Merger Review Process Reforms
The FTC issued a press release today announcing reforms to the merger review process, affecting requests for additional information — so-called Second Requests. Here’s a taste:
“The reforms announced today will turn well-accepted best practices into formal components of the FTC’s merger review process,” Chairman Majoras said. “They are designed to facilitate rapid identification of the relevant issues, preparation of focused second requests, and the use of consistent investigation timetables.” The primary reforms to the merger review process establish presumptions that the FTC will: (1) limit the number of employees required to provide information in response to a second request, provided the party complies with specified conditions; (2) reduce the time period for which a party must provide documents in response to the second request; (3) allow a party to preserve far fewer backup tapes and produce documents on those tapes only when responsive documents are not available through more accessible sources; and (4) significantly reduce the amount of information parties must submit regarding documents they consider to be privileged.
Good news to those of us who fight our way through increasingly enormous Second Requests. The full text of the announcement is here. The reforms apply to all HSR filings submitted to the FTC on or after February 17, 2006. (The same day thresholds will increase.)
RSS Feed
