethics. NARPM may sanction members found to violate the Code of Ethics. Sanctions may include a letter of reprimand, probation or suspension for a specified term, or expulsion from NARPM. E:\FR\FM\02SEN1.SGM 02SEN1 52008 Federal Register / Vol. 79, No. 169 / Tuesday, September 2, 2014 / Notices mstockstill on DSK4VPTVN1PROD with NOTICES The Complaint alleges that NARPM has violated Section 5 of the Federal Trade Commission Act by adopting and maintaining provisions in its Code of Ethics that restrain its members from (1) soliciting the customers of competing property managers, and (2) making statements that are not false or deceptive about competing property managers. The Complaint alleges that the purpose, effects, tendency, or capacity of the combination, agreement, acts and practices of NARPM has been and is to restrain competition unreasonably and to injure consumers by discouraging and restricting competition among property managers, and by depriving consumers and others of the benefits of free and open competition among property managers. II. The Proposed Order The Proposed Order has the following substantive provisions. Paragraph II requires NARPM to cease and desist from restraining its members from soliciting property management work, or from making statements about competitors’ products, services, or business or commercial practices that are not false or deceptive. The Proposed Order does not prohibit NARPM from adopting and enforcing reasonable restraints with respect to representations that NARPM reasonably believes would be false or deceptive within the meaning of Section 5 of the Federal Trade Commission Act. Paragraph III of the Proposed Order requires NARPM to remove from its Web site and organization documents any statement that does not comply with the Proposed Order, and to publish on the Web site any revision to the organization documents. NARPM must publish an announcement that it has changed its Code of Ethics, and a statement describing the Consent Agreement (‘‘the Settlement Statement’’). NARPM must publish the aforementioned documents in NARPM’s news magazine. NARPM must distribute the Settlement Statement to NARPM’s board of directors, officers, employees, and members. NARPM must publish in all ethics courses designed or offered by NARPM that discuss the provisions at issue a statement that restrictions on solicitation or advertising no longer apply. Paragraph III also requires NARPM to provide all new members and all members who receive a membership renewal notice with a copy of the Settlement Statement. Paragraph IV of the Proposed Order requires NARPM to design, maintain, and operate an antitrust compliance program. NARPM will have to appoint an Antitrust Compliance Officer for the VerDate Mar<15>2010 16:57 Aug 29, 2014 Jkt 232001 duration of the Proposed Order. For a period of five years, NARPM will have to provide in-person annual training to its board of directors, officers, and employees, and conduct a presentation at its annual convention, regional conferences, and each code of ethics training session, that summarizes NARPM’s obligations under the Proposed Order and provides contextappropriate guidance on compliance with the antitrust laws. NARPM must also implement policies and procedures to enable persons to ask questions about, and report violations of, the Proposed Order and the antitrust laws confidentially and without fear of retaliation, and to discipline its board of directors, officers, employees, members, and agents for failure to comply with the Proposed Order. Paragraphs V–VII of the Proposed Order impose certain standard reporting and compliance requirements on NARPM. The Proposed Order will expire in 20 years. By direction of the Commission. Janice Podoll Frankle, Acting Secretary. [FR Doc. 2014–20776 Filed 8–29–14; 8:45 am] BILLING CODE 6750–01–P FEDERAL TRADE COMMISSION [File No. 131 0127] National Association of Teachers of Singing, Inc.; Analysis To Aid Public Comment Federal Trade Commission. Proposed Consent Agreement. AGENCY: ACTION: The consent agreement in this matter settles alleged violations of federal law prohibiting unfair methods of competition. The attached Analysis to Aid Public Comment describes both the allegations in the draft complaint and the terms of the consent order— embodied in the consent agreement— that would settle these allegations. DATES: Comments must be received on or before September 22, 2014. ADDRESSES: Interested parties may file a comment at https:// ftcpublic.commentworks.com/ftc/ natsconsent online or on paper, by following the instructions in the Request for Comment part of the SUPPLEMENTARY INFORMATION section below. Write ‘‘National Association of Teachers of Singing, Inc.—Consent Agreement; File No. 131 0127’’ on your comment and file your comment online at https://ftcpublic.commentworks.com/ ftc/natsconsent by following the SUMMARY: PO 00000 Frm 00066 Fmt 4703 Sfmt 4703 instructions on the web-based form. If you prefer to file your comment on paper, mail your comment to the following address: Federal Trade Commission, Office of the Secretary, 600 Pennsylvania Avenue NW., Suite CC–5610 (Annex D), Washington, DC 20580, or deliver your comment to the following address: Federal Trade Commission, Office of the Secretary, Constitution Center, 400 7th Street SW., 5th Floor, Suite 5610 (Annex D), Washington, DC 20024. FOR FURTHER INFORMATION CONTACT: Karen Mills, Bureau of Competition, (202–326–2052), 600 Pennsylvania Avenue NW., Washington, DC 20580. SUPPLEMENTARY INFORMATION: Pursuant to Section 6(f) of the Federal Trade Commission Act, 15 U.S.C. 46(f), and FTC Rule 2.34, 16 CFR 2.34, notice is hereby given that the above-captioned consent agreement containing consent order to cease and desist, having been filed with and accepted, subject to final approval, by the Commission, has been placed on the public record for a period of thirty (30) days. The following Analysis to Aid Public Comment describes the terms of the consent agreement, and the allegations in the complaint. An electronic copy of the full text of the consent agreement package can be obtained from the FTC Home Page (for August 22, 2014), on the World Wide Web, at http://www.ftc.gov/ os/actions.shtm. You can file a comment online or on paper. For the Commission to consider your comment, we must receive it on or before September 22, 2014. Write ‘‘National Association of Teachers of Singing, Inc.—Consent Agreement; File No. 131 0127’’ on your comment. Your comment—including your name and your state—will be placed on the public record of this proceeding, including, to the extent practicable, on the public Commission Web site, at http:// www.ftc.gov/os/publiccomments.shtm. As a matter of discretion, the Commission tries to remove individuals’ home contact information from comments before placing them on the Commission Web site. Because your comment will be made public, you are solely responsible for making sure that your comment does not include any sensitive personal information, like anyone’s Social Security number, date of birth, driver’s license number or other state identification number or foreign country equivalent, passport number, financial account number, or credit or debit card number. You are also solely responsible for making sure that your comment does not include any sensitive health E:\FR\FM\02SEN1.SGM 02SEN1

