up common standards concerning important and specific competition-related factors (e.g., pricing), such guidance might lead to or accompany conduct that restrains competition as described in (2) above, and might pose a problem in light of the Antimonopoly Act. (See Item 10 (Management Guidance) below.)

In addition, joint undertakings, in particular joint sales where prices and other important competition-related factors are determined within such joint undertakings, tend to lead to conduct that restrains competition and to pose a problem in light of the Antimonopoly Act, depending on such factors as the market shares of the participating firms. (See Item 11 (Joint Undertakings) below.)

Public regulations concerning firms are established for various social purposes; however, such regulations can have the effect of restraining competition among firms in certain ways. Any trade association activity that restrains needed competition that should take place in regulated fields or that should be revived through deregulation will be considered as restrictive conduct as described in (2) above and shall not be condoned.

In addition, caution should be taken to ensure that trade associations do not engage in conduct that restrains competition when, for example, they are commissioned by the government in order for the implementation of public works, or they are operated under administrative guidance. (See Item 12 (Conduct relating to Public regulations, Administration, etc.,) below.)

(7) If a trade association assumes the characteristics of firms in conducting its own business operations engaging in unreasonable restraint of trade with other firms or in unfair trade practices, such activities constitute a violation of Sec. 3 or Sec. 19, respectively. (See Item 6 (Unfair Trade Practices) and others below.)

In addition, if firms unreasonably restrain trade through exchanging information or other activities within a trade association, the firms' activity shall constitute a violation of Sec. 3. (See Item 9 (Information Activities) below.)

(8) When a trade association forms an intention concerning such issues as the restraint of competition, the "decisions" as a trade association are not limited to clearly expressed decision that was brought through deliberations by the trade association's official decision-making body but include de facto decisions based on regular practices, if such regular practices are recognized as the formation of the association's intention.

Note: For example, if a decision or agreement reached by a committee or subcommittee that is not the official decision-making body of the association but is customarily accepted as a decision or agreement of the entire association, it is regarded as the decision or agreement of the entire association.

(9) Based on the standpoints discussed above, set forth below is an outline of the FTC's viewpoint concerning the relationship between trade associations' activities, as indicated by examples of trade associations' actual activities, and the Antimonopoly Act. The examples are divided into twelve main categories of activities from Item 1 (Conduct that Restricts Prices) to 12 (Conduct relating to Public regulations, Administration, etc.).