Update: New HSR Rules Remain In Effect Under Fifth Circuit Administrative Stay

• On February 19, 2026, the Fifth Circuit granted a motion for an administrative stay, effective until a further order.
• The administrative stay maintains the status quo and does not resolve the merits of the underlying challenge.
• Parties should continue to use the new HSR form until the court orders otherwise.

As noted in our previous OnPoint, on February 12, 2026, a U.S. District Court granted summary judgment for the U.S. Chamber of Commerce vacating the Federal Trade Commission's (FTC) sweeping changes to the Hart-Scott-Rodino (HSR) notification and report form (the new HSR Rules) that took effect in early 2025. The court issued a seven-day stay to allow the FTC time to seek emergency relief from the Court of Appeals for the Fifth Circuit.