Agencies

[Federal Register Volume 79, Number 169 (Tuesday, September 2, 2014)]
[Notices]
[Pages 52006-52008]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-20776]


=======================================================================
-----------------------------------------------------------------------

FEDERAL TRADE COMMISSION

[File No. 141 0031]


National Association of Residential Property Managers, Inc.; 
Analysis To Aid Public Comment

AGENCY: Federal Trade Commission.

ACTION: Proposed consent agreement.

-----------------------------------------------------------------------

SUMMARY: The consent agreement in this matter settles alleged 
violations of federal law prohibiting unfair methods of competition. 
The attached Analysis to Aid Public Comment describes both the 
allegations in the draft complaint and the terms of the consent order--
embodied in the consent agreement--that would settle these allegations.

DATES: Comments must be received on or before September 22, 2014.

ADDRESSES: Interested parties may file a comment at https://ftcpublic.commentworks.com/ftc/narpmconsent online or on paper, by 
following the instructions in the Request for Comment part of the 
SUPPLEMENTARY INFORMATION section below. Write ``National Association 
of Residential Property Managers, Inc.--Consent Agreement; File No. 141 
0031'' on your comment and file your comment online at https://ftcpublic.commentworks.com/ftc/narpmconsent by following the 
instructions on the web-based form. If you prefer to file your comment 
on paper, mail your comment to the following address: Federal Trade 
Commission, Office of the Secretary, 600 Pennsylvania Avenue NW., Suite 
CC-5610 (Annex D), Washington, DC 20580, or deliver your comment to the 
following address: Federal Trade Commission, Office of the Secretary, 
Constitution Center, 400 7th Street SW., 5th Floor, Suite 5610 (Annex 
D), Washington, DC 20024.

FOR FURTHER INFORMATION CONTACT: Armando Irizarry, Bureau of 
Competition, (202-326-2964), 600 Pennsylvania Avenue NW., Washington, 
DC 20580.

SUPPLEMENTARY INFORMATION: Pursuant to Section 6(f) of the Federal 
Trade Commission Act, 15 U.S.C. 46(f), and FTC Rule 2.34, 16 CFR 2.34, 
notice is hereby given that the above-captioned consent agreement 
containing consent order to cease and desist, having been filed with 
and accepted, subject to final approval, by the Commission, has been 
placed on the public record for a period of thirty (30) days. The 
following Analysis to Aid Public Comment describes the terms of the 
consent agreement, and the allegations in the complaint. An electronic 
copy of the full text of the consent agreement package can be obtained 
from the FTC Home Page (for August 22, 2014), on the World Wide Web, at 
http://www.ftc.gov/os/actions.shtm.
    You can file a comment online or on paper. For the Commission to 
consider your comment, we must receive it on or before September 22, 
2014. Write ``National Association of Residential Property Managers, 
Inc.--Consent Agreement; File No. 141 0031'' on your comment. Your 
comment--including your name and your state--will be placed on the 
public record of this proceeding, including, to the extent practicable, 
on the public Commission Web site, at http://www.ftc.gov/os/publiccomments.shtm. As a matter of discretion, the Commission tries to 
remove individuals' home contact

