FTC Proposes Substantive Changes to the HSR Act Reporting Requirements

Morrison & Foerster LLP

On Friday, August 13, 2010, the U.S. Federal Trade Commission (“FTC”) issued a Notice of Proposed Rulemaking (“Proposed Rule”)1 proposing a number of significant revisions to the Hart-Scott-Rodino (“HSR”) Act Premerger Notification Form (“HSR Form”) that companies must submit to the FTC and U.S. Department of Justice Antitrust Division for proposed transactions that satisfy the HSR Act notification thresholds.

The Proposed Rule would simplify some of the highly technical reporting requirements of the HSR Form, but would also create three new or expanded obligations to submit information with the HSR Form. In particular, the Proposed Rule would: (1) expand dramatically the information and documents that certain HSR filers, such as investment funds, must provide regarding affiliated entities under common management; (2) require all HSR filers to provide copies of certain categories of business documents that previously were not part of the HSR filing; and (3) expand and modify the revenue reporting requirements. Comments on the Proposed Rule are due by October 18, 2010.

The principal substantive changes to the HSR Act reporting requirements are...

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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