FTC Proposes Dramatic Overhaul Of U.S. Merger Reporting

On June 29, 2023 the Federal Trade Commission, in collaboration with the Antitrust Division of the U.S. Department of Justice, published in the Federal Register a 133-page notice of proposed rulemaking ("NPRM") that would overhaul merger reporting obligations in the U.S., representing the first large-scale change since the implementation of the Hart-Scott-Rodino Act of 1976 ("HSR Act"). Although the changes would not increase the range of reportable deals, they would dramatically increase the amount and type of information required for all filers, demanding substantially more documents, information and narrative responses than are required currently. Following a public comment period, the rules may become effective as early as late December 2023.