Academy Antitrust Policy
It is the policy of the American Academy of Actuaries
(the “Academy”) to operate in compliance
with the requirements of applicable law,
including federal antitrust laws. Individuals
participating in Academy activities are authorized
to do so only in accordance with antitrust
and other applicable laws and in furtherance of
the Academy’s lawful fulfillment of its mission
and objectives. In particular, individuals participating
in Academy activities must refrain
from engaging in conduct that unreasonably
restrains commerce or trade or that constitutes
a concerted action significantly diminishing
competition between actual or prospective
competitors. Per se violations (i.e., practices
that are presumed to violate antitrust laws regardless
of intent) include:
- agreements to fix or
stabilize prices,
- agreements to divide markets,
- agreements to restrict product production or
distribution, or
- group boycott.
At public meetings and seminars sponsored
by the Academy, the Academy will publish
a statement on antitrust compliance in the
meeting or seminar program and refer to the
statement at the beginning of each meeting or
seminar. Individuals participating in the meeting
or seminar will be required to comply with
the Academy’s antitrust policy. However, individuals
participating in Academy activities are
permitted to discuss business activities for purposes
of influencing legislation, regulation or
court decisions, so long as such discussions are
not conducted as a pretext for otherwise unlawful
concerted action of the sort described above.
Questions concerning the application of
antitrust law to an individual’s participation
in an Academy activity may be directed to the
Academy’s general counsel. The following are
always prohibited:
-
Agreeing with competitors on the price
to be charged for particular goods or services
(including salary levels for in-house work), or
whether a fee should be charged for a particular
activity or service.
- Agreeing with competitors to divide up a
particular market by geographic area or by field
of actuarial expertise.
- Agreeing with competitors to limit the
availability of particular goods or services, or to
make certain goods and services available only
to customers who contract for an additional
level or type of goods or services.
- Agreeing with competitors to refuse to provide
a particular service, or to work for a particular
client or employer.
- Agreeing with competitors to refuse to
purchase goods or services from a particular
vendor.
Please also note that, in circumstances where the Academy and other organizations
representing actuaries may be deemed to be in
competition for members, students, or meeting
attendees, antitrust issues may arise. When
dealing with situations in which antitrust issues
may arise, please contact the Academy’s general
counsel for specific guidance.
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