Federal Trade Commission chair Lina Khan signaled changes are on the way in how the agency scrutinizes acquisitions after revealing the results of a study of a decade’s worth of Big Tech company deals that weren’t reported to the agency.

Why it matters: Tech’s business ecosystem is built on giant companies buying up small startups, but the message from the antitrust agency this week could chill mergers and acquisitions in the sector.

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What they’re saying: In a statement, Khan said the report shows that loopholes may be “unjustifiably enabling deals to fly under the radar.”

Matt Stoller, director of research at the American Economic Liberties Project, said the high percentage of non-compete clauses was especially troubling.

“If nothing else, it’s a clear anticompetitive intent to just take talent and prevent them from competing with you,” Stoller said. “And there is a limited amount of tech talent.”