[[Page 52007]]

information from comments before placing them on the Commission Web 
site.
    Because your comment will be made public, you are solely 
responsible for making sure that your comment does not include any 
sensitive personal information, like anyone's Social Security number, 
date of birth, driver's license number or other state identification 
number or foreign country equivalent, passport number, financial 
account number, or credit or debit card number. You are also solely 
responsible for making sure that your comment does not include any 
sensitive health information, like medical records or other 
individually identifiable health information. In addition, do not 
include any ``[t]rade secret or any commercial or financial information 
which . . . is privileged or confidential,'' as discussed in Section 
6(f) of the FTC Act, 15 U.S.C. 46(f), and FTC Rule 4.10(a)(2), 16 CFR 
4.10(a)(2). In particular, do not include competitively sensitive 
information such as costs, sales statistics, inventories, formulas, 
patterns, devices, manufacturing processes, or customer names.
    If you want the Commission to give your comment confidential 
treatment, you must file it in paper form, with a request for 
confidential treatment, and you have to follow the procedure explained 
in FTC Rule 4.9(c), 16 CFR 4.9(c).\1\ Your comment will be kept 
confidential only if the FTC General Counsel, in his or her sole 
discretion, grants your request in accordance with the law and the 
public interest.
---------------------------------------------------------------------------

    \1\ In particular, the written request for confidential 
treatment that accompanies the comment must include the factual and 
legal basis for the request, and must identify the specific portions 
of the comment to be withheld from the public record. See FTC Rule 
4.9(c), 16 CFR 4.9(c).
---------------------------------------------------------------------------

    Postal mail addressed to the Commission is subject to delay due to 
heightened security screening. As a result, we encourage you to submit 
your comments online. To make sure that the Commission considers your 
online comment, you must file it at https://ftcpublic.commentworks.com/ftc/narpmconsent by following the instructions on the web-based form. 
If this Notice appears at http://www.regulations.gov/#!home, you also 
may file a comment through that Web site.
    If you file your comment on paper, write ``National Association of 
Residential Property Managers, Inc.--Consent Agreement; File No. 141 
0031'' on your comment and on the envelope, and mail your comment to 
the following address: Federal Trade Commission, Office of the 
Secretary, 600 Pennsylvania Avenue NW., Suite CC-5610 (Annex D), 
Washington, DC 20580, or deliver your comment to the following address: 
Federal Trade Commission, Office of the Secretary, Constitution Center, 
400 7th Street SW., 5th Floor, Suite 5610 (Annex D), Washington, DC 
20024. If possible, submit your paper comment to the Commission by 
courier or overnight service.
    Visit the Commission Web site at http://www.ftc.gov to read this 
Notice and the news release describing it. The FTC Act and other laws 
that the Commission administers permit the collection of public 
comments to consider and use in this proceeding as appropriate. The 
Commission will consider all timely and responsive public comments that 
it receives on or before September 22, 2014. You can find more 
information, including routine uses permitted by the Privacy Act, in 
the Commission's privacy policy, at http://www.ftc.gov/ftc/privacy.htm.

Analysis of Agreement Containing Consent Order To Aid Public Comment

    The Federal Trade Commission (``Commission'') has accepted, subject 
to final approval, an Agreement Containing Consent Order (``Consent 
Agreement'') from the National Association of Residential Property 
Managers, Inc. (hereinafter ``NARPM''). The Commission's complaint 
(``Complaint'') alleges that NARPM, acting as a combination of its 
members and in agreement with at least some of its members, restrained 
competition among its members and others in violation of Section 5 of 
the Federal Trade Commission Act, as amended, 15 U.S.C. 45. NARPM 
restrained competition by adopting and maintaining provisions in its 
Code of Ethics that restrain its members from (1) soliciting the 
customers of competing property managers, and (2) making statements 
about competing property managers that are neither false nor deceptive.
    Under the terms of the proposed Consent Agreement, NARPM is 
required to cease and desist from restricting its members from 
soliciting customers or from making statements about competitors' 
products, services, or business or commercial practices that are not 
false or deceptive.
    The Commission anticipates that the competitive issues described in 
the Complaint will be resolved by accepting the proposed order, subject 
to final approval, contained in the Consent Agreement. The proposed 
Consent Agreement has been placed on the public record for 30 days for 
receipt of comments from interested members of the public. Comments 
received during this period will become part of the public record. 
After 30 days, the Commission will review the Consent Agreement again 
and the comments received, and will decide whether it should withdraw 
from the Consent Agreement or make final the accompanying Decision and 
Order (``the Proposed Order'').
    The purpose of this Analysis to Aid Public Comment is to invite and 
facilitate public comment. It is not intended to constitute an official 
interpretation of the proposed Consent Agreement and the accompanying 
Proposed Order or in any way to modify their terms.
    The Consent Agreement is for settlement purposes only and does not 
constitute an admission by NARPM that the law has been violated as 
alleged in the Complaint or that the facts alleged in the Complaint, 
other than jurisdictional facts, are true.

