The Federal Trade Commission and the Department of Justice’s Antitrust Division announced on Mar. 25 a joint public inquiry seeking feedback on the effectiveness of the Hart-Scott-Rodino Antitrust Improvements Act’s premerger reporting requirements. The agencies are requesting comments specifically about the updated version of the HSR form, which was in effect from February 2025 until it was vacated by a federal district court in February 2026.
This topic is important because the HSR Act requires parties to certain mergers and acquisitions to submit premerger notification forms, which help regulators assess potential anticompetitive effects before deals proceed. The agencies rely on this information to determine if further investigation is needed within a limited timeframe, typically 30 days.
After over a year in use, the updated HSR form was set aside by a court decision, and an appellate court recently denied a motion for stay pending appeal. As a result, filings are now being accepted using the previous version of the form that predates February 2025. However, parties may still voluntarily submit filings using the updated format if they choose.
The FTC stated that it believes "the prior, nearly 50-year-old form is insufficient to review modern mergers and acquisitions." Regardless of ongoing litigation outcomes regarding the updated form, "the FTC is considering engaging in a new rulemaking process." The agencies want to ensure that any changes do not create unnecessary burdens for filers while still providing useful information for merger reviews.
The request for information asks whether requirements under the updated form help identify potentially anticompetitive mergers more efficiently and allow quicker decisions about whether deeper investigations are necessary. The agencies also want input on possible modifications based on recent developments affecting their review process.
Public comments can be submitted at Regulations.gov until May 26, 2026. Feedback will inform future actions related to merger notification procedures.
