Here's some information on what it actually does and does not do: http://arstechnica.com/tech-policy/news/2012/01/internet-awa...
Some of the worst aspects of the previous draft of the ACTA agreement, such as a provision requiring ISPs to adopt a Three Strikes Law,[3] were removed from the U.S. Trade Representative’s final version of the instrument released in May 2011. ACTA suffocates collaborative creativity and innovation, and less explicitly, but just as gravely threatens free speech through provisions that may lead to Internet access restrictions for the “sake” of combating “imminent violation” of intellectual property laws. Worst of all, the secrecy of the negotiations sets a dangerous precedent for future international agreements, in creating powerful trade agreements that both skirt existing international discussions on intellectual property and allow it to go through with little or no input from civil society organizations or the public.
From https://www.eff.org/deeplinks/2011/12/2011-review-developmen...
