On July 7, 2011, the Federal Trade Commission and Department of Justice announced final changes to the Hart-Scott-Rodino (HSR) reporting form. These changes include the elimination of several categories of information that have proved unnecessary in a preliminary merger review, such as requiring HSR filers to: (1) provide copies of documents filed with the Securities and Exchange Commission, (2) report economic code "base year" data, or (3) provide a detailed breakdown of the voting securities to be acquired.
The changes also include revisions to certain aspects of reporting, such as the following:
- Revenue information by North American Industry Classification System (NAICS) code - Manufacturers report U.S. revenues from the sale of manufactured products only under the 10-digit NAICS manufacturing product codes, and report revenues from the sale of products they do not manufacture under the current 6 digit wholesaling or retailing codes.
- The identification of holders and holdings of the filing entities - An acquiring person must report, based on its knowledge or belief, its associates' current holdings of voting securities and non-corporate interests between 5 percent and 50 percent in the acquired entity, and in entities having 6-digit NAICS industry code-overlaps with the acquired entity or assets.
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