Thursday, February 22, 2024

And Completely satisfied New Yr to You, Too: FTC Adjusts Most Civil Penalty Quantities

Like clockwork, the Federal Commerce Fee (FTC) has issued its Changes to Civil Penalty Quantities for 2023. As instructed by the Federal Civil Penalties Inflation Adjustment Act Enhancements Act of 2015, the FTC and different equally located federal businesses ring within the new 12 months not with champagne and confetti, however with adjusted most civil penalty quantities.

The changes, which happen yearly, are supposed to account for inflation and are primarily based on the cost-of-living adjustment that’s calculated from U.S. Division of Labor year-to-year Client Value Index knowledge.

The FTC has revised its rule for adjusting civil financial penalty quantities by itemizing elevated civil penalty quantities for violations beneath 16 totally different provisions of legislation inside its jurisdiction. For instance, the penalty quantities for unfair or misleading acts or practices beneath Sections 5(l), 5(m)(1)(A), and 5(m)(1)(B) of the FTC Act are set to extend from $46,517 to $50,120.

The FTC’s new penalty quantities will likely be utilized to assessments made after publication of the brand new quantities within the Federal Register (the “efficient date”), which ought to take only some days. Considerably, the brand new penalty quantities—as soon as efficient—will apply to violations that happened even earlier than the efficient date of the adjustment, so long as the evaluation itself happens after the efficient date for the adjustment. Inflation strikes once more!

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