FTC Proposes Changes to Transactional Parties’ Reporting Requirements Under HSR

The Federal Trade Commission ("FTC") is proposing to implement several changes to transactional parties' reporting requirements under the Hart-Scott-Rodino ("H-S-R") Act. The proposed revisions are for the most part ministerial, and several changes reduce the parties' reporting burden by deleting items that FTC no longer considers necessary for its initial review of a notified transaction.

However, the FTC notice includes certain amendments that will potentially increase the compliance burden of parties filing notification under the H-S-R Act, particularly private equity entities. These amendments require the parties to (i) produce certain documents that were not prepared in connection with the notified transaction, (ii) report information concerning investments held by an acquiring fund's affiliates in addition to, as required under the current regulations, the investments held by the acquiring fund itself and (iii) report manufacturing revenues for the most