Agencies Also Seek Public Comments that Could Lead to Additional Changes to the HSR Rules The Federal Trade Commission (“FTC”) and the Antitrust Division of the Department of Justice (“DOJ”) (the “Agencies”) announced proposed changes to the premerger notification rules (“Rules”) promulgated under the Hart-Scott-Rodino (“HSR”) Act on September 21, 2020. Although the Agencies’ proposals are extensive, most significantly they would: create a new exemption for certain acquisitions that result in holding 10% or less of the voting securities of a target, so long as the acquirer and target do not “already have a competitively significant relationship;” and expand the definition of “person,” creating new filing obligations for certain entities, including many investment entities. The Agencies’ proposed
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The US DOJ and FTC propose to alter their HSR rules to create a new exemption for minority acquisitions and increase filing obligations for certain entities
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