FTC Proposes Enhanced Information In HSR Filing Requirements

On June 27, 2023, the Federal Trade Commission ("FTC") announced that it is proposing changes to the premerger notification rules that implement the Hart-Scott-Rodino ("HSR") Act and to the HSR form and instructions (together, the "Proposed Rules"). These changes would bring HSR filings more in line with the filings required in other jurisdictions around the world. While the changes will increase the upfront requirements on merging parties, the FTC has said they are intended to enhance the FTC's and the U.S. Department of Justice's ("DOJ") (together, the "Agencies") ability "to complete the review of a reportable transaction in a short period of time."

The changes are unlikely to be implemented before the fourth quarter of 2023. The Notice of Proposed Rulemaking describing these proposed changes ("NPRM") was published in the Federal Register on June 29, 2023, and the public will have 60 days, until August 28, 2023, to comment. Proposed changes to the process include