The Federal Trade Commission and the Department of Justice’s Antitrust Division have initiated a joint public inquiry to evaluate the effectiveness of premerger notification requirements under the Hart-Scott-Rodino Antitrust Improvements Act, according to a joint press release.
The review focuses on the updated HSR form introduced in February 2025, which aimed to improve the agencies’ ability to assess mergers and acquisitions. However, a federal district court vacated the updated form in February 2026, and a subsequent appellate ruling denied a stay pending appeal. As a result, the agencies have reverted to accepting filings under the previous form, while also allowing voluntary submissions using the updated version. The inquiry reflects continued concerns that the earlier framework may not adequately address the complexity of modern transactions.
Through this request for information, the agencies seek to determine whether the updated form enhances the identification of potentially anticompetitive deals and supports timely decisions on whether to issue second requests for detailed investigations. Under the HSR framework, parties to qualifying transactions must submit disclosures that enable regulators to conduct initial reviews within a statutory period, typically 30 days.
The agencies are also assessing whether the updated requirements impose unnecessary compliance burdens on filers relative to their regulatory value. Feedback gathered through this process will inform potential revisions or a new rulemaking effort aimed at improving efficiency, reducing burdens for routine transactions, and strengthening oversight of complex mergers.
