On 21 September 2020, the Federal Trade Commission (FTC) announced for comment sweeping changes to the Hart-Scott-Rodino (HSR) Act rules. First, the FTC proposed changing the definition of "person" to include HSR associates. This proposed change will result in certain acquisitions (especially those involving investment funds and master limited partnerships (MLPs)) which are not currently HSR-reportable becoming HSR-reportable. Second, the FTC proposed adding a new HSR de minimis exemption that would apply to acquisitions of 10 percent or less of a corporation's voting shares so long as the acquiring person does not have a "competitively significant relationship" with the corporation. The FTC's proposed approach to assessing "competitively significant relationships," however
The US FTC proposes rules that will increase HSR filing requirements for investment funds and others
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