FTC-PR-240129-1
Date Released: 
January 29, 2024
Headline:
FTC-PR-240129-1 – FTC Announces Rule Changes Designed to Increase Oversight Effectiveness Over Horseracing Safety and Integrity Authority – Proposed expansion of oversight rule adds transparency and clear guidelines for Authority; updates to budget provisions streamline oversight process
Excerpt:
The Federal Trade Commission has proposed a number of changes and additions to the rules governing its oversight of the Horseracing Safety and Integrity Authority. The changes and additions are designed to provide increased transparency over the Authority’s operations, establish clear guidelines about conflicts of interest, and ensure the Authority is following best practices for prudent financial and operational management.
In a notice of proposed rulemaking, the FTC lays out a number of proposed changes to the Commission rules addressing the FTC’s oversight of the Authority, including:
- Updated reporting requirements: The revised rule would require the Authority to submit annual financial and performance reports to the Commission, including full, audited financial statements, as well as mid-year reports on spending levels and any corrective actions. The revised rule would also require the Authority to submit a multi-year strategic plan to the FTC. Annual reports and the strategic plan would also be published on the Authority’s website.
- Risk management requirements: The revised rule would require the Authority to take steps to prevent conflicts of interest, waste, fraud, embezzlement, and abuse, as well as ensure data security and privacy in its systems and those of its third-party contractors.
- Other best practices: The revised rule would recommend a number of organizational best practices at the Authority, including regular monitoring interactions with the FTC, recordkeeping practices, compensation and personnel policies and practices, travel policies, and the development of a customer service process.
https://www.ftc.gov/news-events/news/press-releases/2024/01/ftc-announces-rule-changes-designed-increase-oversight-effectiveness-over-horseracing-safety
[Date Accessed: 3/5/2024]
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