I. The Complaint

    The Complaint makes the following allegations.

A. The Respondent

    NARPM is a non-profit professional corporation of real estate 
agents, brokers, managers and their employees, with over 4,000 members. 
NARPM's members are in the business of managing single-family and 
multi-family residential properties, condominiums, townhouses, and 
short-term rentals. Some members also manage commercial and industrial 
properties and homeowners associations.

B. The Anticompetitive Conduct

    NARPM maintains a Code of Ethics applicable to the commercial 
activities of its members. NARPM's members agree to abide by the Code 
of Ethics as a condition of membership. NARPM maintains the following 
provisions in its Code of Ethics:
     ``The Property Manager shall not knowingly solicit 
competitor's clients.''
     ``NARPM Professional Members shall refrain from 
criticizing other property managers or their business practices.''
    NARPM also established a process for receiving complaints about and 
resolving alleged violations of the Code of Ethics. NARPM may sanction 
members found to violate the Code of Ethics. Sanctions may include a 
letter of reprimand, probation or suspension for a specified term, or 
expulsion from NARPM.

[[Page 52008]]

    The Complaint alleges that NARPM has violated Section 5 of the 
Federal Trade Commission Act by adopting and maintaining provisions in 
its Code of Ethics that restrain its members from (1) soliciting the 
customers of competing property managers, and (2) making statements 
that are not false or deceptive about competing property managers. The 
Complaint alleges that the purpose, effects, tendency, or capacity of 
the combination, agreement, acts and practices of NARPM has been and is 
to restrain competition unreasonably and to injure consumers by 
discouraging and restricting competition among property managers, and 
by depriving consumers and others of the benefits of free and open 
competition among property managers.

II. The Proposed Order

    The Proposed Order has the following substantive provisions. 
Paragraph II requires NARPM to cease and desist from restraining its 
members from soliciting property management work, or from making 
statements about competitors' products, services, or business or 
commercial practices that are not false or deceptive. The Proposed 
Order does not prohibit NARPM from adopting and enforcing reasonable 
restraints with respect to representations that NARPM reasonably 
believes would be false or deceptive within the meaning of Section 5 of 
the Federal Trade Commission Act.
    Paragraph III of the Proposed Order requires NARPM to remove from 
its Web site and organization documents any statement that does not 
comply with the Proposed Order, and to publish on the Web site any 
revision to the organization documents. NARPM must publish an 
announcement that it has changed its Code of Ethics, and a statement 
describing the Consent Agreement (``the Settlement Statement''). NARPM 
must publish the aforementioned documents in NARPM's news magazine. 
NARPM must distribute the Settlement Statement to NARPM's board of 
directors, officers, employees, and members. NARPM must publish in all 
ethics courses designed or offered by NARPM that discuss the provisions 
at issue a statement that restrictions on solicitation or advertising 
no longer apply. Paragraph III also requires NARPM to provide all new 
members and all members who receive a membership renewal notice with a 
copy of the Settlement Statement.
    Paragraph IV of the Proposed Order requires NARPM to design, 
maintain, and operate an antitrust compliance program. NARPM will have 
to appoint an Antitrust Compliance Officer for the duration of the 
Proposed Order. For a period of five years, NARPM will have to provide 
in-person annual training to its board of directors, officers, and 
employees, and conduct a presentation at its annual convention, 
regional conferences, and each code of ethics training session, that 
summarizes NARPM's obligations under the Proposed Order and provides 
context-appropriate guidance on compliance with the antitrust laws. 
NARPM must also implement policies and procedures to enable persons to 
ask questions about, and report violations of, the Proposed Order and 
the antitrust laws confidentially and without fear of retaliation, and 
to discipline its board of directors, officers, employees, members, and 
agents for failure to comply with the Proposed Order.
    Paragraphs V-VII of the Proposed Order impose certain standard 
reporting and compliance requirements on NARPM.
    The Proposed Order will expire in 20 years.

    By direction of the Commission.
Janice Podoll Frankle,
Acting Secretary.
[FR Doc. 2014-20776 Filed 8-29-14; 8:45 am]
BILLING CODE 6750-01-P