The 2024 FTC rulemaking that preceded the 2025 form significantly expanded disclosure obligations, requiring merging parties to submit expanded narrative information, transaction documents, ownership details, foreign subsidy information, and other data intended to facilitate antitrust review. That expansion generated substantial controversy over filing burden and uncertainty. The current comment period—closing May 26, 2026—will assess which requirements proved effective, which imposed excessive burden, and whether additional modifications are warranted. The agencies' decision to solicit public input before the underlying court litigation concludes suggests they may revise or replace the HSR form independent of judicial resolution.
Practitioners handling transactions subject to U.S. antitrust review should monitor this inquiry closely. The outcome will materially affect merger filing obligations for dealmakers, investors, and counsel. Companies should consider submitting comments during the open period if current or anticipated filing requirements create operational or compliance concerns. The final form that emerges from this process could reshape transaction timelines and due diligence protocols across M&A practice.