The Federal Trade Commission (FTC) is studying whether the biggest tech companies have been circumventing antitrust laws by buying startups that posed a competitive threat.  

On Tuesday, the FTC demanded the five largest US tech companies—Amazon, Apple, Facebook, Google’s parent Alphabet, and Microsoft—hand over information on smaller acquisitions they’ve made over the past decade. 

Under the Hart-Scott-Rodino Antitrust Improvements Act, a company must report a proposed acquisition to the FTC and Justice Department if the transaction crosses certain financial thresholds. In 2020, that limit was set at $94 million.

However, the same law also creates exemptions, which have allowed the biggest tech companies to invest and buy up assets without reporting the deals to US regulators. “There are a large number of transactions that were consummated that did not require a filing,” FTC Chairman Joe Simons said in a call with journalists. “We want to at least be aware of what we’re missing.”

The agency expects today’s order to result in documents on “hundreds” of deals the five tech giants made from 2010 to the end of 2019, but never reported to regulators. The FTC is not only demanding information on the acquisitions, but also documents on minority stake investments in other companies. Another area of scrutiny is non-compete agreements the tech giants made with ex-employees, and whether any of the acquisitions ended up hurting the security and privacy of consumers.

Although the FTC is calling today’s order a research study to examine the competitive landscape of the tech industry, the agency said it’s prepared to crack down on any of the tech giants if antitrust violations are found. Punishments could include forcing a company to divest the asset from its business or requiring it to report all future acquisitions and investments, no matter the size.

The FTC offered no specific timeline to complete its investigation, but the goal is to “move quickly,” Bilal Sayyed, FTC director of policy planning, said during the call. Nevertheless, the agency expects to collect a large trove of information from the five tech giants, which could take time to thoroughly examine, he added.

The study was announced as the US Justice Department and states across the country have embarked on their own antitrust investigations into Facebook and Google. Meanwhile, Democratic presidential candidates Bernie Sanders and Elizabeth Warren have said they would try to regulate and break up the major tech companies if elected.

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