Review of law sciences

Review of law sciences
(2020) 130-139 
10 
will be imposed for misleading advertising that provides to keep balance between consumer access 
to the information and innovative activity of competitors. 
The last important institution of the proposed model is interactive regulation. It provides 
collaborative cooperation between the Antimonopoly Committee and Consumer Protection 
Federation as well as trade industries in order to set proper standards concerning misleading 
advertising. It can be proceeded by permanent organization or as one-off meetings in the form of 
trade practice conference. 

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Review of law sciences
(2020) 130-139 
11 
References: 
1.
Cleynenbreugel, Pieter van. Market Supervision in the European Union: Integrated 
Administration in Constitutional Context. Martinus Nijhoff Publishers, 2014. p.13. 
2.
Dunne, Niamh. Competition Law and Economic Regulation. Cambridge University 
Press, 2015. p.6. 
3.
The economic basis of the theory was developed by neoclassical economic theory, which 
asserts that free market is the engine of progress and functions as efficient allocator of 
resources. See: Scherer, Frederic. "Conservative Economics and Antitrust: A Variety of 
Influences - Oxford Scholarship." In How the Chicago School Overshot the Mark. Oxford 
University Press, 2008. http://www.oxfordscholarship.com/view/10.1093/acprof:oso/ 
9780195372823.001.0001 /acprof-9780195372823-chapter-4. p.31. 
4.
Smith, Adam. The Wealth of Nations, 2007. https://harriman-house.com/the-wealth-of-
nations. p.293. 
5.
Coase, R. H. "The Problem of Social Cost." The Journal of Law & Economics 3 (1960): 
1-44. 
6.
The State corrective action is needed when there is a failure in the market. See: Baldwin, 
Robert, Martin Cave, and Martin Lodge. Understanding Regulation: Theory, Strategy, and 
Practice. OUP Oxford, 2011. p.15. 
7.
Dunne, Niamh. Competition Law and Economic Regulation. Cambridge University 
Press, 2015. p.10-12. For the efficiency theory in Competition law see also Viscusi, W. Kip, 
John M. Vernon, and Joseph E. Harrington. Economics of Regulation and Antitrust. MIT 
Press, 2005. p. 66-67; Motta, Massimo. Competition Policy: Theory and Practice. 
Cambridge University Press, 2004. p.18. 
8.
According to the Lanham Act § 43(a), Any person who, on or in connection with any 
goods or services, or any container for goods, uses in commerce any word, term, name, 
symbol, or device, or any combination thereof, or any false designation of origin, false or 
misleading description of fact, or false or misleading representation of fact, which in 
commercial advertising or promotion, misrepresents the nature, characteristics, qualities, or 
geographic origin of his or her or another person's goods, services, or commercial activities, 
shall be liable in a civil action by any person who believes that he or she is or is likely to be 
damaged by such act. See: "15 U.S. Code § 1125 - False Designations of Origin, False 
Descriptions, and Dilution Forbidden." LII / Legal Information Institute. Accessed May 10, 
2017. https://www.law.cornell.edu/uscode/text/15/1125. 
9.
Scholar David Gerber pointed out two impacts of the US antitrust law to the EU 
competition law. First, following World War II, the US authorities implemented antitrust 
rules within the Occupied German Territories. Second, German Ordoliberal scholars, known 
as Freiburg School, worked on the role of competition law as effective regulation of 
competition. See: Gerber, David J. Law and Competition in Twentieth Century Europe: 
Protecting Prometheus. Oxford University Press, 2001. - P.233-265. 
10.
According to the Article 2(b) of the EU Directive 06/114/EC concerning 
Misleading and Comparative Advertising, 'misleading advertising' means any advertising 
which in any way, including its presentation, deceives or is likely to deceive the persons to 
whom it is addressed or whom it reaches and which, by reason of its deceptive nature, is 
likely to affect their economic behaviour or which, for those reasons, injures or is likely to 
injure a competitor. "EUR-Lex - 32006L0114 - EN - EUR-Lex." Accessed May 10, 2017. 

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