New Proposed Premerger Notification Rules for Hart-Scott-Rodino Deals: Increased Antitrust Scrutiny
Preparing for Dramatic Changes and Increased Timelines in the Merger Filing Process

Course Details
- smart_display Format
On-Demand
- signal_cellular_alt Difficulty Level
Intermediate
- work Practice Area
Commercial Law
- event Date
Wednesday, September 13, 2023
- schedule Time
1:00 p.m. ET./10:00 a.m. PT
- timer Program Length
90 minutes
-
This 90-minute webinar is eligible in most states for 1.5 CLE credits.
This CLE webinar will discuss the Federal Trade Commission's (FTC) and Department of Justice's (DOJ) proposed changes to the Premerger Notification and Report Form and associated instructions, as well as to the premerger notification rules implementing the Hart-Scott Rodino (HSR) Act. The panel will explain the implications of these proposed rule changes and the likelihood of enhanced antitrust scrutiny for M&A transactions.
Faculty

With more than 25 years of experience as an antitrust lawyer in both government and private practice, Mr. Knight advises clients on a full range of competition law matters including mergers, joint ventures, competitor collaborations, distribution issues, price discrimination, monopolization, and intellectual property restraints. He routinely represents clients before federal and state antitrust agencies and federal courts. Mr. Knight also co-heads the firm’s Hart-Scott-Rodino Act premerger notification team. He served as an assistant director of the FTC’s Bureau of Competition from 2003 to 2007, heading the Bureau's Mergers II Division, where he oversaw hundreds of investigations across an array of industries including technology, chemical manufacturing, mining, and agriculture. Mr. Knight has held various leadership positions in the ABA's Section of Antitrust Law over the past 18 years and currently serves on the editorial board of the Section's Antitrust Source publication. He writes and speaks frequently on antitrust enforcement topics.

Mr. Smith is a member of the firm’s Antitrust & Trade Regulation practice, focusing on representing clients in government review of mergers and acquisitions, civil and criminal government investigations, civil antitrust litigation, and antitrust counseling. He has represented parties in all stages of merger clearance, including pre-merger counseling and filing under the Hart-Scot-Rodino (HSR) Act, representation before the U.S. Department of Justice, Antitrust Division, and the Federal Trade Commission, and merger litigation. Prior to joining the firm, Mr. Smith practiced antitrust law at a Washington, DC law firm and was a trial attorney in the Defense, Aerospace, and Industrials section of DOJ’s Antitrust Division, where he investigated and analyzed mergers and acquisitions in a wide variety of industries, including telecommunications, banking, aeronautics, defense, and mining.

Mr. Williams focuses his practice on antitrust issues related to commercial transactions, including mergers and acquisitions; joint ventures and other strategic collaborations; licensing of intellectual property; and pricing, supply, and distribution agreements. His experience includes cross-border matters involving regulatory authorities in China, Japan, South Korea, and Europe. Mr. Williams advises on all aspects of merger control, including evaluating regulatory clearance; advising on transaction structure and antitrust risk allocation in M&A agreements; preparing merger notification filings, including under the Hart-Scott-Rodino Antitrust Improvements Act; advocating for clients in Second Request investigations by the DOJ and FTC; directing strategy in merger reviews by foreign competition authorities; advising on remedy proposals and negotiations; representing interested third parties and divestiture buyers; and providing guidance on diligence, integration planning, and other pre-closing matters.
Description
On June 27, 2023, the FTC, with the concurrence of the Antitrust Division of the DOJ, announced proposed changes to the Premerger Notification and Report Form and associated instructions, as well as to the premerger notification rules implementing the HSR Act. These proposed rule changes represent the first major overhaul of the HSR premerger notification requirements since the HSR program was established 45 years ago.
The FTC's comprehensive proposed rules, which are expected to be adopted and become effective in approximately four to six months, would dramatically change the merger filing process in the U.S. for HSR-reportable deals. These proposed changes are expected to lengthen deal times and will likely lead to more agency investigations.
Generally, the proposed rule changes would: provide additional transparency into the terms of the transaction and the parties' strategic rationale; require the submission of a significantly broader set of documents that speak to competition; and require the parties to identify current and potential competitive overlaps and supply relationships. Additionally, HSR filings would elicit information related to future competition, interlocking directorates, and labor market competition, which have all been areas of focus for the agencies' recent enforcement initiatives.
Listen as our authoritative panel provides an overview of the proposed rules and the implications these changes will have on future HSR-reportable and non-reportable deals. The panel will examine steps firms considering transactions should take now to proactively prepare for these proposed changes.
Outline
- Overview of the proposed rule changes
- Key changes to the HSR filing requirements
- Transaction details and competition-related issues
- Competition narratives
- Transaction-related and ordinary course strategic planning documents
- Organizational structure
- Prior acquisitions
- Labor and workplace safety information
- Information regarding foreign subsidies
- Impact of proposed new rules on non-reportable transactions
- Practical considerations and key takeaways, including impact on deal timelines
Benefits
The panel will review these and other critical issues:
- What are the key changes to the HSR filing requirements?
- What is the background and intent regarding the proposed rule changes?
- What are the practical implications of these proposed rule changes?
Unlimited access to premium CLE courses:
- Annual access
- Available live and on-demand
- Best for attorneys and legal professionals
Unlimited access to premium CPE courses.:
- Annual access
- Available live and on-demand
- Best for CPAs and tax professionals
Unlimited access to premium CLE, CPE, Professional Skills and Practice-Ready courses.:
- Annual access
- Available live and on-demand
- Best for legal, accounting, and tax professionals
Related Courses

USTR Final Action on Port Entry Fees for Chinese-Operated, -Owned, and -Built Vessels; Non-U.S. Built Vehicle Carriers
Tuesday, May 6, 2025
1:00 p.m. ET./10:00 a.m. PT

Supply Agreements: Structuring Defense, Indemnity, and Insurance Provisions
Thursday, May 29, 2025
1:00 p.m. ET./10:00 a.m. PT

M&A Asset Sales vs. Stock Sales: Pros and Cons of Each Structure, Buyer and Seller Preferences, Negotiation Strategies
Friday, May 23, 2025
1:00 p.m. ET./10:00 a.m. PT
Recommended Resources
Navigating Modern Legal Challenges: A Comprehensive Guide
- Business & Professional Skills
- Career Advancement
How to Build a Standout Personal Brand Without Sacrificing Billable Hours
- Career Advancement