HSR Temporary Filing Procedures
March 20th | 2020
Due to COVID-19 concerns, the Federal Trade Commission announced last Friday that its Premerger Notification Office (“PNO”) and the Antitrust Division of the Department of Justice (“DOJ”) will initiate a new temporary electronic filing procedure starting Tuesday, March 17, 2020 for Hart-Scott-Rodino Act (“HSR”) filings. The electronic filing system will temporarily replace the standard hard copy and DVD filing procedures that require physical delivery of filings to the PNO and DOJ offices in Washington, DC.
The HSR requires that certain transactions be reported to the PNO and DOJ and a waiting period be observed or terminated early by the agencies prior to consummation if the acquiring person will end up with voting securities, assets and/or non-corporate interests of an acquired person valued above $94 million. HSR is not a part of the exchange act, so it is easy to overlook its filing requirements when entering a position.