Denying FTC Request, Fifth Circuit Ends Stay, Putting Old HSR Form Back In Play

On March 19, 2026, the U.S. Court of Appeals for the Fifth Circuit ended its preliminary stay of a district court judgment that vacated the new Hart-Scott-Rodino Act (HSR) premerger notification form, which became effective Feb. 10, 2025 (New Form). Accordingly, effective immediately, merging parties need only file the version of the form that was in effect prior to Feb. 10, 2025. Shortly after the Fifth Circuit decision, however, the Federal Trade Commission (FTC) announced that it would still accept filings using the New Form, at least for now, if parties choose to use it voluntarily.

Eastern District of Texas Decision Vacating FTC HSR Form Rule 

On Feb. 12, 2026, the U.S. District Court for the Eastern District of Texas vacated the FTC's 2024 rule expanding the HSR premerger notification form. The court held that the FTC exceeded its statutory authority and failed to show that the rule was “necessary and appropriate” to assess potential antitrust violations.