The Federal Trade Commission (the "FTC") has announced major reforms that could meaningfully reduce the burdens for parties responding to the "Second Requests" they issue. Second Requests are the informal name for the extensive requests for information and data issued by the FTC or the U.S. Department of Justice ("DOJ") when investigating transactions that they believe may raise significant competitive concerns. The announced reforms, applicable to all transactions whose Hart-Scott-Rodino filings were submitted on or after February 17, 2006 and which result in a Second Request issued by the FTC, are primarily focused on (1) limiting the number of employees whose files need to be searched for responsive documents; (2) reducing, to two years prior to issuance of the Second Request, the time period for which parties have to provide responsive documents; (3) requiring parties to recover information from backup tapes less frequently; and (4) streamlining the procedures for logging
