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I don't know all the ins and outs of it, but it is a law. I've seen bloggers adapting to it.
The gist I got from it is any editorial content, such as a product review or reccomendation, that is done for the purpose of promotion must contain a disclosure that the blogger / publisher has an affiliate relationship w/ said company or that they have been paid for the review, etc etc
I would look into it for yourself and form your own conclusion though.
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