On August 19, the FTC and US Department of Justice (DOJ) jointly released final versions of the Horizontal Merger Guidelines that outline how the federal antitrust agencies evaluate the likely competitive impact of mergers. The Guidelines were last updated in 1992. Although the agencies are jointly tasked with review of mergers, a 2002 Memorandum of Understanding assigns the DOJ primary responsibility for investigating telecom related mergers. A copy of the Guidelines can be found here. A press release announcing the release of the Guidelines and summarizing some of the major changes can be found here.