A Supreme Court decision from February ruled that state regulatory boards run by “a controlling number” of “active market participants” can qualify for an antitrust exemption only if they are “actively supervised” by the state. But the Court left the content of those key terms vague, leaving states to wonder about the degree of antitrust scrutiny their regulatory boards will face. The FTC staff last week issued guidance on how they believe the Supreme Court’s decision should be implemented.…