Recent Revisions to the Hart-Scott-Rodino Act Reporting Requirements
By J. HART HOLDEN
The Federal Trade Commission recently announced significant revisions to the reporting rules under the Hart Scott Rodino Antitrust Improvements Act of 1976, as amended (the HSR Act), which will take effect on August 18, 2011. Importantly, the revisions do not alter the rules with regard to whether a particular transaction is HSR reportable or not, but rather change what information needs to be supplied to the federal antitrust enforcement agencies for transactions that are HSR reportable. The revisions are designed to provide the antitrust authorities with more meaningful information by which to assess the competitive implications of proposed transactions, and to help streamline the reporting process. While both of these goals are reflected in the changes, on balance the changes appear to impose a greater burden on filing parties. The following is a brief explanation of the more important changes that parties should bear in mind going forward.