Has anyone seen the ruling published by the Federal Trade Commission in the US?

Apparently, Bloggers can be fined up to USD 11,000 per post for not disclosing when they receive payment or free products from a company they're writing about.

The details of the ruling are at FTC Publishes Final Guides Governing Endorsements, Testimonials but apparently, bloggers are going to be treated as "journalists" using the web as a medium, thus with resposibilities and obligations.

The revisions focus on bloggers and social media users, requiring them to "disclose when they have received payment in the form of either money or product from a company or organization and produce content regarding said company or organization".

Apparently, guys like Matt Cutts from Google are supportive of the changes but I just think this is over the top and possibly an excuse for governments to monitor social media?

Also, how soon before Europe and the UK fall into line? whats your view?

Would be interesting to see whether putting a site disclaimer to treat each post as a sponsored post would solve this for US bloggers!!