Antitrust Compliance Policy

Fastmarkets RISI is firmly committed to compliance with the antitrust laws of the United States, Canada, European Union and other markets in which Fastmarkets RISI operates. Fastmarkets RISI therefore will not in any way facilitate the restriction of competition among companies, and any Fastmarkets RISI related activity that unreasonably restrains competition is contrary to Fastmarkets RISI policy.

All Fastmarkets RISI Board members, officers, and employees must be familiar with this policy and ensure that this policy is adhered to in the course of activities pursued under their leadership. Any knowing violation of this policy will be handled in accordance with Fastmarkets RISI complaint procedures.

Antitrust Laws and Penalties for Violations

The antitrust laws generally prohibit attempts by competitors to agree on any matter that is inconsistent with the proposition that each manufacturer, wholesaler, and distributor must exercise its independent business judgment in pricing its services or products, dealing with its customers and suppliers, and choosing the markets in which it will compete. Some types of agreements among competitors, such as those intended to raise, lower, or stabilize pricing, always violate the antitrust laws, regardless of the intent or actual impact on competition. The antitrust laws thus always prohibit competitors from sharing pricing information for the purpose of agreeing on sales prices or otherwise avoiding competitive pricing dynamics.

The antitrust laws of the United States, Canada, European Union, and other regions in which Fastmarkets RISI operates carry serious penalties. For example, a violation of the United States Sherman Act is a felony punishable by a fine of up to $1,000,000 and 10 years imprisonment for individuals, or a fine of up to $100 million for corporations. In addition to criminal penalties, a corporation or individual convicted of a Sherman Act offense may be required to make restitution to the victims for all overcharges resulting from the conspiracy. Victims of illegal conspiracies also may seek civil recoveries of up to three times the amount of damages suffered.

Engaging in illegal conduct through any Fastmarkets RISI activity places all participants at risk. Accordingly, Fastmarkets RISI Antitrust Compliance Policy demands that every effort be made to avoid a violation.

General Rules of Antitrust Compliance

The following rules apply to all Fastmarkets RISI-related activities:

  1. Fastmarkets RISI will not knowingly facilitate the exchange of pricing information in any market for the purpose of competitors agreeing on current or future pricing. This includes facilitating agreement on fair profit margins, pricing methodologies or the stabilization of prices.
  2. Fastmarkets RISI will maintain the confidentiality of the sources of all market pricing data provided to Fastmarkets RISI. This includes ensuring that all price data published are aggregated in such a way that the identity of data sources cannot be deduced.
  3. Neither Fastmarkets RISI nor any company, Board member, officer, or employee may use any Fastmarkets RISI-sponsored meeting, communication, or other activity to bring about an understanding or agreement, written or oral, formal or informal, express or implied, among competitors concerning current or future prices, or other terms or conditions of sale or distribution; restricting product development, territories, or customers; or any other restraint of competitive business practices.
  4. This policy will regularly be provided to attendees at Fastmarkets RISI-sponsored meetings. Fastmarkets RISI will immediately terminate any discussion that comes to its attention that may be perceived to violate the antitrust laws.

Any questions about compliance with this policy should be directed to Fastmarkets RISI’s legal counsel.

Prepared by Arent Fox LLP
Revised June 2015

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