How long does second request take?
How long does second request take?
A Second Request is similar in nature to a litigation discovery request, but vastly expedited. A Second Request process can take as little as 10 or 30 days under certain circumstances.
What is a second request HSR?
HSR Second Request means delivery by the FTC or DOJ of a “Request for Additional Information and Documentary Material” in connection with the Notification and Report Forms to be filed by the Parties with the FTC and DOJ.
How long does the FTC have to approve an acquisition?
During the preliminary review, the parties must wait 30 days (15 days in the case of a cash tender or bankruptcy transaction) before closing their deal.
How long does an FTC investigation take?
approximately one month
Our goal is to respond within the timeframe outlined in the Freedom of Information Act, which is twenty working days, or approximately one month, but this may vary with the complexity of the request.
What is HSR early termination?
A request for early termination can be made directly on the HSR Notification and Report Form, and decisions to grant early termination are made public on the FTC’s website. In February 2021, the early termination process was “temporarily” suspended due to a backlog of reported transactions and the impact of COVID-19.
What is an HSR specialist?
The Legal Assistant Specialist – HSR manages and assists with basic and advanced specialized tasks and projects through to completion, regarding the antitrust premerger notification and reporting requirements of the Hart-Scott-Rodino Act (“HSR”).
What is an HSR waiting period?
Parties to a transaction subject to the reporting requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR) must adhere to a statutory waiting period (30 days for most transactions) after filing their Notification and Report Forms before closing on the deal.
What triggers HSR?
The HSR “size of parties” threshold generally requires that one party to the transaction have annual net sales or total assets of $202 million or more (up from $184 million in 2021), and that the other party have annual net sales or total assets of $20.2 million (up from $18.4 million).
What does FTC second request mean?
In United States antitrust law, a second request is a discovery procedure by which the Federal Trade Commission and the Antitrust Division of the Justice Department investigate mergers and acquisitions which may have anticompetitive consequences.
Can the FTC block an acquisition?
The agency may decide at this point to: 1) close the investigation; 2) enter into a settlement with the companies; 3) take legal action in federal district court or through the FTC’s administrative process to block the deal from going forward.
How do FTC investigations proceed?
The FTC may start an investigation on its own, at the request of another agency, or because of complaints from consumers or competitors. The informal investigation either ends with no further action or the FTC goes on to conduct a full investigation.