FTC Approves Premerger Notification Updates to Hart-Scott-Rodino Rules
These updates will make the process of submitting HSR filings easier, Efficient
The Federal Trade Commission (FTC) has approved final amendments to the Hart-Scott-Rodino (HSR) Premerger Notification Rules that allow HSR filings to be submitted on DVD and streamline the instructions to the Premerger Notification Form. These updates will make the process of submitting HSR filings easier, and more efficient.
Enacted by Congress in 1976, the Hart-Scott-Rodino Antitrust Improvements Act gives the federal government the opportunity to investigate and challenge mergers that are likely to harm consumers before injury occurs.
The HSR Act established the federal premerger notification program, which requires that parties involved in large mergers and acquisitions to provide certain information to the FTC and Department of Justice (DOJ) for review. Premerger notification involves completing an HSR Form, also called a "Notification and Report Form for Certain Mergers and Acquisitions," with information about each company's business. The parties may not close their deal until the waiting period outlined in the HSR Act has passed, or the government has granted early termination of the waiting period.
Currently, all HSR filings are submitted in paper form. By allowing HSR filings to be submitted on DVD, the amendments eliminate the expensive and time-consuming printing and duplication of electronically maintained documents that are submitted to the antitrust agencies.
The amendments also update the instructions that apply to the HSR Form. Some updates relate to DVD filing, but most aim to make the instructions more straightforward.
The Commission vote to publish the Federal Register Notice was 3-0.